Today's Edition
Hossam Abdelnabi (Abu Dhabi)
Participants in the World Investment Forum 2023 confirmed that Abu Dhabi can apply the concept of the “Falcon Economy”, which symbolises the UAE’s economic rise, to lead the emirate’s journey to the next stage of economic diversification and the transition into a smart and sustainable economy.
Participants told Aletihad that the UAE’s economic rise began with the establishment of the country when the late Sheikh Zayed bin Sultan Al Nahyan planted the seeds of an economic renaissance, and Abu Dhabi continued to implement policies in a similar manner.
Abu Dhabi contains several elements conducive to the “Falcon Economy” that can allow the emirate to lead the journey to a smart economy and enhance efforts towards the Sustainable Development Goals, including its achievement of the fastest economic growth in the Middle East and North Africa region.
The Falcon Economy is based on empowering the ambitions of the youth and entrepreneurs, attracting major companies, providing infrastructure and economic stability, and creating a global centre for finance and business to develop permanent economic opportunities and stability. The concept of the “Falcon Economy” reflects Abu Dhabi’s vision to build a prosperous and diversified economy, ensuring a bright future for the coming generations.
A Planned Renaissance
Miray Zaki, Managing Director and Middle East Regional Manager at Gulf Capital, told Aletihad that the seeds of the economic renaissance and the story of the UAE’s economic rise were planted since the establishment of the country, where a local renaissance began during the era of the late Sheikh Zayed bin Sultan Al Nahyan.
This renaissance included achievements in infrastructure, such as roads, airports, and ports, followed by a reflection each decade that aims to increase quality of life, attract further talents to the area, develop communications and internet infrastructure, increase the transition to a digital economy, and to improve the efficiency of local governments.
One of the most important factors that will enable Abu Dhabi to apply the concept of the “Falcon Economy” is the country’s signing of a number of comprehensive strategic partnership agreements, along with a number of multilateral international agreements to facilitate investment and trade exchange, Zaki noted.
Zaki explained that Abu Dhabi has succeeded in establishing clear and transparent local and international visions and policies, providing unprecedented facilities to investors in the investment, trade, and industry sectors, as well as the freedom of investment by opening all sectors to foreign investors of various nationalities.
The UAE is currently topping several competitiveness indicators, which confirms its success in achieving economic growth, she added.
Regarding sustainability, the UAE has committed to allocating national investments of more than $54 billion (Dh200 billion) to triple the contribution of renewable energy within the next seven years. This significant figure proves the country’s focus on sustainability in various sectors, and the ability to produce up to 70% of energy from clean sources shows that the current growth is sustainable. “This is what the country wants to see,” she said.
Major Transformation
Alan Howard, the founder of Brevan Howard Asset Management, told Aletihad that what Abu Dhabi is witnessing today is a major transformation that supports the growth and diversification of the “Falcon Economy”. This is especially true given that many leading and influential companies from around the world have chosen Abu Dhabi as their headquarters, he noted.
The UAE’s “Falcon Economy” has emerged on the global stage as one of the fastest-growing economies in the region, especially since Abu Dhabi is confidently striding towards establishing its status as the “Capital of Capital” and continues to play a major role in the growth of global capital markets, Howard added.
Howard pointed out that Abu Dhabi is distinguished by its integrated business environment that supports the activities of the banking sector, financial technology, and investment management, especially for companies joining the Abu Dhabi Global Market as a leading financial centre. This contributes to enhancing the efforts of the Government of Abu Dhabi to build and develop the future. According to Howard, Brevan Howard manages over $30 billion in assets on behalf of many institutions around the world.
Financial Power
Dr. Mohamed Shaker, a financial expert, said that Abu Dhabi has continued to attract major global and regional companies, confirming Abu Dhabi’s position as a leading financial power in line with the “Falcon Economy” model.
He said that the “Falcon Economy” is currently driving Abu Dhabi’s smart economy transition, and is enhancing its efforts to achieve the Sustainable Development Goals. This was highlighted by the events of the Global Investment Forum, he said, noting that the “Falcon Economy” symbolises the UAE’s economic rise. The model is leading the emirate’s journey to the next stage of economic diversification, he added.
Dr. Shaker confirmed that Abu Dhabi’s economy is achieving the fastest growth rates in the Middle East and North Africa region, embodying the true concept of the “Falcon Economy”. This reflects Abu Dhabi’s vision to build a prosperous and diversified economy and ensure the future of the next generations, he said.
He pointed out that the “Falcon Economy” model is characterised by accelerated growth, diversity, and economic openness through a strategic vision that places human development at the forefront of its priorities. Dr. Shaker called for continued efforts to accelerate the benefits of digital transformation, innovation, and technology in economic and social plans.
