Economy
From The Report: Abu Dhabi 2020
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Lower oil prices and a rigorous process of fiscal reform have led to a challenging economic backdrop for Abu Dhabi’s residents and businesses in recent years. Although concerns that the Covid-19 pandemic of 2020 would lead to a global downturn in the year ahead loomed large as of mid-2020, a shift to a more expansionary fiscal stance has helped establish a more promising foundation for growth moving forwards. Moreover, while government funding remains central to economic expansion, a major overhaul of the investment framework at both the national and emirate level aims to harness the power of private capital in Abu Dhabi’s future development. This chapter contains interviews with Ahmed Ali Al Sayegh, UAE Minister of State, and Chairman, Abu Dhabi Global Market; and Mohammed Ali Al Shorafa Al Hammadi, Chairman, Abu Dhabi Department of Economic Development.

Articles from this Chapter

Overview

New drivers: While traditional sectors like energy and construction continue to underpin expansion, others are emerging as strong contributors
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Lower oil prices and a rigorous process of fiscal reform have led to a challenging economic backdrop for Abu Dhabi’s residents and businesses in recent years. Although concerns that the Covid-19 pandemic of 2020 would lead to a global downturn in the year ahead loomed large at time of writing, a shift to a more expansionary fiscal stance has helped establish a more promising foundation for growth moving forwards. Moreover, while government funding remains central to economic expansion,…

Interview

Firm foundation: Ahmed Ali Al Sayegh, UAE Minister of State; and Chairman, Abu Dhabi Global Market (ADGM), on building international ties and ensuring sustainable development
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Interview:Ahmed Ali Al Sayegh What is being done to foster foreign direct investment (FDI) in the current challenging context? AHMED ALI AL SAYEGH: The UAE economy has always been competitive, resilient, internationally connected and built on strong fundamentals. It is therefore able to withstand market volatility and challenges. The country remains an attractive destination for FDI despite the economic uncertainty brought on by the Covid-19 pandemic. During this crisis, the UAE has remained…

Analysis

In the pipeline: The government continues to roll out initiatives aimed at spurring economic activity and attracting investment
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Ghadan 21, or Tomorrow 21, is Abu Dhabi’s Dh50bn ($13.6bn) economic accelerator programme and one of the most ambitious development strategies deployed by the emirate. Launched in September 2018, the programme represents the government of Abu Dhabi’s response to a series of external shocks, including geopolitical tensions, a low global growth scenario and a prolonged decline in oil prices that began in mid-2014. The overall ambition of Ghadan 21 is not only to spur economic growth in…

Interview

Diversification drive: Mohammed Ali Al Shorafa Al Hammadi, Chairman, Abu Dhabi Department of Economic Development (ADDED), on supporting the growth of local private businesses in non-oil sectors
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Interview:Mohammed Ali Al Shorafa Al Hammadi In what ways is Abu Dhabi encouraging private sector activity and attracting foreign investment? MOHAMMED ALI AL SHORAFA AL HAMMADI: In line with the emirate’s long-term objective of increasing the contribution of non-oil sectors to more than 60% of GDP by 2030, promoting private sector activity is one of Abu Dhabi’s main concerns across our development plans and strategies. Indeed, the emirate has taken a number of steps to help boost private…

Analysis

Unlocking development: Smaller enterprises and technology start-ups receive credit, funding and support services
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According to Abu Dhabi’s Khalifa Fund for Enterprise Development (KFED), small and medium-sized enterprises (SMEs) account for 94% of all companies in the UAE and provide jobs for 90% of the nation’s workforce. Statistics Centre - Abu Dhabi (SCAD) has established emirate-specific definitions for this important segment of the economy, by which small companies are classed as having five to 19 employees, and medium-sized businesses as employing between 20 and 49 people. Encouraging the…