Economy
From The Report: Abu Dhabi 2023
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Abu Dhabi contributes around 60% of the UAE’s GDP, with the country holding the world’s fifth-largest proven oil reserves, primarily located in Abu Dhabi. The emirate prioritises diversifying its economy and empowering the private sector. Timely fiscal interventions and robust sovereign assets have helped to cushion the Covid-19 pandemic’s impact, while forward-thinking policies and an attractive business environment are positioning Abu Dhabi for post-pandemic growth. Its focus on diversification and foreign investment in knowledge-based industries seeks to chart a course to a resilient economic future.

The vision of a sustainable, diversified and open economy outlined in the Abu Dhabi Economic Vision 2030 is guiding the emirate’s policies. This ambitious roadmap centres around reducing reliance on oil and gas, increasing the role of knowledge-based industries and fostering a dynamic private sector, with Abu Dhabi’s determination to achieve these goals underscoring its commitment to long-term economic sustainability.

This chapter contains interviews with Ahmed Jasim Al Zaabi, Chairman, Abu Dhabi Department of Economic Development, and Chairman, Abu Dhabi Global Market; Ahmed Khalifa AlQubaisi, CEO, Abu Dhabi Chamber; and Ahmed Al Naqbi, CEO, Emirates Development Bank.

Articles from this Chapter

Overview

Open environment: Efforts to stimulate foreign direct investment and achieve robust growth in targeted sectors of the economy
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The emirate of Abu Dhabi is home to the UAE’s capital, Abu Dhabi City, and has the largest economy of the seven emirates, contributing around 60% to national GDP. The UAE has the world’s fifth-largest proven oil reserves – around 7.2% of the global total – with approximately 96% of those in Abu Dhabi. As the global transition to renewable energy production and consumption gathers momentum, the Abu Dhabi government is placing greater emphasis on developing its non-oil economy and the private…

Interview

Accelerated growth: Ahmed Jasim Al Zaabi, Chairman, Abu Dhabi Department of Economic Development (ADDED); and Chairman, Abu Dhabi Global Market (ADGM), on powering a resilient economy
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Interview:Ahmed Jasim Al Zaabi In what ways is ADDED supporting wider government efforts to diversify the economy? AHMED JASIM AL ZAABI: Fostering Abu Dhabi’s economic diversification and resilience will continue to be the key focus, as will developing our human capital and attracting talent. ADDED plays a vital role in driving Abu Dhabi’s economic development, as well as leading the transition to a smart, inclusive, sustainable and knowledge-based economy. Abu Dhabi’s economy is strongly…

Interview

Headline Branching out: Ahmed Khalifa AlQubaisi, CEO, Abu Dhabi Chamber of Commerce and Industry, on boosting brand awareness
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Interview:Ahmed Khalifa AlQubaisi What lessons were learned from the Covid-19 pandemic, and how can local small and medium-sized enterprises (SMEs) address economic challenges? AHMED KHALIFA ALQUBAISI: The preparedness of the UAE, including Abu Dhabi, was an outcome of its proactive strategy in reinforcing its economic infrastructure. Given that more than 94% of enterprises operating in the country were SMEs, the government proactively prioritised this segment. The National SME Programme,…

Analysis

Redoubling efforts: The government is empowering the private sector to contribute to its diversification-oriented economic expansion plans
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Prior to the Covid-19 pandemic the Abu Dhabi government was in the process of diversifying the emirate’s economy to reduce its dependence on hydrocarbons revenue and insulate it against global oil price volatility. Significant developments included the 2019 establishment of the Abu Dhabi Investment Office (ADIO) and the activation of a new law regarding public-private partnerships (see overview). Post-pandemic, the government has redoubled these efforts in a bid to empower the private sector to…

Interview

Funding the future: Ahmed Al Naqbi, CEO, Emirates Development Bank (EDB), on fostering sector innovation and supporting local start-ups
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Interview:Ahmed Al Naqbi How do you assess the progress of economic diversification, and how can the banking sector capitalise on such progress to generate growth? AHMED AL NAQBI: The UAE has a diversification programme to transform the economy from its traditional reliance on oil and gas to one based on knowledge, technology and skilled labour. While many economies expand vertically, building on what they have been producing for years, the UAE is rapidly developing and investing in sectors…