Highlights from The Report: Abu Dhabi 2020
UAE: Abu Dhabi | Economy
Oxford Business Group has launched its 14th edition of The Report: Abu Dhabi 2020. This report comes at a time of significant uncertainty as the global economy navigates the social and economic fallout of the Covid-19 pandemic.
The rapid response from the Abu Dhabi Government to curb the spread of the virus has helped control its wider impact on the local economy. Moreover authorities were quick to implement safety measures including travel restrictions, the closure of all schools, universities and shopping malls and the suspension of prayers at mosques.
Additionally, the local government has continued to implement strong initiatives to support economic activity, reduce the cost of living, and facilitate business in the emirate, as part of the stimulus package Ghadan21 launched in 2019. Together with the long-term efforts from the public and private business community to build on the emirate’s financial, environmental, and social sustainability, as well as their continuous investments in technology, the emirate has laid strong foundations for a robust recovery from Covid-19.
The Abu Dhabi National Oil Company continues to make significant strides towards reaching its long-term goal of 5 million barrels per day by 2030, with the implementation of digital technologies helping to unlock greater value in the sector.
Meanwhile important steps have been taken with the opening of the GCC’s first nuclear energy plant, making the UAE the first peaceful nuclear energy operating nation in Arab world. This will allow oil and gas fossil fuels to be used in other areas to benefit the emirate and the country.
Additionally, the success of Hazzaa Ali Almansoori as the first UAE astronaut in flying to space and reaching the International Space Station in September 2019, marks the opening of a new chapter in the country’s scientific development.
Technology has been leveraged across the emirate’s economic sectors, many of which have experienced wide-spread, efficient, and effective implementation during covid-19 particularly as it relates to distance-learning in the education sector. In this case, the success of Abu Dhabi’s education institutions in switching to online learning comes as a result of years of investments in technology and capacity building. Business too has had to adapt quickly, deploying new digital tools to stay in touch with each other and their clients, while e-commerce has also witnessed a significant spike as people migrate online to carry out their essential purchases. This shift is giving the emirate’s economic digitisation goals an indirect boost, in line with the government’s Abu Dhabi Economic Vision 2030.
The Report: Abu Dhabi 2020’s in-depth analysis of these issues and more is the result of our on-the-ground research over the past year. In addition the report contains interviews with some of the most prominent figures in the emirate’s business community including Ahmed Al Sayegh, UAE Minister of State and Chairman of Abu Dhabi Global Market (ADGM); Hareb Masood Al Darmaki, Chairman of Central Bank of UAE; Omar Al Olama, Minister of State for Artificial Intelligence; and Mohammed Ali Al Shorafa, Chairman of the abu Dhabi Department of Economic Development, among others.
Click here to read The Report: Abu Dhabi 2020.