Highlights from The Report: UAE: Abu Dhabi 2020
UAE: Abu Dhabi | Economy
Following GDP growth of 1.5% in 2019, a shift to a more expansionary fiscal stance in response to the Covid-19 pandemic and associated global economic downturn in the first half of 2020 has helped Abu Dhabi establish a springboard for continued growth moving forwards. While public spending and investment remain important drivers of economic expansion, a major overhaul of the investment framework at both the emirate and national level aims to harness the power of private capital in Abu Dhabi’s ongoing knowledge-led development. The emirate’s longer-term development objectives are being pursued in accordance with Abu Dhabi Economic Vision 2030. This economic blueprint forms the conceptual framework around which the Abu Dhabi Department of Economic Development produces its five-year plans in cooperation with the General Secretariat of the Executive Council. The strategy identifies a number of industries where Abu Dhabi might realistically seek to exploit its competitive advantages in a bid to diversify its economy away from a reliance on hydrocarbons revenue. These include tourism, manufacturing, logistics, health care, education, financial services, aerospace and telecommunications.