The expected growth of the Abu Dhabi economy will reach 8% during the next two years

The UAE is one of the 7 largest global economies in per capita GDP

During the "Abu Dhabi the Future" conference organized by the "Abu Dhabi Economy".

From the source

The Ministry of Economy stated that the UAE is one of the seven largest global economies in terms of per capita GDP, noting that government policies aim to support small and medium enterprises and build new alliances and agreements in relation to trade to support the UAE as a major logistical center.

This came in a speech by the Minister of Economy, Abdullah bin Touq Al-Marri, during the “Abu Dhabi of the Future” conference organized by the Department of Economic Development in Abu Dhabi, yesterday, in which it revealed that the emirate aims to achieve a growth rate ranging between 6% and 8% during the next two years, supported by the growth of The oil sector, government spending, financial services, and foreign direct investment.

Global economies

In detail, the Minister of Economy, Abdullah bin Touq Al-Marri, said that the UAE has succeeded in transforming in less than 50 years from a mere emerging economy to one of the seven largest economies in the world in terms of per capita GDP, which is one of the most important indicators of high levels of Living in the world.

In a speech delivered at the Abu Dhabi Future Conference, organized by the Department of Economic Development in Abu Dhabi yesterday, Al-Marri added that the government has started reducing the cost of doing business and opening new markets for exports, as well as increasing trade, while achieving more coordination between federal and local governments. And support for the partnership between the government and the private sector.

Small Projects

Al-Marri indicated that government policies aim to support small and medium-sized enterprises and build new alliances and agreements in relation to trade to support the UAE as a major logistical center, in addition to attracting more investments, while supporting the Emirates Center as a major investment center, establishing more new companies, in addition to supporting reception Emirates for talent in all sectors, and support for opening new sectors in the coming years, on top of which are retail, e-commerce, agriculture, artificial intelligence, the Internet of things, space economy, information technology and education.

growth

For his part, the head of the Department of Economic Development in Abu Dhabi, Muhammad Ali Al-Shurafa Al-Hammadi, said that Abu Dhabi aims to achieve a growth of between 6% and 8% during the next two years, supported by the growth of the oil sector, government spending, financial services and foreign direct investment.

He explained that the emirate's economic strategy includes targeting specific economic sectors, in which government agencies can participate with the private sector, in order to enhance growth, increase its contribution to the emirate’s GDP through new investments, and implement development projects that enhance Abu Dhabi’s competitiveness regionally and internationally.

Intense efforts

Al Hammadi stressed that the Abu Dhabi government, represented by all governmental and semi-government agencies, has made intensive efforts since the start of the "Covid-19" pandemic to meet the needs of Abu Dhabi society, indicating that it focused initially on supporting companies and ensuring the continuity of their work, as five billion dirhams were allocated to support water. Electricity for citizens and the commercial and industrial sectors, in addition to allocating three billion dirhams for the credit guarantees program, to stimulate financing for small and medium-sized companies, allocating one billion dirhams to financial markets, in addition to developing flexible investment laws and regulations, to maintain the economic progress of the Emirate of Abu Dhabi.

Bids

In turn, the Undersecretary of the Department of Economic Development in Abu Dhabi, Rashid Al Balushi, said that tenders have already been started for the private sector within the framework of the 10 billion dirhams that the government decided to offer for infrastructure projects that the sector will implement throughout the emirate, stressing that the department takes into account when issuing any decision To support the private sector, and be accepted by it.

And he indicated that 51% of the emirate’s economy depends on oil, and the rest is on non-oil sectors, pointing out that the emirate focuses on supporting specific sectors during the current period, most notably agriculture, industry and information technology, while facilitating the entry of investors to markets, exporting abroad, and facilitating the entry of raw materials. Necessary for the industry.

Transcend crises

The Undersecretary of the Department of Economic Development in Abu Dhabi, Rashid Al Balushi, said that the Corona pandemic confirmed the emirate’s ability to overcome various crises and challenges, as well as the flexibility of government policies and the strength of the infrastructure and technology used in the emirate in various sectors.

He added that the government has shown flexibility in changing and amending legislation to face the repercussions of the pandemic, such as opening private ownership to reach 100% in some sectors.

Abdullah bin Touq:

"Government policies aim to support small enterprises and build new alliances with regard to trade."

Mohammed AlHamadi:

"Abu Dhabi's economic strategy includes targeting specific sectors in which the government can participate with the (private)."

Bidding for the private sector within the framework of the 10 billion dirhams for infrastructure projects in Abu Dhabi.

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