Abu Dhabi’s new industrial technique will give attention to attracting extra traders and supporting trade development by way of new insurance policies and measures to enhance the benefit of doing enterprise and increase entry to finance, a prime government from the Abu Dhabi Division of Financial Growth has stated.
The technique is predicted to be unveiled within the coming weeks, with a give attention to vital financial sectors similar to prescription drugs, petrochemicals, equipment, electronics and electrical objects, chemical substances and aluminium refining.
“The technique could have three major parts in it, one is placing the investor on the coronary heart of it,” Sameh Al Qubaisi, director common of financial affairs on the division, advised The Nationwide on the sidelines of the Make it within the Emirates Discussion board.
It’ll have a look at investor wants and the place they may save when it comes to land prices, electrical energy tariffs and water and sewage charges in a method that improves profitability, he stated.
The opposite half is growing an ecosystem that’s “conducive for any investor”.
Traders have a look at elements similar to “what the federal government or what the ecosystem is ready to present in the case of commerce agreements, financing in capital markets, the marketability of UAE merchandise internationally and the way the availability chain works, the commerce”, Mr Al Qubaisi stated.
Supportive insurance policies and rules, in addition to measures to enhance the benefit of doing enterprise and provides traders entry to capital and financing are additionally vital elements of the brand new industrial technique, he stated.
Abu Dhabi unveiled varied measures similar to hire rebates, reductions on utility payments and mortgage assure packages to help companies and stimulate financial development in the course of the coronavirus pandemic.
Earlier this 12 months, it eliminated greater than 20,000 necessities that had been deemed vital to establishing a enterprise within the emirate.
Abu Dhabi additionally slashed enterprise set-up charges by 94 per cent final 12 months to strengthen its place as a vacation spot for brand spanking new ventures and increase overseas direct funding into the emirate.
Mr Al Qubaisi stated Abu Dhabi’s economic system is rebounding from the pandemic and can carry out higher than it did within the earlier 12 months amid the easing of pandemic restrictions, such because the removing of obligatory on-arrival PCR checks for all travellers in March.
“The numbers [indicating economic growth] are coming alongside good. We’re seeing development arising with the opening of Abu Dhabi recently to the worldwide market, flights are again on observe, imports and exports are again on observe — the numbers have been enhancing 12 months on 12 months, quarter on quarter,” stated Mr Al Qubaisi.
Credit standing company S&P expects Abu Dhabi’s gross home product to speed up to greater than 5 per cent in 2022, with output reaching 2019 ranges in 2023.
The emirate’s GDP elevated by 2 per cent whereas the non-oil economic system expanded by greater than 4 per cent in 2021, in contrast with the earlier 12 months, in response to Mohamed Al Shorafa, chairman of the division.
Non-oil actual GDP development final 12 months was led by agriculture, adopted by forestry and fishing, manufacturing, well being and social service actions, figures compiled by Statistics Centre-Abu Dhabi confirmed.