Abu Dhabi Department of Economic Development and Investment Office Host Third Edition of Al Multaqa Quarterly Meetings

Photo : Abu Dhabi Media Office

The Abu Dhabi Department of Economic Development (ADDED), in collaboration with the Abu Dhabi Investment Office (ADIO), has successfully organized the third edition of the Al Multaqa quarterly meetings. This event serves as a vital platform for the business community, providing updates on the emirate’s economic performance and achievements in the first half of 2024, while also highlighting future investment opportunities.

The Al Multaqa meetings are designed to foster ongoing dialogue that supports investment and the development of new policies aimed at enhancing Abu Dhabi’s business environment. His Excellency Ahmed Jasim Al Zaabi, Chairman of ADDED, emphasized the significance of these meetings in driving economic growth and diversification. He stated, “Abu Dhabi’s transformation into a smart, diversified, and sustainable economy, driven by 'Falcon Economy' initiatives, has positioned the emirate as a preferred destination for talent, investment, and businesses.”

Al Zaabi highlighted impressive economic growth statistics, noting that non-oil sectors have grown by 59 percent over the past decade, now contributing 54 percent to the GDP compared to 46 percent in 2011. Additionally, the emirate has seen a 109 percent increase in highly skilled talent and a 300 percent rise in foreign investments.

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“Our partnership with the private sector is crucial in accelerating economic growth and diversification. We are committed to working closely with industry partners, leveraging innovation and cutting-edge technologies to achieve sustainable economic growth for Abu Dhabi. The Al Multaqa meetings exemplify the collaborative spirit that will pave the way for a prosperous and sustainable future,” added Al Zaabi.

Significant growth was observed in Abu Dhabi’s non-oil sectors, including a 22.6 percent increase in the construction sector, a 39 percent rise in finance and insurance activities, and a remarkable 102 percent growth in the manufacturing sector over the past decade. The Abu Dhabi Industrial Strategy (ADIS) has played a crucial role in this progress, with the industrial sector growing by 21.7 percent since its launch in 2022, reaching AED101 billion in 2023. Abu Dhabi’s manufacturing sector now represents 51.3 percent of the UAE industrial sector’s GDP, which increased to AED197 billion in 2023, up from 46 percent in 2022.

During the Al Multaqa meetings, His Excellency Rashed Lahej Al Mansoori, Director General of Abu Dhabi Customs, discussed trade facilitation solutions and advanced infrastructure within the emirate’s ecosystem. He highlighted the role of Abu Dhabi Customs in supporting businesses to capitalize on opportunities in non-oil foreign trade, which grew by 8 percent in 2023 to AED281.9 billion.

The event also showcased investment opportunities under the Smart and Autonomous Vehicles Industry (SAVI) cluster, launched by ADDED and ADIO in 2023. This initiative aims to position Abu Dhabi at the forefront of future mobility solutions across air, land, and sea applications. ADIO presented several investment opportunities through the Musataha program, which allows investors to develop government-owned land.

ADDED signed a memorandum of understanding (MoU) with Al Masaood Energy to establish a specialized facility for manufacturing solar energy storage units. This initiative will enhance research and development in renewable energy and storage technologies, promoting sustainable practices and reducing reliance on traditional energy sources. This agreement aligns with ADDED’s efforts to combat climate change and promote sustainability in innovative ways, thereby enhancing the competitiveness of the emirate’s green industries.

Another MoU was signed with Hafilat Industry to develop and manufacture renewable-energy buses in Abu Dhabi. This agreement includes launching a specialized upskilling program to equip students and graduates with the latest skills required for the manufacturing sector, thereby strengthening the local economy by localizing modern technology and reinforcing Abu Dhabi's status as a leading industrial hub.

ADDED also partnered with Inovartic Investments by signing a third MoU to establish a factory in Abu Dhabi for producing graphene and graphene-supported products. These materials are essential in various sectors, including electronics, semiconductors, healthcare, biotechnology, environmental remediation, and transportation. The agreement includes cooperation in research and development to diversify the economy and enhance the industrial sector’s competitiveness and infrastructure, attracting major international companies to establish their manufacturing facilities in Abu Dhabi.

Overall, the third edition of the Al Multaqa quarterly meetings underscores Abu Dhabi's commitment to economic diversification, sustainability, and innovation, while fostering robust partnerships between the public and private sectors.