Rapid growth in Abu Dhabi powered by strategic foresight and enabling regulatory reforms

Abu Dhabi’s robust economic performance and the enticing opportunities it offers to global investors take centre stage in the newly released “The Report: Abu Dhabi 2023″ by the research and advisory firm Oxford Business Group.

In 2022, Abu Dhabi achieved a growth rate of 9.3% – the highest in the Middle East and North Africa region – propelled by strong performances in both its oil and non-oil sectors. Progress in diversifying the economy is underpinned by Abu Dhabi’s Economic Vision 2030, a strategic roadmap aimed at reducing dependence on hydrocarbons and targeting 64% of GDP from non-oil sectors by 2030. The emirate’s proactive diversification efforts have brought industries such as financial services, ICT, agri-tech, clean energy, tourism and advanced manufacturing to the forefront, presenting lucrative prospects for foreign investors. The emirate’s business environment has been enhanced in recent years by strategies at the federal and local level aimed at catalysing growth in priority sectors, such as the UAE’s Operation 300bn to support high-tech manufacturing and non-oil export growth, and the complementary Abu Dhabi Industrial Strategy to develop a smart, sustainable and productive industrial ecosystem.

One of the report’s core focus areas is the business and investment opportunities that stem from the national commitment to achieving net-zero emissions by 2050. This is stimulating investment and innovation in renewable and clean energy solutions, including hydrogen, solar power and carbon capture, utilisation and storage. Notably, the publication features an insightful contribution from Sheikh Mansoor bin Zayed Al-Nahyan, Vice-President of the UAE, Deputy Prime Minister, and Minister of the Presidential Court, offering his perspectives on the emirate’s economic diversification and sustainability initiatives.

In addition, The Report: Abu Dhabi 2023 presents key interviews featuring Ahmed Jasim Al Zaabi, Chairman, Abu Dhabi Department of Economic Development, and Chairman, Abu Dhabi Global Market; Hamad Al Ameri, Managing Director, Alpha Dhabi Holding; Jasim Husain Thabet, Group CEO and Managing Director, Abu Dhabi National Energy Company; and Sultan Al Jaber, UAE Minister of Industry and Advanced Technology.

The Report: Abu Dhabi 2023 is published in partnership with the Abu Dhabi Department of Economic Development, Abu Dhabi Investment Office, UAE Banks Federation, and Abu Dhabi Chamber.

His Excellency Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber, said, “We are delighted to partner with the Oxford Business Group to launch The Report: Abu Dhabi 2023 to promote trade exchange and optimise the investment landscape in the Emirate. At the Abu Dhabi Chamber, we always ensure that the business community is thoroughly informed about all important updates and developments. As such, we provide the latest economic forecasts, industry insights, and emerging trends in business, which support the private sector companies to realise their business objectives.”

Commenting after the launch, Oliver Cornock, OBG’s editor-in-chief, lauded the resilience and adaptability exhibited by Abu Dhabi in the face of global challenges, emphasising that its foresighted expansionary measures have helped Abu Dhabi to weather economic uncertainties and set a course for sustainable long-term growth.

“While Abu Dhabi’s open economy remains subject to global economic volatility, pro-business reforms, favourable oil prices and rising FDI levels have created a positive outlook. Strategic plans demonstrate a forward-looking approach to tackling the challenges and capitalising on the opportunities presented by technological innovations and global disruptions,” he noted.

Jana Treeck, OBG’s Managing Director for the Middle East, emphasised the significant progress achieved in key projects linked to Abu Dhabi’s long-term growth.

“Future-oriented investments in major capital projects have not only accelerated growth in the construction and real estate sectors but also opened up new opportunities in emerging industries and boosted investor confidence in Abu Dhabi. These developments, alongside comprehensive strategies for Abu Dhabi’s vital sectors, are indicative of meticulous planning for long-term prosperity,” Treeck added.
The Report: Abu Dhabi 2023 represents the culmination of over six months of rigorous field research conducted by OBG’s dedicated team of analysts. The publication provides a comprehensive assessment of trends and developments across Abu Dhabi, covering areas including macroeconomics, infrastructure, banking, and others.

It is now available in print and online through this link: https://oxfordbusinessgroup.com/reports/uae-abu-dhabi/2023-report/