Abu Dhabi's new industrial strategy will focus on attracting more investors and supporting industry growth through new policies and measures to improve the ease of doing business and boost access to finance, a top executive from the Abu Dhabi Department of Economic Development has said.
The strategy is expected to be unveiled in the coming weeks, with a focus on critical economic sectors such as pharmaceuticals, petrochemicals, machinery, electronics and electrical items, chemicals and aluminium refining.
“The strategy will have three main elements in it, one is putting the investor at the heart of it,” Sameh Al Qubaisi, director general of economic affairs at the department, told The National on the sidelines of the Make it in the Emirates Forum.
It will look at investor needs and where they could save in terms of land costs, electricity tariffs and water and sewage rates in a way that improves profitability, he said.
The other part is developing an ecosystem that is “conducive for any investor”.
Investors look at factors such as “what the government or what the ecosystem is able to provide when it comes to trade agreements, financing in capital markets, the marketability of UAE products internationally and how the supply chain works, the trade”, Mr Al Qubaisi said.
Supportive policies and regulations, as well as measures to improve the ease of doing business and give investors access to capital and financing are also important parts of the new industrial strategy, he said.
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Delegates attend a session on the second day of the Make it in the Emirates forum in Abu Dhabi. All photos: Victor Besa / The National -
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and managing director and group chief executive of Adnoc, addresses delegates. -
Ahmed Al Bastaki is the chief commercial officer of Rafed, which is part of Pure Health Group. -
Ruba Nemer, manager of Adnoc's regulatory affairs department, addresses delegates. Victor Besa / The National -
Ameed Al-Ashqar from Adnoc during the energy company's session on procurement opportunities. -
Delegates attend a session on the second day of the Make it in the Emirates forum. -
The UAE has already launched the National In-Country Value programme that aims to boost the private sector's participation in the economy, diversify output and localise critical parts of the supply chain. -
Omar Al Suwaidi, Undersecretary at the Ministry of Industry and Advanced Technology, addresses delegates. -
Rola Abu Manneh, chief executive of Standard Chartered Bank UAE. -
Humaid bin Salem, secretary general of the Abu Dhabi Chamber of Commerce and Industry. -
The Mubadala stand at the forum. -
Abdulmunim Al Kindy, executive director of people, technology and corporate support at Adnoc. -
Ahmed Al Naqbi, chief executive of Emirates Development Bank. -
Sameh Al Qubaisi, director general of economic affairs at the Abu Dhabi Department of Economic Development. -
The Adnoc stand at the forum. -
Ismail Abdulla, chief executive of Strata. -
Saud Abu Alshawareb, managing director of the Dubai Industrial City. -
Dr Al Jaber said the UAE had emerged from the Covid-19 pandemic stronger, helped by its strategy to further strengthen its industrial sector to boost economic resilience. -
Delegates were told that more than $11bn has been redirected into the national economy through the National In-Country Value programme. -
Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, addresses delegates. -
Mohammed Al Shorafa, left, chairman of the Abu Dhabi Department of Economic Development. -
Mr Al Shorafa, left, and Ali Al Sayegh, vice president of internal communications and employee engagement at Adnoc, during a discussion at the forum. -
Dr Al Jaber said there are more than 300 products available in 11 priority sectors for local manufacturers.
Abu Dhabi unveiled various measures such as rent rebates, discounts on utility bills and loan guarantee packages to support businesses and stimulate economic growth during the coronavirus pandemic.
Earlier this year, it removed more than 20,000 requirements that were deemed critical to establishing a business in the emirate.
Abu Dhabi also slashed business set-up fees by 94 per cent last year to strengthen its position as a destination for new ventures and boost foreign direct investment into the emirate.
Mr Al Qubaisi said Abu Dhabi’s economy is rebounding from the pandemic and will perform better than it did in the previous year amid the easing of pandemic restrictions, such as the removal of mandatory on-arrival PCR tests for all travellers in March.
“The numbers [indicating economic growth] are coming along good. We are seeing growth coming up with the opening of Abu Dhabi lately to the international market, flights are back on track, imports and exports are back on track — the numbers have been improving year on year, quarter on quarter,” said Mr Al Qubaisi.
Credit rating agency S&P expects Abu Dhabi's gross domestic product to accelerate to more than 5 per cent in 2022, with output reaching 2019 levels in 2023.
The emirate’s GDP increased by 2 per cent while the non-oil economy expanded by more than 4 per cent in 2021, compared with the previous year, according to Mohamed Al Shorafa, chairman of the department.
Non-oil real GDP growth last year was led by agriculture, followed by forestry and fishing, manufacturing, health and social service activities, figures compiled by Statistics Centre-Abu Dhabi showed.
