Abu Dhabi to host a key investment forum amid diversification efforts

Aim 2023 will focus on how countries can achieve economic growth through sustainable investments

Abu Dhabi's economy grew by 10.5 per cent on an annual basis in the first nine months of 2022. Khushnum Bhandari / The National

Abu Dhabi will host a key investment forum in May as the emirate focuses on attracting more foreign direct investment and diversifying its economy away from oil.

The Annual Investment Meeting will be held from May 8 to 10 and will host discussions on how to better use innovation to augment investment in companies, encourage technology transfers and boost competitiveness, organisers said on Tuesday.

The event aims to help countries to achieve economic growth through sustainable investments.

Abu Dhabi is hosting Aim for the first time, supported by the Ministry of Industry and Advanced Technology in partnership with the Abu Dhabi Department of Economic Development.

The move is aligned with the emirate’s “efforts to further strengthen its economic position in the region and to promote foreign direct investments among the countries of the world", organisers said.

“The event provides businessmen and investors with the opportunity to meet, establish strategic agreements and partnerships, expand their businesses and introduce new channels of work that are offered by the available investment sectors that are abundant in the emirate of Abu Dhabi and the entire United Arab Emirates,” said Aim chairman Dawood Al Shezawi.

Abu Dhabi's economy grew by 10.5 per cent on an annual basis in the first nine months of 2022, the fastest expansion in the Mena region, driven by strong growth in the non-oil sector, according to government data.

The non-oil sector grew by 10.3 per cent annually, driven by government efforts to diversify the economy, boost the private sector's contribution and invest in human capital, the Abu Dhabi Media Office said last month, citing the latest data released by the Statistics Centre Abu Dhabi.

Abu Dhabi has unveiled several initiatives, including a new industrial strategy to boost the contribution of the sector to the overall economy.

A number of conferences will be held at the same time as Aim, organisers said.

They include Make it in the Emirates, Invest in Abu Dhabi, Road to the World Investment Forum, which is being held in collaboration with the UN Conference on Trade and Development, and Entrepreneurs Investment Forum, which is being held together with the UN Industrial Development Organisation.