Abu Dhabi Investment Office is in talks with "dozens" of multinational companies to set up innovation and research and development centres in the emirate as foreign direct investment picks up pace on the back of a global economic recovery.
Some of these companies already have a presence in the UAE and want to become part of "the fabric of what we are building here", Adio's director general Tariq bin Hendi told The National in an interview on Wednesday.
“It’s dozens of companies. Right now we are in discussions with more than 20 major institutions in terms of what their plans are for Abu Dhabi, on whether it would be [an] R&D or innovation [centre],” Mr bin Hendi said.
“What they are looking at is moving beyond a sales and distribution model into the region and actually planting roots here from [an] R&D centre perspective and [also from] innovation, plugging into universities and developing intellectual properties,” Mr bin Hendi said.
“This is where we come in and really help these companies to ramp up and develop those plans.”
Abu Dhabi is focused on using advanced technology to develop its non-oil sector in line with a strategy to diversify its economy and reduce reliance on hydrocarbons. Adio is facilitating private sector participation into the broader economy through public-private partnerships and by helping to attract foreign investment.
Abu Dhabi's economy is poised to grow by 6 per cent to 8 per cent over the next two years, driven by government spending, the contribution from its financial services sector and foreign direct investment, Mohammed Al Shorafa, chairman of the emirate's Department of Economic Development said last month.
FDI to the UAE surged 44 per cent to Dh73 billion ($20bn) in 2020 despite pandemic-driven headwinds, underpinned by state oil company Adnoc monetising some of its non-core assets.
Last year, Adnoc helped to attract Dh62bn in FDI to the UAE, mainly through various multibillion-dollar transactions signed in the midstream and infrastructure segments. Over the past four years, it has helped drive Dh237bn in FDI flows to the UAE.
Mr bin Hendi said that FDI is picking up pace and has “diversified momentum because it is across sectors”.
Despite the pandemic last year, the investment office ramped up its efforts to increase support for companies and start-ups in key sectors. Major institutions took note of its efforts and are now “very proactively engaged with us”, Mr bin Hendi said.
Adio remains focused on supporting the development of the FinTech sector, tourism (particularly ecotourism), AgTech, ICT, health services and the biopharma industry, he said.
Adio is also facilitating public private partnerships, which is important to FDI as it allows participation from local and international investors, Mr bin Hendi said.
Abu Dhabi announced plans to issue tenders worth Dh10bn through the PPP model in February last year as part of the emirate's Dh50bn, three-year Ghadan21 accelerator programme. In April, Adio issued two tenders for major infrastructure projects and Mr bin Hendi expects the pace of PPP activity to pick up further.
“What we are doing now is that we are working within the Abu Dhabi ecosystem partners from ADQ, Mubadala, Masdar, Adnoc … and G42 as well. We are looking at how we can expand [the] PPP mandate beyond just government-awarded projects,” he said.
The aim is to work with existing government institutions with large asset bases to determine how they can continue growth using the PPP model.
“This is a collective effort,” he said. “Ghadan21 announcement of Dh10bn was the baseline. That was the benchmark we were using to grow from that point.”
Adio is also engaged in conversations with international institutions that have primary listings on European and US exchanges that are looking for potential secondary listings of some of their subsidiaries in Abu Dhabi.
“What we are doing here is that we are setting the regulations … so that we can be able to cater to that demand,” he said.
“In the next 24 months, you will see a lot more movement as it relates to international companies looking at their ability to use the capital markets in Abu Dhabi to do different things, whether it is debt or [a] secondary listing.”
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
The%20specs%3A%202024%20Mercedes%20E200
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MATCH INFO
Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')
Leeds United 3 (Harrison 12', Bamford 30', Klich 66')
Man of the match Mohamed Salah (Liverpool)
SHALASH%20THE%20IRAQI
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PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
Godzilla%20x%20Kong%3A%20The%20New%20Empire
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Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
MATCH INFO
England 2
Cahill (3'), Kane (39')
Nigeria 1
Iwobi (47')
More from Neighbourhood Watch:
Aldar Properties Abu Dhabi T10
*November 15 to November 24
*Venue: Zayed Cricket Stadium, Abu Dhabi
*Tickets: Start at Dh10, from ttensports.com
*TV: Ten Sports
*Streaming: Jio Live
*2017 winners: Kerala Kings
*2018 winners: Northern Warriors
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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ABU DHABI ORDER OF PLAY
Starting at 10am:
Daria Kasatkina v Qiang Wang
Veronika Kudermetova v Annet Kontaveit (10)
Maria Sakkari (9) v Anastasia Potapova
Anastasia Pavlyuchenkova v Ons Jabeur (15)
Donna Vekic (16) v Bernarda Pera
Ekaterina Alexandrova v Zarina Diyas
RESULT
RS Leipzig 3
Marcel Sabitzer 10', 21'
Emil Forsberg 87'
Tottenham 0
Essentials
The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
TOUR DE FRANCE INFO
Dates: July 1-23
Distance: 3,540km
Stages: 21
Number of teams: 22
Number of riders: 198
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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INDIA'S%20TOP%20INFLUENCERS
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The biog
Name: Capt Shadia Khasif
Position: Head of the Criminal Registration Department at Hatta police
Family: Five sons and three daughters
The first female investigator in Hatta.
Role Model: Father
She believes that there is a solution to every problem
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
ILT20%20UAE%20stars
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The specs
Common to all models unless otherwise stated
Engine: 4-cylinder 2-litre T-GDi
0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)
Power: 276hp
Torque: 392Nm
Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD
Price: TBC
Courses%20at%20Istituto%20Marangoni%2C%20Dubai
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UAE currency: the story behind the money in your pockets
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4