The UAE aims to achieve the quickest economic recovery from the pandemic, according to the minister of economy Abdullah bin Touq Al Marri.
The country will also restore growth in a “gradual and studied path of transformation towards a sustainable economic and development model based on investment in knowledge, innovation and creativity," he said.
Speaking at the Abu Dhabi The Future event earlier this week, Mr Bin Touq said the country has 10 main goals to achieve its economic aims, including developing entrepreneurship and a supportive environment for small and medium enterprises, as well as attracting more investment into the country. Other priorities include improving the ease of doing business, reducing business cost and engaging the private sector in developing economic policies that support it, he added.
Last month, the UAE's leadership announced a new strategy called Operation 300bn to more than double the industrial sector's contribution to the country’s economic output from Dh133 billion to Dh300bn by 2031.
Emirates Development Bank will provide Dh30bn in financing over the next five years to support the strategy.
The UAE's economy is set to expand by 3.1 per cent in 2021, according to the International Monetary Fund.
Speaking at the same forum, Rashed Al Blooshi, undersecretary of Abu Dhabi Department of Economic Development said the emirate will focus on developing a number of non-oil sectors including industry, agriculture, tourism, health and technology to diversify its economy away from hydrocarbons.
“We know that 51 per cent of our economy relies on oil and 49 per cent on non-oil sectors. Therefore, the DED is keen to focus its strategic plan for the coming years on developing non-oil sectors,” Mr Al Blooshi said.
The emirate is also keen to attract new investors and the department will “facilitate the investor's journey to start their investment activity through easy access to the market, easy export of their products, and easy access to raw materials to start the processing and manufacturing”, he added.
Abu Dhabi, which holds about 6 per cent of the world’s proven oil reserves, is taking various measures to increase the contribution of the industrial sector to the emirate's economy.
Last year, the DED's Industrial Development Bureau signed a number of agreements with strategic entities and partners to support Abu Dhabi's industrial sector, including a deal with Etihad Credit Insurance Company to boost exports. It also signed an agreement with 10 banks to help domestic factories and businesses access finance.
The emirate is also developing its tourism sector and aims to attract new investments in agri-tech. The Abu Dhabi government has already earmarked Dh1bn for an agritech incentives programme under its Ghadan 21 accelerator initiative.
Abu Dhabi’s economy is poised to grow by 6 per cent to 8 per cent over the next two years, driven by the oil sector, government spending, financial services and foreign direct investment, Mohamed Ali Shorafa, chairman of ADDED said at the same event.
“The Abu Dhabi government has been taking proactive measures to support the private sector long before the pandemic,” he said.
“Such measures include the Ghadan 21 accelerators programme as well as a broad range of initiatives that incentivised companies and institutions enabling them to become more sustainable, thus making investment easier and increasing their contribution to the emirate’s GDP.”
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
COMPANY%20PROFILE%20
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The specs: 2018 Jaguar E-Pace First Edition
Price, base / as tested: Dh186,480 / Dh252,735
Engine: 2.0-litre four-cylinder
Power: 246hp @ 5,500rpm
Torque: 365Nm @ 1,200rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.7L / 100km
COMPANY%20PROFILE
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What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
UAE currency: the story behind the money in your pockets
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The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
Results
2.30pm: Expo 2020 Dubai – Conditions (PA) Dh80,000 (Dirt) 1,600m; Winner: Barakka, Ray Dawson (jockey), Ahmad bin Harmash (trainer)
3.05pm: Now Or Never – Maiden (TB) Dh82,500 (Turf) 1,600m; Winner: One Idea, Andrea Atzeni, Doug Watson
3.40pm: This Is Our Time – Handicap (TB) Dh82,500 (D) 1,600m; Winner: Perfect Balance, Tadhg O’Shea, Bhupat Seemar
4.15pm: Visit Expo 2020 – Handicap (TB) Dh87,500 (T) 1,600m; Winner: Kaheall, Richard Mullen, Salem bin Ghadayer
4.50pm: The World In One Place – Handicap (TB) Dh95,000 (T) 1.900m; Winner: Castlebar, Adrie de Vries, Helal Al Alawi
5.25pm: Vision – Handicap (TB) Dh95,000 (D) 1,200m; Winner: Shanty Star, Richard Mullen, Rashed Bouresly
6pm: Al Wasl Plaza – Handicap (TB) Dh95,000 (T) 1,200m; Winner: Jadwal, Dane O’Neill, Doug Watson
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Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
DUBAI SEVENS 2018 DRAW
Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers
Gulf Men’s Open
Pool A – Bahrain Firbolgs, Arabian Knights, Yalla Rugby, Muscat
Pool B – Amman Citadel, APB Dubai Sharks, Jebel Ali Dragons 2, Saudi Rugby
Pool C – Abu Dhabi Harlequins 2, Roberts Construction, Dubai Exiles 2
Pool D – Dubai Tigers, UAE Shaheen, Sharjah Wanderers, Amman Citadel 2
Gulf U19 Boys
Pool A – Deira International School, Dubai Hurricanes, British School Al Khubairat, Jumeirah English Speaking School B
Pool B – Dubai English Speaking College 2, Jumeirah College, Dubai College A, Abu Dhabi Harlequins 2
Pool C – Bahrain Colts, Al Yasmina School, DESC, DC B
Pool D – Al Ain Amblers, Repton Royals, Dubai Exiles, Gems World Academy Dubai
Pool E – JESS A, Abu Dhabi Sharks, Abu Dhabi Harlequins 1, EC
Gulf Women
Pool A – Kuwait Scorpions, Black Ruggers, Dubai Sports City Eagles, Dubai Hurricanes 2
Pool B – Emirates Firebirds, Sharjah Wanderers, RAK Rides, Beirut Aconites
Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
Pool D – AUC Wolves, Dubai Hawks, Abu Dhabi Harlequins, Al Ain Amblers
Gulf U19 Girls
Pool A – Dubai Exiles, BSAK, DESC, Al Maha
Pool B – Arabian Knights, Dubai Hurricanes, Al Ain Amblers, Abu Dhabi Harlequins
Company%20Profile
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Britain's travel restrictions
- A negative test 2 days before flying
- Complete passenger locator form
- Book a post-arrival PCR test
- Double-vaccinated must self-isolate
- 11 countries on red list quarantine