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SHANGHAI / WAM
Abu Dhabi is emerging as a global hub for industry and innovation, driven by rapid economic expansion and strategic investments that experts have titled it ‘The Falcon Economy’, said Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), at the Abu Dhabi Investment Forum in Shanghai, China. Speaking under the theme “Invest with Abu Dhabi,” Al Zaabi highlighted the emirate’s transformation, citing its strategic location at the crossroads of Europe, Asia, and Africa as a vital player in global trade. He noted that Abu Dhabi’s sovereign wealth assets exceed $1.7 trillion, positioning it among the world’s top financial capitals, often referred to as “The Capital of Capital”.
Al Zaabi underscored Abu Dhabi’s strong economic performance, with one of the world’s highest GDPs per capita and the fastest-growing economy in the Middle East and North Africa region. The emirate contributed 68 percent to the UAE’s GDP in 2023.
Abu Dhabi’s pro-business policies, including a competitive tax environment with no personal income tax and a low corporate tax rate, continue to attract global investors. The emirate’s free zones allow 100 percent foreign ownership, making it a preferred destination for advanced industries and technology investments. Abu Dhabi’s Industrial Strategy is a key pillar in this transformation, with a $2.7 billion investment across six key programmes. The strategy aims to double the manufacturing sector to $46 billion and increase non-oil exports by 143 percent to $48 billion. This initiative focuses on advanced manufacturing, Industry 4.0, and talent development to establish a strong foundation for future industries.
He added that through the UAE’s Comprehensive Economic Partnership Agreements (CEPAs) with more than 24 countries like India, Türkiye, Cambodia, Indonesia, and many more in the pipeline, Abu Dhabi provides seamless access to large consumer markets. “This is complemented by world-class customs and trade facilitation systems that ensure efficient and secure operations,” Al Zaabi illustrated. He concluded, “As the global order re-assembles and redefines and giga-trends of energy, technology, and environment effect how global economies transition, Abu Dhabi emerges as a key global hub in the coming decades.”
The Abu Dhabi Investment Forum in Shanghai is organised by the Abu Dhabi Investment Office and the Abu Dhabi Global Market. It featured panel discussions, bilateral meetings, and presentations from key economic stakeholders from both Abu Dhabi and China. The event provided a platform for business leaders and investors to explore Abu Dhabi’s expanding opportunities in technology, financial services, healthcare, and trade.