Sunday 3 July 2022

Mohamed Helal Almheiri

Prospects for private sector growth in Abu Dhabi mapped out

ABU DHABI, February 2, 2022

Innovations such as carbon capture and sequestration, hydrogen and agritech, and the opportunities they offer private businesses in Abu Dhabi form a crucial part of a new report.
The new Covid-19 Response Report (CRR), produced by Oxford Business Group (OBG) in partnership with the Abu Dhabi Chamber of Commerce and Industry (ADCCI), also explores the emirate’s plans to build on its vibrant digital economy in the post-pandemic recovery phase and capitalise on the long-term opportunities emanating from Industry 4.0.
The report provides in-depth analysis of Abu Dhabi’s response to the pandemic and its vision for sustainable growth and economic diversification in an easy-to-navigate and accessible format, focusing on key data and infographics. 
It explores how Abu Dhabi’s advanced digital economy enabled the emirate to quickly adopt online business and public service solutions when the Covid-19 crisis took hold, and has also paved the way for it to expand high-potential segments of the economy, such as advanced manufacturing. 
Abu Dhabi’s innovative health care ecosystem and its part in the development and rollout of Covid-19 vaccines, together with the deployment of testing and tracing technology, are also given wide-ranging coverage.
The report also examines the steps being taken to prepare the younger generations for the workplace of the future through a mix of educational reforms updates to curricula, relevant training and skills development. 
It includes several case studies mapping out the contribution that the ADCCI has made to the development of the private sector in Abu Dhabi, including the support it offered businesses at the height of the pandemic and the guidance currently being made available for leveraging new opportunities in the global economy.
It also includes an interview with Mohamed Helal Almheiri, Director-General, ADCCI, in which he outlines the measures introduced in the UAE to enhance the country’s investment environment.
“At the national level, the UAE ranks as the 22nd country globally and first in the GCC in terms of attracting foreign direct investment,” Almheiri said. “The government, meanwhile, has launched several initiatives to develop a favourable legislative environment for businesses, including the amendments to the Companies Law to allow full foreign ownership in numerous commercial activities, and a more than 90% reduction in the cost of setting up a business and annual licence renewal fees for Abu Dhabi based entities. This will reduce the cost of doing business in the emirate and enhance our global competitiveness.”
Jana Treeck, OBG’s Managing Director for the Middle East, said that strong economic fundamentals and a period of sustained non-oil growth before the pandemic arrived meant Abu Dhabi was well placed to respond swiftly and effectively to the challenges triggered by the health crisis, putting it on track for a robust recovery.
“Policy announcements made this year reaffirm that Abu Dhabi is focused on utilising its advanced digital infrastructure to continue diversifying the economy and increase its competitiveness,” Treeck said. “With an advanced vaccine campaign paving the way for a strong recovery, the emirate has a welcome opportunity to cement its status as a global hub for innovation and attract new FDI for promising emerging industries.”
The CRR forms part of a series of tailored reports which OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including a range of country-specific Growth and Recovery Outlook articles and interviews.-- TradeArabia News Service


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