Abu Dhabi unveils four initiatives to bolster economic strategy and future development

Abu Dhabi has unveiled a range of programmes aimed at boosting its economic standing, pledging to empower businesses and encourage greater involvement as the UAE capital accelerates its future development.

The four initiatives are designed to “drive collective ambitions forward”, said Ahmed Al Zaabi, chairman of Abu Dhabi Department of Economic Development, at the inaugural Abu Dhabi Business Week on Wednesday.

The event is being held under the patronage of Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council.

The programmes are geared “to empower business leaders and equip the younger generation to explore opportunities, design solutions, start and grow businesses … delivering impact and create further impact”, Mr Al Zaabi said.

The initiatives include the Abu Dhabi Chamber of Commerce and Industry's new strategic road map, “designed for the private sector by the private sector” that will support the growth of businesses in key sectors.

It will primarily focus on boosting small and medium enterprises and family businesses, alongside prioritising the ease of doing business and accelerating private sector growth.

The plan is “a result of extensive discussions over the past few months between key stakeholders from both public and private sectors”, Mr Al Zaabi said.

In addition, the Abu Dhabi Family Business Council was announced, aimed at supporting one of the UAE's crucial entrepreneurial segments.

The council will focus on “enhancing Abu Dhabi's legacy, driving excellence and empowering a new generation of leaders for future readiness”, Mr Al Zaabi said.

Abu Dhabi will also streamline business activities further with the introduction of the Abu Dhabi Registry Authority, designed to simplify processes and encourage more entrepreneurs to contribute to the economy.

The “milestone” entity will centralise and streamline business registration across the emirate, including free zones. It will also promote transparency and help companies take advantage of Abu Dhabi's economic incentives, Erfan Al Hashmi, senior manager at Adra, told The National.

"Our centralised registration will be offering investors the sureness and confidence that everything ... is compliant in accordance with international standards," he added.

And to further develop the start-up community, the Khalifa Fund for Enterprise Development introduced MZN Hub, aimed at providing support to these companies that are crucial to advancing the economy through technology.

MZN Hub comprises three units: MZN Venture Studios, Light Manufacturing and MZN Venture Capital, which grants start-ups access to business development support, working and prototyping spaces, and funding, respectively.

MZN Venture Studios, which is new cornerstone strategy, will offer tailored support programmes, access to digital tools and sustainable finance models.

“This strategy reflects a bold yet balanced vision – one that empowers growth and opens new horizons of possibilities for entrepreneurs everywhere,” Mr Al Zaabi said.

Abu Dhabi's economy has maintained its strength, supported by several government initiatives aimed at spurring entrepreneurship and attracting investments.

The emirate's gross domestic product grew by an annualised 4.1 per cent in the second quarter of this year, driven by a boost from the non-oil sector as the emirate continues to focus on economic diversification.

The value of Abu Dhabi’s economic output for the three months ending June 30 reached a record Dh297 billion ($80.87 billion), the Statistics Centre – Abu Dhabi said in October.

For the first six months of this year, Abu Dhabi's economy recorded a 3.7 per cent increase on an annual basis, with the non-oil sector expanding by 6.6 per cent in the second quarter of 2024, reaching a record Dh164.2 billion.

The non-oil sector's share of the emirate's economy rose to more than 55.2 per cent, its highest since late 2014.

Abu Dhabi has also focused on the use of advanced and emerging technologies, in preparation for the economy and society of the future, in line with the overall goals of the UAE, the Arab world's second-biggest economy.

The UAE capital, along with Dubai, has also been ranked first globally for ease of entry for global talent in this year's Global Cities Index, as the country's open immigration policies seek to attract and retain foreigners in a bid to diversify its economy.

“We are accelerating [economic] momentum. These four strategic initiatives collectively form the foundational core of the broader economic landscape of Abu Dhabi,” Mr Al Zaabi said.

They are “catalysts that encourage the growth of existing businesses and those that are yet to exist”, he added.

Abu Dhabi Business Week, which runs until Friday, will highlight new investment opportunities and collaboration between the public and private sectors to drive growth and diversification of Abu Dhabi’s economy.

More than 150 speakers and 8,000 policymakers, business executives, international investors and entrepreneurs will take part in the three-day event.