In its October World Economic Outlook report, the International Monetary Fund projected a 6.6% contraction in the UAE’s growth this year.
Recovery, the institute said, was not expected before 2021.
Whilst oil price swings and the coronavirus pandemic have hit hard, the UAE capital Abu Dhabi says it remains committed to its economic growth & diversification plans.
Moreover, last month, the agency Fitch reaffirmed the capital’s ‘AA’ rating and outlook as “stable”.
It cited, amongst other factors, Abu Dhabi’s strong fiscal metrics and reduced exposure to tourism, real estate and retail, compared to neighbouring emirates.
ADIO action
The Abu Dhabi Investment Office (ADIO) is the central government hub supporting investment in the emirate of Abu Dhabi.
Its vision is to develop a thriving, knowledge-economy for Abu Dhabi that is competitive and diverse, whilst attracting FDI.
How? The entity cites the UAE’s strategic location between East and West, its high ranking in regional reports relating to the ‘Ease of Doing Business’, plus its positioning on global competitiveness and innovation indexes.
Dr. Tariq Bin Hendi, is an Emirati-American, London-trained economist who hopes to expand Abu Dhabi’s economy as the Director-General and CEO of the Abu Dhabi Investment Office.
The former Emirates NBD executive is interested in cultivating a viable ecosystem for SMEs and startups in the UAE’s capital.
With a forward-thinking approach, Bin Hendi links diverse value systems across cultures to attract foreign investment.
Accelerators
A hashtag sculpture at Hub71’s space
Ghadan 21 is a $13 million accelerator program looking to support SMEs in the country which is overseen by the Abu Dhabi Investment Office.
When Inspire Middle East asked about the impact of Coronavirus on Ghadan 21, Bin Hendi says adaptability is key, with Ghadan 21 being both a proactive and reactive program.
The economist maintains that by adapting policy and with resources such as sovereign wealth funds, support from larger government entities, as well as the private sector, SMEs have the backing support to develop.
The fostering of innovation in the capital has seen the creation of Hub71 , an international tech base, which brings together startups, top VC funds, and investors.
AgriTech explorations
Crops being grown inside hydroponic greenhouses
ADIO has also encouraged innovators to flourish in the Agricultural Technology (AgTech) space, offering incentive programs, including financial incentives, to companies looking to relocate or expand in Abu Dhabi.
Pure Harvest is a farming startup that has reaped the benefit of ADIO’s support & investment.
Using climate-controlled, high-tech, hydroponic greenhouses located outside of the city, the company makes year-round farming possible in the arid desert.
“ADIO’s financial commitment is helping us significantly, as it’s allowing us to add additional technologies to our current deployments here in Al Ain,” Sky Kurtz, the Co-founder and CE
