ADDED Chairman credits Abu Dhabi's prosperity to continuous evolution, diversified economy, and sustainable growth

ABU DHABI, 3rd May, 2023 (WAM) – Ahmed Jasim Al Zaabi, the Chairman of Abu Dhabi Department of Economic Development (ADDED), has attributed Abu Dhabi's success to continuous evolution, diversification, and sustainable growth.

Speaking at the Oracle CloudWorld Abu Dhabi, he emphasised their focus on knowledge, innovation, and long-term sustainability as the pillars of Abu Dhabi's Falcon Economy.

Abu Dhabi's transformation into a global economic powerhouse has been remarkable, attracting businesses and entrepreneurs worldwide. However, to maintain this position, the Emirate must continue to innovate and leverage the latest technologies. Therefore, their renewed vision for future economic growth is centered on developing cutting-edge technologies and staying at the forefront of global innovation efforts, according to Al Zaabi.

Al Zaabi added that Abu Dhabi’s Hub71 lies testament to that, with its key focus on cloud computing, a critical enabler for startups in the digital age. Through its partnerships with leading cloud providers, Hub71 offers startups access to cutting-edge cloud computing resources, including infrastructure, platforms, and software.

‘’This cloud computing support for startups is a key element of a broader mission to foster a dynamic and innovative technology ecosystem in Abu Dhabi and to position the emirate as a leading hub for entrepreneurship and innovation in the region. Cloud computing is a key technology that is driving innovation in smart cities and innovation economies around the world. By leveraging the power of cloud computing, Abu Dhabi can continue to innovate and grow, driving economic growth and improving the quality of life for its residents.''

Having said this, he cited the latest data which showed that Abu Dhabi's economy grew by a remarkable 10.5 % with more than half of GDP from the non-oil sector and representing the strongest growth in the MENA region. This is a clear indication of Abu Dhabi's economic diversification efforts and its successful transition towards a knowledge-based economy.

Abu Dhabi, he continued, has witnessed tremendous growth in utilising technology to further enhance its infrastructure and increase the residents’ quality of life. This has resulted in Abu Dhabi’s leading position as the “smartest” city in the region in 2023. The capital city’s landscape is characterized by agile policies and regulations, safety, wealth creation, high-skilled talent, enablement and support. Abu Dhabi acts as a regional hub for global companies to access the capital markets, attracts the flow of capital and helps inject more liquidity within the region.

‘’Abu Dhabi has already witnessed significant milestones and achievements, including a 9th ranking in the 2022 Ease of Doing Business Report by the World Bank, a reduction of 71% in requirements to start a business and a 22% increase in new commercial licenses. ‘’Needless to say, Abu Dhabi’s momentous strides in technological transformation have put the UAE on the map as the most innovative economy in the region in 2022. Technological development is the backbone of Abu Dhabi’s renewed economic vision and is the foundation for developing the UAE’s digital economy of the future alongside our trusted partners.''

Looking ahead, he went on to say, UAE’s capital city has plans to engage with Web3, boost decentralization of processes, blockchain technologies and token-based economics and develop an environment conducive for digital asset firms to establish themselves in Abu Dhabi Plans are also in place to address tokenization with emphasis on Security Tokens and their impact on the investment ecosystem, particularly illiquid alternative asset classes.

‘’Moreover, besides cloud computing, Abu Dhabi is also embracing "Quantum" and "Edge" Computing with plans to ensure smooth adoption across various sectors and industries. Over the last decade, what started as a vision has become our shared accomplishment,'' he concluded.