Abu Dhabi Economy expects growth in the emirate of more than 2% during 2020

Abu Dhabi Economy expects growth in the emirate of more than 2% during 2020

21 Jan 2020
Industrial Development Bureau, DED - Abu Dhabi

The Department of Economic Development Abu Dhabi continued its efforts in leading the economic agenda of the Emirate of Abu Dhabi, by achieving a series of successes, achievements and distinguished initiatives on the economic and investment level during the year 2019, based on its role as a government agency in charge of regulating the business sector and economic affairs in the emirate, and is working to launch initiatives that contribute to Promote diversified, knowledge-based economic growth.

Muhammad Ali Al-Shurafa, Chairman of the Abu Dhabi Department of Economic Development, stressed the importance of the department's continuous efforts, based on its responsibility in developing and implementing specific economic measures, policies and initiatives aimed at promoting the process of economic growth and prosperity and keeping pace with global economic developments.

He mentioned that the department's expectations indicate that the emirate’s economy is able to continue its positive path to achieve a real growth rate of more than 2% by the end of 2020, supported by the positive momentum in all non-oil economic activities, which confirms that the emirate’s strategy to expand the production base and diversify sources of income is running successfully In line with the long-term objectives of Abu Dhabi's vision. He added, "The economic prospects of the Emirate of Abu Dhabi until 2023 clearly indicate the growth of a group of vital sectors and economic activities, as a number of economic activities are expected to achieve good growth rates during the period."

Rashid Abdul Karim Al Balushi, Undersecretary of the Abu Dhabi Department of Economic Development, explained that the department's achievements during the year 2019 varied between 4 main sectors and areas, which included industry, business, innovation and the competitiveness of the business environment.

He pointed out that the department launched 7 initiatives that fall within the business sector, which are: The immediate economic license, the coordination and follow-up unit, the automatic renewal, the second phase of the digital consumer window initiative, the property certificate, technological licenses and the dual license for free zone companies in Abu Dhabi and the Price Observatory in cooperation with the Abu Dhabi Statistics Center. “The department was able to enhance the economic competitiveness of the Emirate of Abu Dhabi on the global stage, as it made remarkable progress in the number of days to start commercial activity, which reached five and a half days compared to six days in 2018, and the emirate ranked 25 in starting commercial activity at the global level.

During the year 2019 compared to the 61st place in 2016. ” Strengthening the industrial sector The number of industrial establishments that entered into production in 2019 reached about 63, compared to 42 in 2018, which is a remarkable growth of 24, and 130 new industrial licenses have been issued. As for the business sector, the report indicated that the Abu Dhabi Business Center of the Department recorded a significant growth rate in this sector, as the number of effective commercial licenses in 2019 reached a total of 108,406 licenses compared to 90,731 licenses in 2018, with a growth of 19.4%, in addition to the completion of 281667 transactions. Distance, with a growth of 127%.