Resilient UAE economy defies headwinds


World Bank forecast the UAE economy to grow by 4.1%, indicating that the expected growth rate is good enough in view of the current difficult global economic conditions….reports Asian Lite News

The Regional Director of the Gulf Cooperation Council at the World Bank, Issam Abu Suleiman, has confirmed WB’s forecast for the UAE economy to grow by 4.1%, indicating that the expected growth rate is good enough in view of the current difficult global economic conditions.

“The UAE economy has secured good performance in the past year, and we expect it to continue with the same performance in 2023,” Abu Suleiman told the Emirates News Agency (WAM), on the sidelines of the Abu Dhabi Economic Summit.

Abu Suleiman credited the UAE economy’s anticipated growth to a number of factors, the most important of which are government efforts to diversify the economy, a business-conducive ecosystem, ease of doing business, and sophisticated infrastructure.

He emphasised on the significance of the Abu Dhabi Economic Summit, saying it “brings together several policymakers and prominent specialists in the fields of business, finance, and technology from around the world, in an effort to open new horizons for growth and development.”

‘Strategically timed Summit’

Mohamed Helal Al Mheiri, Director General of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), said that the Abu Dhabi Economic Summit is strategically timed to address the current needs, with the rapid changes in the global economic landscape, and the focus on digitisation and sustainability as two fundamental pillars for propelling economic growth.

“The Abu Dhabi Chamber will leverage the outcomes of the Summit to develop an integrated plan that centres on uncovering investment opportunities that benefit the business community. This comes as part of our efforts to raise awareness on the global economic changes, and represent, support, and protect the interests of the business community in the Emirate of Abu Dhabi,” Al Mheiri said.

This came as part of the Chamber’s participation in the Abu Dhabi Economic Summit yesterday, which was hosted by the Department of Economic Development – Abu Dhabi, and organised by Economist Impact, under the theme “Looking Ahead: the new frontiers of economic growth”.

During the event, the Chamber highlighted the objectives of its new strategy for the next three years to more than 300 experts and officials from the public and private sectors. The Chamber introduced the exceptional advantages and services it provides to support the private sector and drive the growth of the economy in Abu Dhabi, and highlighted its role as a policy advocator, networker, and service provider.

 “The Emirate of Abu Dhabi provides key incentives that drive private businesses to grow and expand. The Emirate puts a major focus on attracting and retaining skilled talents from all over the world, to contribute to the country’s sustainable economic development,” Al Mheiri added.

“The upcoming phase requires an increased dedication towards supporting the private sector through the implementation of targeted strategies centred on digitisation and sustainability, which play a pivotal role in laying the foundation for a knowledge-based economy.”

The Abu Dhabi Chamber launched its new 3-year strategy spanning from 2023 to 2025, which centres on serving the Abu Dhabi Economy and solidifying its position as the “Voice of the Private Sector”. In line with its new strategy, the Abu Dhabi Chamber aims to empower the private sector in Abu Dhabi and enhance its competitiveness, making Abu Dhabi the first choice in the MENA region for doing business by 2025.

Free zone for digital & virtual asset firms

The Government of Ras Al Khaimah (RAK) has announced its intention to launch RAK Digital Assets Oasis, the world’s first free zone dedicated to digital and virtual asset companies. The announcement was made today at Blockchain Life 2023.

Ras Al Khaimah has established a reputation as a global business-friendly hub with political stability, a progressive, supportive, and quick-to-adapt approach, and an innovation-enabling environment in a strategic time-zone that fills the gap between financial centres in the West and the East.

RAK Digital Assets Oasis’ unique lifestyle proposition will support companies with robust, innovation-enabling adoption frameworks, advisory and professional services, hybrid workspaces, accelerators and incubators, sandboxes, access to funding, and an environment that encourages entrepreneurs to imagine, create, and evolve.

The free zone aligns with the UAE’s position as a primary destination for innovation. RAK Digital Assets Oasis will be a remote-work friendly, globally connected destination for digital and virtual asset companies building innovative business models for the future that will be well positioned to tap into the region’s emerging markets.

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