Abu Dhabi has shown remarkable resilience in the phrase of covid-19 even though the economy in the region faced a downturn as a result of the pandemic. By launching a business stimulus package by the government and working for an affordable cost of living, Abu Dhabi and its force of work easily adapted the quarantine situations and conditions, while the business swiftly and easily adapted to digital sales and provision which resulted in a hassle free and non-chaotic option during the time of lockdown and social distancing norms implied by the government. With the help of the newly launched business stimulus package, many entrepreneurs found it possible to save their companies and continue doing business in Abu Dhabi.
Abu Dhabi’s Business Year 2020
Like the rest of the world Abu Dhabi also ponders for the quick and green recovery by keeping in mind its sustainability initiatives which remain on top of the agenda. Over the recent months the growth and Abu Dhabi’s resilience which is accompanied by a series of digital events has become a key platform for the business year.
This series of roundtables by gathering top figures from a range of different sectors to unpack the latest topics and trends which includes topics such as investment and economy, policy, health, resources, education, sustainability, transformation technologies and digitalization, logistics oil and gas.
In line with the Abu Dhabi economic vision 2030 that’s the emirates goal to become a cultural and scientific hub, non-oil target sectors which includes aerospace, alternative energy, healthcare and high end, staggering sum are being spent to support their development like for example the Saadiyat Island which is currently under construction is a $27 billion development project, it is well planned and very well designed to create a cultural district for 2020 off the coast of Abu Dhabi.
Abu Dhabi’s Evolving Economic Sector
The Abu Dhabi government amends new laws to allow Foreigners to own freehold property in designated investment zones. Investment in energy and infrastructure has resulted in the development of various mega-project opportunities of construction and engineering companies in Abu Dhabi which also include projects such as Midfield Terminal building at Abu Dhabi international Airport and the Barkah Nuclear Power Plant both are due to become operational.
Priority Sectors of Abu Dhabi
Away from oil and gas based on the growth to Abu Dhabi’s GDP its industrial sector continues to be the key contributor, the sector has also widened its industry portfolio in recent years with companies now ranging from steel production to high-tech manufacturing, among other areas. Abu Dhabi has positioned itself at the forefront of innovations in its retail sphere with the construction of digitally enabled smart shopping malls on Reem Island, these types of malls are well placed to compete with the growing tide of e-commerce due to covid-19 which prompted the consumers to shop online. Thus, even during pandemic, business setup in Abu Dhabi experienced a slight incline with new SMEs and start-ups rising to the occasion.
In Abu Dhabi both private and public entities are investing heavily in the health care sector witnessing a significant expansion in the recent years, ensuring a steady stream of new facilities with health services improving, increasing number of hospitals, clinics and specialist facilities coming on-line, however new and high-tech facilities are improving access to and quality of care. This sector continues to be challenged by high incidences of lifestyle-related illness. The government has rolled out a number of public-private partnerships to assist with this sector’s expansion.
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