The Abu Dhabi Department of Economic Development (ADDED) will provide 100 investment opportunities, with a combined market size of Dh123.3 billion ($33.5 billion) by 2027, a top official said on the opening day of ADIPEC 2023.
Ahmed Jasim Al Zaabi, Chairman, ADDED, underlined the impressive array of investment opportunities that comes under the ‘Abu Dhabi Channel Partners’ programme, which was launched as part of Abu Dhabi Industrial Strategy’s (ADIS) initiatives to enhance the industrial ecosystem through providing detailed guides of investment opportunities and tailored incentives packages to address the needs of key players and investors.
Addressing the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Al Zaabi said that the new batch of ‘Abu Dhabi Channel Partners’ programme to incentivise investors in the thriving chemical industries will include 33 investment opportunities with a combined market size of Dh22.08 billion ($6 billion) by 2027.
The programme has identified a set of investment opportunities in the seven manufacturing subsectors targeted by the ADIS, which are food processing, pharmaceuticals, chemicals, electrical, electronics, machinery and equipment, and transportation.
The detailed guide for the 33 investments in the chemical industries highlights Abu Dhabi’s unique value propositions, and growth opportunities in the industry, in the light of growing focus on increasing home-grown chemical industries. The compound annual growth rate of investment opportunities identified in the chemical industries between 2022 and 2027 ranges between 2 per cent to 14 per cent.
“In just one year since its launch in June 2022, ADIS has led the sector to achieve remarkable growth in different areas. During these 12 months, the number of new industrial licenses granted in Abu Dhabi increased by 16.6 per cent, while investments in factories moving into the production phase skyrocketed over 85 per cent. The number of active manufacturers in the emirate rose nearly 5 per cent to 960 factories,” Al Zaabi said.
He underlined that the manufacturing sector plays a key role in the diversification efforts that have led to a stellar growth of non-oil sectors.
“Last year, our non-oil exports grew by 26 per cent and the average annual growth rate of non-oil exports between 2016 and 2022 was 6 per cent across all sectors. Supported by ADIS initiatives, we are targeting to increase non-oil exports to Dh178.8 billion by 2031.”
Al Zaabi reiterated Abu Dhabi's unwavering commitment to continue building partnerships with key partners and stakeholders, increase access to financing enhance ease of doing business, and further enhance Abu Dhabi’s global competitiveness and attractiveness as the emirate is cementing its position as the preferred destination for talents, investments, and businesses.
In May 2023, ADDED announced the first batch of incentives under the ‘Abu Dhabi Channel Partners’ programme, which includes 20 investment opportunities in the food processing sector in Abu Dhabi with a combined market size of about Dh29.4 billion ($8 billion) by 2027.
Launched by ADDED’s Industrial Development Bureau (IDB), the programme aims to increase the emirate’s global competitiveness, attract new foreign and domestic direct investments, facilitate the transfer of technology, knowledge, and expertise, and increase the industrial sector’s contribution to Abu Dhabi’s non-oil GDP.
Copyright © 2022 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).