A new investment office has been set up with the goal of driving more foreign direct investment (FDI) into Abu Dhabi.
In a statement issued on Thursday afternoon, it was announced that the new Abu Dhabi Investment Office (ADIO) had been set up as part of the Ghdan 21 initiative announced in June last year, through which the emirate's government is driving a 50 billion United Arab Emirates dirhams ($13.6 billion) economic stimulus package.
The statement said that ADIO would have responsibility for running an FDI strategy which would include setting up a PPP (public-private partnership) Centre of Excellence.
It will also provide targeted incentives for priority sectors including tourism, technology and advanced manufacturing.
ADIO was created through the issuing of two new laws by UAE president and ruler of Abu Dhabi, Sheikh Khalifa Bin Zayed Al Nahyan.
The chairman of Abu Dhabi's Department of Economic Development, Saif Mohamed Al Hajeri, said in the statement: "The formal establishment of ADIO is an important milestone for Abu Dhabi’s economic development. With a growing, diversified economy, it is essential we continue to attract inward investment from international players."
Elham Abdulghafoor Mohamed AlQasim has been appointed as acting CEO of ADIO.
The statement said that FDI for the whole of the United Arab Emirates has now increased to $130 billion, up from $64 billion in 2010. It also pointed out that the UAE captured 37 percent of FDI inflows into the MENA region in 2017.
(Writing by Michael Fahy; Editing by Anoop Menon)
© ZAWYA 2019