Abu Dhabi's 'Falcon Economy' Takes Flight at ADFW 2023
The Abu Dhabi Finance Week (ADFW) concluded recently, bringing together global leaders to discuss the world's economic trajectory and Abu Dhabi's role in it. The event explored the 'falcon economy', symbolizing Abu Dhabi's economic resilience and cultural heritage. Meanwhile, Mubadala Investment Company plans to expand its portfolio in China, focusing on innovative sectors.
Ahmed Jasim Al Zaabi, a member of Abu Dhabi's Executive Council, acknowledged the shifting economic landscape, stating that 'the economic winds have shifted' and 'the sands beneath us have been unsteady'. The UAE's minister of economy, Abdulla bin Touq Al Marri, outlined key components to spur further growth in the falcon economy, including renewable energy, AI, and advanced manufacturing.
ADFW, held from November 27 to 30, 2023, at the Abu Dhabi Global Market (ADGM), delved into the dynamics of the evolving falcon economy. Laura Cha, chairman of the Hong Kong Stock Exchange (HKEX), detailed growth areas for capital markets in the digital and green economy. Joey Wat, CEO of Yum China, noted that even with lower growth rates, China's contribution to its GDP remains significant. The UAE aspires to become a hub for green finance and carbon trading, aligning with its vision for a net zero future.
The non-oil sector currently contributes to 54% of Abu Dhabi's GDP, with a goal of reaching 80%. ADQ, a strategic investment holding company based in Abu Dhabi, plays a significant role in this diversification. With a contribution of over 20% to the non-oil based BIP, ADQ drives Abu Dhabi's economic growth through investments in various sectors such as energy, infrastructure, and health.
Read also:
- Catastrophe at a U.S. Steel facility in Pennsylvania results in the loss of two lives. crucial details unveiled
- Manipulating Sympathy: Exploiting Victimhood for Personal Gain
- Prices remain a concern for the Germans
- Auto Industry Updates: Geotab, C2A, Deloitte, NOVOSENSE, Soracom, and Panasonic in Focus
