Abu Dhabi Department of Economic Development organises launch event for ADIO

ABU DHABI, Several high-level officials, dignitaries, businessmen, investors, UAE ambassadors from around the world as well as Arab and foreign ambassadors stationed in Abu Dhabi, on Tuesday, witnessed the launch event of the Abu Dhabi Investment Office, ADIO, which was organised by the Abu Dhabi Department of Economic Development at St. Regis Hotel in Saadiyat.

ADIO’s launch reflects the will of the Government of Abu Dhabi to double its efforts to attract foreign capital investments in the local economy by improving the quality of services provided and the performance of the institutional, legal and procedural infrastructure, enabling the private sector to contribute efficiently to various economic activities.

The launch of the ADIO will contribute to providing investors with clear data and information regarding the investment environment and the competitive edges of the emirate, which will, in turn, enhance foreign investment in accordance with the pivotal targets of the economic development plan of Abu Dhabi and the directions of Abu Dhabi’s Economic Vision 2030.

Saif Mohamad Al Hajeri, Chairman of the Department, said in an inaugural speech at the launch that due to the nature of recent attitudes within the regional and international investment map, ADIO seeks to guarantee that foreign investments are synchronised with the economic programmes and plans and the requirements of sustainable development in the emirate.

Al Hajeri talked about the efforts of all partners and parties that support ADIO, which is considered an additional stream in enhancing the investment environment in Abu Dhabi, initiating a new era of attracting foreign investment thus enforcing the emirate’s stature as an ideal destination for conducting business.

Within this context, he mentioned the record levels registered by direct foreign investments that exceeded AED100 billion by the end of 2016 with a 14.5 percent growth, whereas the end of 2017 witnessed strong indications of the attractiveness of the emirate’s markets to foreign investors, confirming that Abu Dhabi is heading towards additional advances in the upcoming period within the serious framework of enhancing the role of the private sector and encouraging the flow of foreign investments.

Meanwhile, the Department of Economic Development expected that the real GDP of the emirate of Abu Dhabi will achieve a 3 percent average growth during the period from 2018 to 2021, a 4.2 percent true growth in the non-oil sectors, and 2 percent for the oil sector in the same period.

The total foreign direct investment reached a value of AED95.145 billion in 2016 and the direct foreign investment balance reached AED7.05 billion in the same year. The rate of growth of direct foreign investment balance was around 8 percent in 2016 and the rate of direct foreign investment balance for the emirate in the same year reached 10 percent.

Source: Emirates News Agency