Investments keep coming Abu Dhabi’s way even during covid, experts credit governments diverse policies

 There is a reason why when the whole world was going through an economic meltdown, the United Arab Emirates, especially Abu Dhabi is doing wonders for itself in the financial sector. Even with an unpredictable nature of the year 2020, the Emirati capital has managed to create a space for itself in non-traditional sectors such as oil.

 An article in the pharmaceutical technology revealed that in a report of UNCTAD’s 2020 World Investment Report, the UAE was the largest FDI recipient in the Middle East in 2019, with flows of almost $14bn, up by a third from the year before.

 H.E. Dr Tariq Bin Hendi, director general of the Abu Dhabi Investment Office (ADIO) credited the government for tackling the coronavirus pandemic efficiently and keeping the future perspective of the country in mind.  But it is not only him but the general population believes that the government has managed to keep the public interest theri priority showed its keen involvement in diversifying the economy.

 “Abu Dhabi is very keen on experimenting. The government wants to support lots of different types of technology companies, allowing them to test out ideas in Abu Dhabi, so we can be at the forefront of supporting technologies that are emerging and that are successful. We are looking at this very holistically. We are trying to make sure that every sector plays its part in the wider development of Abu Dhabi’s economy and infrastructure.”

 Dr Hendi specifically focussed the public sector playing the key role  in drawing large investments in the Emirate and at the same time asserts that the government has also made a lot of efforts in implementing strategies to push the private sector. He explained that currently the nation is focused on ease of doing money.

 One of the ways by which the UAE is doing this by allowing the businesses to grow after they enter the market. In doing so, the emirate in targeting the specific demographic of young people who are mostly ready to try new and upcoming things.

 And apart from this, the healthcare system has also seen a rapid growth in the country. In 2020, healthcare is one of the sectors that has been in the forefront because of the kind of demand covid-19 brought in. UAE too is among the nations who have developed this sector in a very short span. Abu Dhabi has given a push to newer technologies in the healthcare sector and attracted any new technique that can benefit the current status of the Emirate.

 Even for covid-19 vaccine, the UAE is one of the leading nations to have entered in the phase three trials and it  has already allowed emergency usage of the vaccine for healthcare workers and top officials of the country.

 While speaking to the Oxford Business Group early this year, the chairman of the Department of Health (DoH) in Abu Dhabi, Sheikh Abdulla Bin Mihammed Al Hamed explained the ideology behind the economic strategies formed by the Emirati nation.

 He explained that the model of the UAE is based on a more sustainable, competitive economic approach which will not be restricted to such availing benefits but will be based on knowledge, expertise and diversity.