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.
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