Article posted on: 19 Feb 2023
Ready to Grow Your Business in Abu Dhabi
Abu Dhabi is becoming an increasingly popular destination for business growth. The city has seen tremendous growth in the last decade, attracting a large number of foreign businesses wishing to take advantage of the city's strategic geographical location and other advantages, such as a competitive workforce. The Abu Dhabi government has made a concerted effort to create a favorable business environment. This includes investing in its infrastructure; providing tax incentives; creating an international open economy; and encouraging technology, innovation, and research and development. Additionally, the government has put in place regulations and policies that are favorable towards entrepreneurial ventures and foreign direct investment. All these measures have contributed to the city becoming an increasingly attractive place for business growth. Abu Dhabi has had the most favorable business environment for foreign companies and investors in the Middle East. Abu Dhabi government has made numerous efforts to attract foreign companies in a variety of sectors, including logistics, trade and manufacturing, investment, and tourism. The government has been able to attract foreign companies with lucrative incentives that include tax exemptions and renewable ten-year contracts. Abu Dhabi Chamber of Commerce & Industry (ADCCI) is the leading business association in Abu Dhabi and one of the largest in the Gulf. The Chamber provides a range of services, such as membership, organization development, government relations, trade promotion, training and marketing to members that operate across all sectors including oil & gas, finance & banking, tourism & leisure and construction. The Chamber works closely with organizations such as US-based chambers including American Chambers of Commerce (AMCHAM) to promote trade between the United States and Abu Dhabi through various means such as business forums or trade missions.
 
 Abu Dhabi is a rapidly growing financial and business hub, with multiple opportunities for investors to benefit from. It s capital city is becoming increasingly important as a finance center, and it offers a range of different businesses which are growing in size and number. Many business opportunities in the city are fueled by the Abu Dhabi government's strategy to diversify the economy away from oil. Government-led initiatives such as Masdar City and others have been successful in advancing the city's economy and encouraging large-scale investments. The introduction of the Abu Dhabi Global Market (ADGM) has also been a success, with many new opportunities emerging as a result. The ADGM has seen its share of challenges, with many critics focusing on the potential price volatility of futures-based products. However, this is an opportunity for investors in UAE to benefit from the growth and success of the ADGM. In comparison to most other regions, UAE economy is relatively stable.
 
 Abu Dhabi's economy grew by 10.5 per cent on an annual basis in the first nine months of 2022, the fastest expansion in the Mena region, driven by strong growth in the non-oil sector, according to government data. The non-oil sector grew 10.3 per cent annually thanks to government efforts to diversify the economy, boost the private sector's contribution and invest in human capital, the Abu Dhabi Media Office said on Tuesday, citing the latest data released by the Statistics Centre Abu Dhabi (Scad). The non-oil sector contributed 50.3 per cent to the emirate's gross domestic product, figures showed. It recorded an increase of Dh39 billion ($10.6 billion) from the same period in 2021 to hit Dh417.3 billion by the end of the third quarter.
 
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