- February 19, 2023
- Posted by: Waqas Siddiqui
- Category: Business & Economy
Abu Dhabi Chamber announces new strategies to bolster economic growth
The Abu Dhabi Chamber of Commerce and Industry (ADCCI) aims to support the private sector in reaching its full potential in a competitive business environment. The ADCCI aims to do so by facilitating trade exchange opportunities. The chamber already went through an organizational transformation which will play a key role in driving productivity to overcome any upcoming challenges. On similar lines, Abu Dhabi launched Industry Strategy in 2022 as well to boost the manufacturing sector.
Abu Dhabi Chamber’s 2023-25 Strategy
- The primary advocate for the private sector and the main communication channel between the private sector and Abu Dhabi government
- The go-to entity for identifying relevant local and international business partners
- The primary platform for ecosystem navigation
- A fully digital service provider for Abu Dhabi businesses
- Becoming the go-to entity for private-sector data and insight
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Abu Dhabi Private Sector Growth
Over the past three years, Abu Dhabi’s private sector has witnessed rapid growth. The Chamber aims to achieve further success by bringing the private and public sectors together in future. The Abu Dhabi Chamber is also aiming to launch a dispute center. The local businesses can benefit from alternative dispute resolution practices. ADCCI will play a major role in helping the private sector grow. This includes organizing consultations to support the private sector. The chamber will also work with different stakeholders with the aim of uncovering opportunities within the ecosystem.
Abu Dhabi Private Sector – Investment Opportunities
Abu Dhabi’s GDP grew 11.2% in the first half of 2022, while its quarterly GDP growth rate hit 11.7%, its highest in six years, during Q2 2022. The Abu Dhabi government is taking several measures to promote the growth of the private sector. The Abu Dhabi’s Department of Economic Development has launched a programme to help small and medium enterprises secure procurement opportunities from big private and public sector companies. Recently, the UAE government also announced to reduce fees of 14 business services. It is an initiative to enhance the attractiveness of its business environment in the UAE. It is an initiative to enhance the attractiveness of its business environment in the UAE. The country is currently ranked 12th globally for competitiveness.
Similarly, the Abu Dhabi SME Champion initiative will serve as an accelerator that provides training and mentorship programmes to SMEs and start-ups and help them to compete in procurement pitches. These initiatives by the Abu Dhabi government to Champion the SMEs and startups is part of their efforts to provide a suitable environment for them and also to increase non-oil GDP contribution. As a leading market research company in UAE, we believe such initiatives will boost investor confidence in Abu Dhabi.