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A visitor looks at the view of the city skyline from a breakwater in Abu Dhabi, United Arab Emirates. Photographer: Christopher Pike/Bloomberg |
Abu Dhabi will bet on attracting technology firms and skilled workers to help its economy rebound early next year, after the twin setbacks of cheaper oil and the coronavirus pandemic battered the United Arab Emirates and the wider Gulf.
Sitting on around 6% of global oil reserves, the emirate’s economy may shrink between 3% and 4% this year before returning to growth in 2021, said Mohammed Ali Al Shorafa, chairman of the Department of Economic Development.
Officials want to develop “the knowledge sector and innovation by attracting technology companies to put down roots in Abu Dhabi,” he said in an interview Wednesday. So they are spending on capital projects and investing in startups and strategic industries, especially agricultural science, and looking to lower the costs of entering and living in the emirate, said Al Shorafa, who’s also a member of the Executive Council, the top decision-making body.
The government won’t follow Saudi Arabia, which tripled its value-added tax to help boost state revenues during the virus slowdown.
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