Abu Dhabi's Falcon Economy in the limelight at WEF 2024 in Davos

DUBAI: The Abu Dhabi Department of Economic Development (ADDED) led the Emirate’s official economic delegation to the 54th Annual Meeting of the World Economic Forum (WEF), which concluded yesterday in Davos-Klosters, Switzerland, to showcase ‘Falcon Economy’s attributes, ample growth opportunities, and commitment to transformative strategies, steering towards a sustainable, green economy that positions Abu Dhabi at the forefront of global initiatives leading to Net Zero, driven by innovation and technology.

The high-level delegation, led by ADDED, comprised key entities including Abu Dhabi Global Market (ADGM), Abu Dhabi Investment Office (ADIO), Hub71, and Abu Dhabi Residence Office (ADRO). Together, they formed a robust platform representing leading economic powerhouses in Abu Dhabi, dedicated to exploring business opportunities and fostering strategic relations with global leaders.

Over the course of four days, the delegation actively engaged in more than 50 bilateral meetings with industry leaders and representatives of both the public and private sectors worldwide. This participation underscores Abu Dhabi’s commitment to contributing to global economic conversations and fostering collaborative efforts towards a sustainable future.

The delegation’s discussions with global economy leaders in Davos focused on enhancing cooperation and attracting talents, businesses, and investments to grow, thrive and expand out of Abu Dhabi.

Ahmed Jasim Al Zaabi, Chairman of ADDED, said, “During the past few days at Davos, we met with many esteemed delegates from across the world and shared our efforts to transform into a ‘Green Falcon Economy’ through innovation and entrepreneurialism. As the global economy is experiencing multi-faceted transformations impacting all geographies and industries, we believe a collaborative and proactive approach is needed to guide our world to a better future. To this end, we are engaging with global powerhouses to devise innovative solutions to current and future challenges,”.

“Our soaring ‘Falcon Economy’ presents a model of harmonising between advanced technologies, sustainability, human development, and economic growth. Our initiatives to further enhance a vibrant, globally competitive, and entrepreneurial ecosystem to generate opportunities for all, enabling them to reach their full potential are paying off. Foreign investments in Abu Dhabi witnessed a significant 9.7% increase, reaffirming the Emirate’s attractiveness to investors and its rising position as Capital of Capital,” Al Zaabi added.

ADDED was part of UAE’s largest delegation to the World Economic Forum (WEF), with over 100 senior representatives of federal and local government entities, and a special pavilion to highlight the UAE’s initiatives to elevate its stature as a hub for global business, finance, trade, and innovation by offering a unique environment of security, stability, global networks, and business opportunities.

Al Zaabi shared his views on UAE’s approach to bridging East and West by enhancing trade and investment flows, and the country’s commitment to fostering regional economic integration, referring to the vital role played by Comprehensive Economic Partnership Agreements (CEPAs) signed with key partners.

He also highlighted Abu Dhabi’s efforts to become the regional hub for entrepreneurship and innovation, high-tech Manufacturing, digital and automation, and finance. He elaborated that Abu Dhabi’s future growth model focuses on accelerating the move towards exporting goods, services, and innovations.