Economy

Lower oil prices and a rigorous process of fiscal reform have led to a challenging economic backdrop for Abu Dhabi’s residents and businesses in recent years. Although concerns that the Covid-19 pandemic of 2020 would lead to a global downturn in the year ahead loomed large as of mid-2020, a shift to a more expansionary fiscal stance has helped establish a more promising foundation for growth moving forwards. Moreover, while government funding remains central to economic expansion, a major overhaul of the investment framework at both the national and emirate level aims to harness the power of private capital in Abu Dhabi’s future development. This chapter contains interviews with Ahmed Ali Al Sayegh, UAE Minister of State, and Chairman, Abu Dhabi Global Market; and Mohammed Ali Al Shorafa Al Hammadi, Chairman, Abu Dhabi Department of Economic Development.