The government of UAE has announced a Dh50 billion bid as an initiative to accelerate Abu Dhabi’s economic growth by cultivating start-up businesses in the region.
To put things into perspective, the emirate has a new banner name “Ghadan 21” which literally translates to in Arabic “Tomorrow 2021” for its series of new reforms introduced to further enhance the economic outlook of Abu Dhabi by stimulating investment, creating jobs, encouraging innovation and improving the overall quality of life for citizens.
The Crown Prince of Abu Dhabi and Deputy Supreme Commander of Armed Forces, Shiekh Muhammad bin Zayed put the project into motion, revealing the vision behind the 50 economic development projects in store for the region.
The four major areas of development include business and investment, society, knowledge and innovation, and lifestyle.
Among the 50 projects already planned for the emirate, details about 10 projects were revealed earlier this week showing impressive plans aimed for creating jobs, housing provisions and schooling facilities.
Another 16 initiatives were unveiled focusing on knowledge and innovation domains by the Abu Dhabi Government. Altogether, the 50 projects will help capital transition into a knowledge-based and highly productive economic hub attracting significant FDI inflows in coming 3 years.
To create and launch a new improved incubator for business start-ups, the government of Abu Dhabi will partner with the private sector as a part of wide-ranging reforms for the region. The business incubator will serve as a nesting ground for start-up ventures to grow and expand their operations in Abu Dhabi. The incubator will provide a range of services such as management training and office space provisions.
Along with incentivizing, automation, research and development, and renewables in large industries, the project will also focus on funding universities and promoting several development fronts for the education sector.