Latest news with #RashedAlBlooshi
The National
09-05-2025
- Business
- The National
Abu Dhabi's manufacturing sector contributed 53% to UAE's industrial economy in 2024
Abu Dhabi's manufacturing sector contributed 53 per cent to the country's industrial economy, which rose by 6.6 per cent to Dh210 billion ($57.2 billion), last year as the emirate seeks to double down on economic diversification, senior government officials said during the Abu Dhabi Investment Forum in Tokyo on Friday. The sector accounted for 51.3 per cent of the UAE's industrial sector in 2023 and 46 per cent in 2022. The UAE capital city's manufacturing industry was also the largest non-oil contributor to the emirate's gross domestic product last year, accounting for 9.5 per cent of total GDP and 17.3 per cent of non-oil GDP, said Rashed Al Blooshi, undersecretary of the Abu Dhabi Department of Economic Development. The Abu Dhabi Industrial Strategy (ADIS) was launched in 2022 to boost the contribution of the sector to the overall economy. It aims to double the size of the manufacturing sector to Dh172 billion, create 13,600 skilled jobs, and increase the emirate's non-oil exports to Dh178.8 billion by 2031. Under the strategy, the government is investing Dh10 billion across six industrial programmes to achieve these goals. This will be done by increasing access to financing, further improving the ease of doing business and attracting foreign direct investment. 'A key component of our Falcon Economy, ADIS is strengthening Abu Dhabi's position as the region's most competitive industrial hub. It is guiding the manufacturing sector's transition to Industry 4.0,' Mr Al Blooshi said. In 2021, the UAE unveiled its 'Operation 300bn' industrial strategy to position it as a global industrial centre by 2031. The 10-year road map focuses on increasing the industrial sector's contribution to the country's GDP to Dh300 billion by 2031, from Dh133 billion in 2021. Abu Dhabi's industrial GDP grew 23 per cent to Dh111.6 billion last year from Dh90.8 billion in 2022, the Abu Dhabi Investment Forum was told. Participating in a panel discussion with Rashed Al Mansoori, director general of Abu Dhabi Customs, and Fatima Al Hammadi, chief commercial officer of Kezad Group, Mr Al Blooshi highlighted Abu Dhabi initiatives to accelerate the emirate's transition towards a diversified and sustainable economy. The discussion presented how Abu Dhabi is enabling investors, businesses and start-ups to expand globally. The event in Tokyo brought together top chief executives, business leaders and investors to explore strategic partnerships and investment opportunities with Abu Dhabi.
Khaleej Times
09-04-2025
- Business
- Khaleej Times
UAE: Abu Dhabi prioritised food, medicine during Covid-19 lockdown, top official recalls
Abu Dhabi prioritised the distribution of food and medicines as the world shut down to battle the Covid-19 pandemic, a top official has recalled. Undersecretary of the Abu Dhabi Department of Economic Development outlined that the UAE capital navigated the challenges posed by the pandemic with a resolute focus on this guiding principle. Addressing the World Crisis and Emergency Management Summit in Abu Dhabi on Wednesday, Rashed Al Blooshi emphasised the importance of a clear vision amid uncertainty during a crisis. "We faced a period of scattered data and confusion," he noted. "However, our leadership's message was unambiguous: Prioritise health and sustenance." Al Blooshi elaborated on the Department of Economic Development's dual focus during the crisis. "While the economy is vital, our primary commitment was to safeguard the health and well-being of our citizens," he stated. The swift collaboration across sectors, including tourism and municipal services, was crucial in implementing a coordinated response to the crisis. Central to Abu Dhabi's success was its flexibility in adapting to rapidly changing circumstances. Al Blooshi recounted how the emirate's robust infrastructure facilitated a seamless transition to electronic services, allowing for uninterrupted education and service delivery. "When faced with lockdowns, we quickly moved to ensure that essential services remained accessible," he explained. Community initiatives played a significant role in distributing food and medicine safely. Local councils were transformed into distribution centres, effectively addressing the needs of residents. "Our focus on 'medicine and food' allowed us to mobilise resources efficiently," Al Blooshi said. The private sector also demonstrated remarkable adaptability, shifting from traditional retail to online shopping and home delivery. "Transportation companies pivoted to deliver goods directly to homes, ensuring that our economy continued to function despite the challenges," he noted. Despite the turmoil brought on by the pandemic and accompanying natural disasters, Al Blooshi expressed gratitude for the resilience of the UAE's economy and the welfare enjoyed by its residents. The establishment of a support fund further reinforced the commitment to navigating the crisis effectively. He mentioned the strong international relations of the UAE which helped even when facing shortages in obtaining food supplies, medical supplies, and even essential or non-essential materials. The UAE had options because of its relationships, he said. "We could shift from country A to country B and then provide what we saw fit for our homes.' Also, he spoke about how the government of Abu Dhabi, during this pandemic, took advantage of it, leading to significant investments directed towards the UAE during that crisis. Dag Detter Investment Advisor and Expert in Public Commercial Assets, gave an example of a football team or an Olympic star. Most people don't react until they have had an accident then they will realise that if they had trained better, they would have managed the injuries better,' he said. He also mentioned the importance of education and better discussion between ministries and sharing knowledge about their experiences during crises.
The National
17-02-2025
- Business
- The National
Abu Dhabi passes new resolution to regulate and licence endowment companies
A new resolution has been issued in Abu Dhabi for the establishment and licensing of endowment institutions in the UAE capital as part of efforts to support the country's vision for social development and welfare. The regulation, issued by the Abu Dhabi Department of Economic Development and the Endowments and Minors' Funds Management Authority (or Awqaf Abu Dhabi), will help enhance endowment structures, support the sustainability of family-owned businesses and advance best practices in endowment management, the Abu Dhabi Media Office said on Monday. An endowment is a donation of money or property to a non-profit organisation, which uses the resulting investment income for a specific purpose. The new resolution introduces a regulatory framework that formalises the endowment sector's role in socio-economic development. 'Endowments have been playing a vital role in the socio-economic development for many decades. Issuing this resolution to establish and license endowment companies in Abu Dhabi aims to provide the suitable frameworks to enable them to grow and thrive,' Rashed Al Blooshi, undersecretary of Added, said. Abu Dhabi passed a new law to establish the Awqaf and Minors Affairs Authority in 2023. In co-ordination with the General Authority of Islamic Affairs and Endowments, the AMAA takes measures to manage endowment affairs in Abu Dhabi, including endowment registration, supervision and the issuing of permits for such institutions in the emirate. The entity also manages, invests, grows and safeguards endowments and minors' wealth. Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, also launched the Dubai Endowments Strategy in 2023 to support the sector. Awqaf Dubai oversees the implementation of the strategy. The new resolution issued in Abu Dhabi addresses family-owned endowments, and has introduced structured governance for such entities. It provides a framework for the creation and administration of endowment companies, covering aspects such as legal status, permitted activities and licensing requirements, according to the statement. All applications must be approved by Awqaf Abu Dhabi to ensure compliance with current regulations, donor intentions and the grant's broader objectives. Under the new framework, endowment companies will have the ability to manage private grants, while engaging in commercial activities that support the expansion of endowed assets, maximising both financial returns and social impact. The resolution also introduces monitoring and supervisory mechanisms to enhance governance and accountability within the sector, according to Awqaf Abu Dhabi. It also encourages investments in several sectors such as manufacturing, education, trade, health care, agriculture, culture and innovation, the agency said. This resolution 'ensures the continuity of donors' philanthropic legacies for generations', said Fahad Al Qassim, director general of Awqaf Abu Dhabi. 'The resolution provides donors with the ability to establish independent, legally recognised entities under corporate law, adhering to the highest governance standards and best practices.' It encompasses different types of endowment institutions, including private (family-owned) endowments, charitable endowments and joint endowments. It also allows for the management of endowed shares and equity stakes in commercial enterprises, the statement said. The resolution also aims to attract further investment into the endowment sector. Awqaf Abu Dhabi launched Awqaf Capital, its dedicated investment arm, in December last year.
