'Abu Dhabi enables Indian firms get access to middle east Africa, new mkts'

India has always been an important part of our growth. That role tells a powerful story of confidence in Abu Dhabi's vision, says Chairman of the Abu Dhabi Department of Economic Development

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Indian companies are increasing their presence in Abu Dhabi, which has enabled them to access key markets across the middle east Africa and beyond, Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, said on Thursday.

Speaking at the CII-ADF Summit here, Al Zaabi, who is also chairman of Abu Dhabi's International Financial Centre and free economic zone ADGM (Abu Dhabi Global Market), said the emirate believes in partnerships and not transactional relationships.

"India has always been an important part of our growth. That role tells a powerful story of confidence in Abu Dhabi's vision. Indian companies are increasing their presence in Abu Dhabi with an annual compounded growth rate (CAGR) of 38.4 per cent between 2019 and 2024. And they are more enabled than ever before to access key markets across Middle East Africa and beyond," he said.

Describing India as a nation whose energy, talent and ambition inspire the whole world, he said, "The geographic proximity between India and the UAE has always been about more than two points on a map."  "It represents centuries of trade, trust and friendship that have shaped the course of our shared prosperity," Al Zaabi added.

Abu Dhabi's investments in India mirror this partnership of trust and shared ambition institutions like Abu Dhabi Investment Authority, Mubadala Investment Company, sovereign wealth fund ADQ, and Abu Dhabi National Oil Company, among others, who are "channelling capital and expertise into India's growth sectors creating jobs, building industries and advancing innovation," Al Zaabi said.

"In Abu Dhabi, we enable businesses to start, scale, and succeed. We connect enterprises to the world's fastest-growing markets. We believe in partnerships not transactional relationships and we see limitless potential in what Abu Dhabi and India can achieve together," he said.

India and Abu Dhabi stand among the world's fastest growing economies, he said and added that "by the second quarter of this year Abu Dhabi achieved 17 consecutive quarters of growth with a 6.6 per cent expansion of non-oil sectors, which contributed over half of our GDP."  "Through progressive policies, a business-enabling ecosystem, world-class infrastructure and connectivity and forward-looking regulations Abu Dhabi has become a place where ambition meets opportunity," he said.

He said that Abu Dhabi is currently home to people from around 200 nationalities, including Indians, who are a vital part of its progress and prosperity.

"Indian entrepreneurs, investors, innovators and professionals have found success in Abu Dhabi and a home that celebrates their talent and enterprise," he said.

He asked Indian investors to just not invest in Abu Dhabi but also invest with Abu Dhabi, and added that the two partners over a period of time have navigated the route of prosperity and turned headwinds into tailwinds.

"This is the direction we continue on together ...we look forward to expanding partnerships that generate value for our people and future generations," he said.