Abu Dhabi is seeking to attract technology companies and skilled labour, with the aim of returning the recovery to its economy starting next year, which will reduce the cost of living for expatriates after the double setback resulting from the drop in oil prices and the Corona epidemic, affected the economy of the UAE capital, like the rest of the Gulf countries.
Know the reason for reducing the cost of living in Abu Dhabi
The economy of the UAE, which holds 6 percent of the world’s oil reserves, is expected to shrink by 3 to 4 percent this year, before returning to growth next year, according to Abu Dhabi Economic Development Authority Chairman Mohamed Al-Shorafa in an interview with Bloomberg. ».
Al Shorafa, who is also a member of the Executive Council, the highest decision-making authority in Abu Dhabi, added that officials seek to develop «the knowledge and innovative sector by attracting technology companies to be based in Abu Dhabi and therefore spend on capital projects and invest in emerging projects and strategic industries, especially Related to agricultural sciences, and they seek to reduce the cost of living and moving to the emirate.
“Competition does not mean only reducing costs, but that there are essential elements of life for people coming to live, education and retirement in Abu Dhabi,” he said, noting that the costs of living, education and entertainment will be studied.
Abu Dhabi reduction of the costs of living
Why Abu Dhabi is among the most expensive cities for ex-pats?
Abu Dhabi ranks 39th among the most expensive cities for ex-pats, ahead of Boston and Milan, according to the Mercer Consulting Index.
Oxford Economics expects that the UAE economy will lose 900,000 jobs and leave 10 percent of its expatriates, while the International Monetary Fund expects the UAE economy will shrink by 3.5 percent this year. Moody’s kept its rating for Abu Dhabi “Aa2,” referring to the emirate’s financial liquidity, but said that fiscal consolidation may slow amid pressure to support growth.
Abu Dhabi will support more mergers and acquisitions between companies as long as this does not affect its competitiveness.
