Tuesday, July 16, 2024
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HomeBusinessAbu Dhabi building partnerships to attract investments, tackle global food shortages and...

Abu Dhabi building partnerships to attract investments, tackle global food shortages and water scarcity

ABU DHABI, UAE — Abu Dhabi is paving the way for international investors to capitalise on opportunities provided by the recently launched AgriFood Growth & Water Abundance (AGWA), which is tapping into a USD 21.08 trillion (AED 77.4 trillion) industry with immense potential for growth and job creation.

Since the launch of AGWA last week by His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and cairman of the Abu Dhabi Executive Council, the Abu Dhabi Department of Economic Development (ADDED) and the Abu Dhabi Investment Office (ADIO) have announced key agreements with local and federal government entities to streamline regulatory approvals for the food and water industry, advancing it to play a leading role in global efforts to tackle food shortages and water scarcity.

By leveraging the regulatory environment and efficient licensing to ensure safe and secure production, AGWA will support the attraction of investors and pioneers to launch new innovations and enable them to enhance traditional food and water production and supply.

AGWA is projected to attract USD 34.8 billion (AED 128 billion) in investments, create more than 60,000 new jobs, and contribute USD 24.5 billion (AED 90 billion) in incremental GDP to Abu Dhabi’s economy by 2045.

His Excellency Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (ADDED), said:

“The launch of AgriFood Growth & Water Abundance cluster (AGWA) is part of our multi-polar strategy to future-proof the economy, enhance sustainability, and shape a brighter tomorrow for Abu Dhabi and the world”.

“We are developing appropriate frameworks and building synergies to enable investors to benefit from opportunities provided by AGWA and our soaring ‘Falcon Economy’ to grow and expand, supported by a business-friendly ecosystem, agile policies, robust infrastructure, access to funding, advanced trade facilitation solutions, and international markets connectivity to accelerate our transition to a smart, diversified, and sustainable economy.”

Led by the ADDED and ADIO, AGWA is set to become a global hub for novel food and ingredients, as well as technologies to increase access to and the utilisation of water resources. The innovative cluster is designed to support suppliers and exporters alike, serving as a platform to maximise commercial opportunities. It aims to help meet increasing global demand, alleviate pressures on agricultural systems, address shifting dietary patterns, capitalise on technological advancements, and support global food security to ensure a reliable and resilient supply chain.

The cluster represents the next phase of Abu Dhabi’s economic growth and diversification strategy to focus investments and resources into key growth sectors of the future. AGWA follows the 2023 launch of the Smart and Autonomous Vehicle Industries (SAVI) cluster, which aims to position Abu Dhabi at the forefront of future mobility solutions across air, land, and sea.

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