Economics

Abu Dhabi Aims to Attract Skilled Expats by Making Life Cheaper

GDP to shrink 3%-4% in 2020, then see growth in 2021: official
Oil price drop, coronavirus lockdowns hammered UAE economy

WATCH: Al Shorafa discusses Abu Dhabi’s efforts to reinvigorate its economy.(Source: Bloomberg)

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By Zainab Fattah

July 9, 2020 at 2:00 AM UTC

Updated on

July 9, 2020 at 9:29 AM UTC

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Abu Dhabi will bet on attracting technology firms and skilled workers to help its economy rebound early next year, after the twin setbacks of cheaper oil and the coronavirus pandemic battered the United Arab Emirates and the wider Gulf.

Sitting on around 6% of global oil reserves, the emirate’s economy may shrink between 3% and 4% this year before returning to growth in 2021, said Mohammed Ali Al Shorafa, chairman of the Department of Economic Development.