Abu Dhabi introduced a series of technological innovations that promise to optimize the renowned Falcon Economy. Abu Dhabi began the year with a number of strategies to benefit entrepreneurs and the private sector, driven by the excellent 2024 figures indicating that the capital hosts $1.7 trillion in sovereign wealth fund assets and holds the strongest credit rating in recent times.
In this context, the city was also chosen as the top place providing facilities and opportunities for doing business in the Middle East and North Africa (MENA) region. The emirate’s authorities highlighted these global and regional recognitions and emphasized that Abu Dhabi continues to add proactive developments and plans to find innovative solutions to current challenges.
What is the Falcon Economy, Abu Dhabi’s main driving force
This concept of Falcon Economy is what drives the exponential growth of the region and its macroeconomic stability, which was boosted thanks to strategies that improved the standard of living of the population and attracted new talent. This term is also related to the economic diversification processes promoted by the emirate, the great world-class infrastructure work, and digitalization.
Falcon Economy symbolizes the economic rise of the United Arab Emirates supported by the growth of Abu Dhabi as a leading global commercial hub. This term was officially introduced at the 2022 edition of the Abu Dhabi Finance Week (ADFW), where a report revealed that the region is becoming a powerhouse thanks to sovereign funds and international financial centers.
Abu Dhabi’s strategies to strengthen the Falcon Economy
Among the main innovations and tools of the authorities of the United Arab Emirates was the creation of the Abu Dhabi Registration and Licensing Authority (ADRA), a branch of the Abu Dhabi Department of Economic Development (ADDED) that allows for the regulation of financial activity in the region, where a record of all companies in the mainland territory and its non-financial free economic zones is maintained.
For its part, the Abu Dhabi Chamber of Commerce and Industry (ADCCI) revealed the new working methodologies and roadmap for the next three years, which include some basic principles such as promoting partnerships, linking companies with global markets, and empowering entrepreneurs and talents.
The support for small and medium-sized enterprises in Abu Dhabi
The so-called Khalifa Fund was established to ensure measures for business promotion and favorable ecosystems to empower Small and Medium Enterprises (SMEs). Within this framework, the entity launched what is known as the MZN Center, which applies new technologies and the benefits of AI to provide entrepreneurs with training and personalized programs for the growth of their ventures.
This platform consists of three sectors: Venture Studios, Light Manufacturing, and Venture Capital, to ensure support at different stages of the company, from ideation to growth. Behind the development of these new strategies is the Abu Dhabi Department of Economic Development (ADDED), which provides oversight of the business sector, carries out financial initiatives, and enables the growth of a diversified, sustainable, and knowledge-based economy.