Finance cluster aims to add $15bn to Abu Dhabi GDP
- Fida to generate 8,000 skilled jobs
- Scheme will expand access to funding
- Approved by crown prince
Abu Dhabi has launched a finance initiative which is forecast to add AED56 billion ($15.3 billion) to the emirate’s gross domestic product by 2045.
The FinTech, Insurance, Digital and Alternative Assets cluster, also known as Fida, is expected to generate 8,000 skilled jobs and attract at least AED17 billion in investment, the UAE state-run Wam news agency reported.
The scheme was approved by Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and announced at the Abu Dhabi Finance Week 2025.
It will be overseen by the Abu Dhabi Department of Economic Development and the Abu Dhabi Investment Office.
Fida will expand access to diverse funding sources, including alternative lending, venture debt and growth capital, for small and medium enterprises, which represent 42 percent of Abu Dhabi’s non-oil GDP, the report said.
The cluster will also “strengthen Abu Dhabi’s insurance and reinsurance capacity, supporting the emirate’s growing economy and establishing it as a centre for sophisticated risk management”.
It will further enable the development of investor-protected savings products for UAE nationals and expatriates, as well as the establishment of new retirement planning frameworks.
More from Abu Dhabi Finance Week:
- Brevan Howard to capitalise on Abu Dhabi growth
- Abu Dhabi to invest $16bn expanding financial hub
- Mubadala in talks to acquire struggling Brazilian fintech
This is the latest venture in the UAE capital to bring together various fields in the same sector.
In October 2023 Abu Dhabi set up the smart and autonomous vehicles industry (Savi) group in Masdar City, which aimed to add up to AED120 billion to the country’s economy.
In April the government launched the health, endurance, longevity and medicine (Helm) scheme, bringing together global companies focused on the preventative care, drug efficacy and human longevity industries.
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