Advancements in UAE’s Foreign Aid Strategy: A 2024 Overview
The year 2024 marked a significant stride in the UAE’s commitment to foreign aid, focusing on global sustainable development and empowering local industries to compete internationally. This evolution reflects the enduring vision of the UAE’s Founding Father, Sheikh Zayed bin Sultan Al Nahyan.
ADFD’s Strategic Growth and Global Reach
The Abu Dhabi Fund for Development (ADFD) played a pivotal role in promoting economic prosperity across 107 nations, aligning its initiatives with foundational national strategies such as the UAE Centennial 2071 and Abu Dhabi Economic Vision 2030. By the close of 2024, ADFD’s cumulative development financing reached an impressive AED 216.5 billion (approximately $59 billion), showcasing its robust commitment to international development.
Breakdown of Financing
The financial contributions made by ADFD in 2024 included:
- AED 157 billion ($42.7 billion) in concessional loans
- AED 57.6 billion ($15.7 billion) in government grants
- AED 1.9 billion ($516 million) in direct contributions
These allocations were directed towards projects that prioritized renewable energy, education, infrastructure, water security, and housing, thereby aligning with the United Nations Sustainable Development Goals (SDGs).
Supporting the Local Economy
In its efforts to bolster the national economy, ADFD facilitated the Abu Dhabi Exports Office (ADEX) to provide AED 4 billion ($1.1 billion) in financing aimed at enhancing UAE exports in over 40 global markets. Furthermore, the Fund allocated AED 6 billion ($1.6 billion) to support 19 Emirati companies in delivering essential projects across eight countries, thereby expanding their global influence while nurturing local enterprises.
Promoting Sustainable Investments
In total, ADFD recorded AED 12.2 billion ($3.3 billion) in investments across 22 countries, currently supporting 17 companies in critical sectors. These investments are key to fostering job creation and stimulating sustainable economic growth in emerging markets.
Recognizing Achievements in Renewable Energy
ADFD’s initiatives in renewable energy, particularly in the Pacific and Caribbean regions, were recognized with the 2024 United Nations Small Island Developing States (SIDS) Partnerships Award—marking a significant first for any institution from the Middle East and North Africa.
Leadership Insights
Sheikh Mansour bin Zayed Al Nahyan, Vice President and Chairman of ADFD’s Board of Directors, expressed that the values instilled by Sheikh Zayed define the essence of civilised progress. He noted that ADFD embodies these values by focusing on sustainable impacts worldwide.
The Fund’s philosophy is deeply rooted in supporting the UAE’s foreign aid policies based on developmental principles aimed at achieving economic and social stability. Sheikh Mansour emphasized the importance of fostering partnerships with both regional and international organizations to maximize sustainable development.
Continued Commitment to Developmental Goals
Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Vice Chairman of ADFD’s Board, reiterated the Fund’s ongoing efforts to aid developing nations. He highlighted ADFD’s achievements in financing projects that create long-lasting benefits in sectors such as energy, education, and food security.
In 2024, ADFD’s commitment to help countries navigate economic and social challenges became more pronounced, as they financed a variety of developmental projects, aiming to significantly contribute to the advancement of the Sustainable Development Goals and improve the overall well-being of people globally.
Through its strategic funding and influential partnerships, ADFD not only strengthens the UAE’s prominence on the international stage but also reinforces its role as a dedicated player in global development. Each step taken by the organization serves as a testament to the UAE’s enduring legacy of philanthropy and support for sustainable growth worldwide.
