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17 July 2024

Capital's economic vision a 'huge step forward'


By Abdel Hai Mohamed

The Abu Dhabi Economic Vision 2030 has been welcomed by businessmen and executives as a huge step forward, which will lead to a doubling of achievements across all sectors in the emirate.

It will help attract more foreign investments and give a definite picture of the emirate's future. The plans will prompt the private sector to increase projects after being reassured of the stability and strength of Abu Dhabi's economy, they said.

Salah Al Shamsi, Chairman of the Abu Dhabi Chamber of Commerce and Industry, said the report has come at the right time, as Abu Dhabi is one of the fastest developing cities in the world, necessitating such a master plan to manage its economic growth. The move paves the way for a more intense partnership between the public and private sectors, he added.

"This is an important step as it draws up a road map for all projects of the emirate in such as way as to avoid contradictions and duplication of projects and its consequent wastage of resources. It focuses on a knowledge economy, which is very desirable for Abu Dhabi," Al Shamsi said.

Agreeing with him was Mohamed Al Hameli, Director General of the Abu Dhabi Chamber, who said the plan will contribute strongly to the emirate's economic development. "It will consolidate and redouble vast investments steered by the government and the private sector to Abu Dhabi. The vision has also given a great deal of attention to industrial development, especially export-oriented industries, which we urgently need."

Al Hameli said the Chamber strongly supported the new economic vision, since it represented all businessmen and the private sector of the emirate.

The Chamber will seek to increase its contribution to the emirate's development and will involve private companies in new fields of investment, said Al Hameli, highlighting the support for a free economy. It will attract more foreign investment, he said. "This will reassure foreign investors about the stability of Abu Dhabi's economy. What is important is that the implementation of the vision's programmes should be speeded up."

Khalifa bin Omair bin Yousef, CEO of the Omair bin Yousef group, said the policies outlined in the report represent a safety valve for investors and businessmen in Abu Dhabi, as they explain the economic ground realities in the emirate as well as the facilities granted to them.

Bin Yousef said Abu Dhabi was in need of such a plan to explain to all government and private sector workers how the government works, its philosophy and focus.

He said Abu Dhabi businessmen are currently rushing to pump in more investments in tourism because of the qualitative shift in the hotel and museum sector. Also, Abu Dhabi is building vast residential, entertainment and university cities, and these large-scale projects need a clear guiding vision.

Faraj bin Hammouda, Chairman of the Bin Hammouda Group, said the plan was characterised by depth and comprehensiveness and depicted great teamwork among officials in Abu Dhabi.

"The vision's best feature is its concentration on non-oil sectors in economic development. It gives the greatest importance to the non-oil dependant development, especially in tourism and industry."

Khalfan Al Kaabi, Chairman of Escorp and a board member of the Abu Dhabi Chamber, said the private sector was proud of the new vision. "It has clarity, transparency, innovation and responsibility, and will enhance confidence among investors. The vision is strong evidence that the leadership is keen to give a long-term boost to the private sector."