Abu Dhabi Government publishes its 2030 economic development plan

Entitled 'The Abu Dhabi Economic Vision 2030', the document provides a comprehensive plan for the diversification of the Emirate's economy and a significant increase in the non-oil sector's contribution to the Emirate's Gross Domestic Product (GDP) by the year 2030.

The 142 page document identifies two key priority areas for economic development in Abu Dhabi; building a sustainable economy, and, ensuring a balanced social and regional economic development approach that brings benefits to all. Ensuring all three of the Emirate's regions (Abu Dhabi, Al Ain and Al Gharbia) benefit socially and economically from the Emirate's development is a critical element of the Government's plan.

His Excellency Nasser Al Sowaidi, Chairman of the Department of Planning and Economy, said: "The Abu Dhabi Economic Vision 2030 provides a clear road-map for the ongoing evolution of Abu Dhabi's economy. The plan seeks to harness the Emirate's assets and resources to ensure the local economy continues to grow sustainably while delivering significant benefits to the entire community."

The Abu Dhabi Economic Vision 2030 is the result of a concentrated effort between a number of public sector and joint public-private sector entities. Specifically, the process of developing the policy was led by the Abu Dhabi Council for Economic Development, in collaboration with the Department of Planning and Economy and the General Secretariat of the Executive Council.

H.E. Mohamed Al Bowardi, Secretary General of the Abu Dhabi Executive Council, said, "The publication of the Abu Dhabi Economic Vision 2030 is a significant further milestone in the Government of Abu Dhabi's ongoing commitment to greater transparency and accountability. The document articulates a comprehensive vision for Abu Dhabi's economic development and explains the key policy initiatives that will be implemented by various entities of the Government in order to achieve it."

The Abu Dhabi Economic Vision 2030 identifies the following as the Government's immediate economic priorities:

1. Building an open, efficient, effective and globally integrated business environment.
2. Adopting a disciplined fiscal policy that is responsive to economic cycles.
3. Establishing a resilient monetary and financial market environment with manageable levels of inflation.
4. Driving significant improvement in the efficiency of the labour market.
5. Developing a sufficient and resilient infrastructure capable of supporting anticipated economic growth.
6. Developing a highly skilled, highly productive work force.
7. Enabling financial markets to become the key financiers of economic sectors and projects.

The Abu Dhabi Economic Vision 2030 will establish a common framework for aligning all policies and plans that contribute to the ongoing development of the Emirate's economy. It seeks to create significant opportunities for the local and international private sector in the Emirate of Abu Dhabi, and new employment opportunities for UAE Nationals in the future, particularly in highly-skilled, knowledge-based, export-oriented sectors.

His Excellency Waleed Al Mokarrab Al Muhairi, Director-General of the Abu Dhabi Council for Economic Development, said, "The Government of Abu Dhabi consulted widely with the local business community and key international partners in the development of the Abu Dhabi Economic Vision 2030. The plan provides unprecedented insights into the Government's transformational plans to strengthen and diversify the Emirate's economy, and both the public and private sectors must work together to ensure that ambitious vision is fulfilled."

The next phase of this strategy will be the development of a five-year economic strategy, and a 12-month action plan, which will provide a focused framework for the implementation of the Abu Dhabi Economic Vision 2030, and a regular assessment period to judge the Emirate's progress and enable necessary adjustments to be made.

The Abu Dhabi Economic Vision 2030 will be distributed to all government entities, local businesses and higher education institutes immediately, and is universally available online for download in Arabic and English from the Abu Dhabi Government portal.