'The catalyst of growth should not be limited to the public sector alone,' he said, adding 'We are now at the dawn of another transformation of the emirate'.
As part of its plans for economic growth, the emirate is also increasing the contribution of the non-oil sector to its GDP and pushing for an increase in foreign investment. This means there must be improved access to financing for the private sector, HE Mohammed Omar Abdullah, Undersecretary DED - Abu Dhabi, told conference delegates. The flow of FDI into Abu Dhabi has decreased he said, so the DED is making it a major policy over the next five years.
'FDI is very important for GDP and according to our targets it has represent 23% of GDP,' said Abdullah.
Attracting foreign direct investment, he added, will help increase the foreign capital base in the economy and play a part in its efforts for knowledge transfer to UAE nationals. Additionally he said that there is room to improve exports to Europe and North America. Currently around half of all Abu Dhabi's exports are to the GCC.
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Abu Dhabi looks to private sector for economic growth
- United Arab Emirates: Tuesday, November 10 - 2009 at 11:59
The private sector will play a critical role in the future economic development of Abu Dhabi, as it moves towards the implementation of its plan 2030. Speaking today at the Meed Abu Dhabi Conference in Emirates Palace HE Nasser Al Sowaidi, Chairman of the Department of Economic Development (DED) - Abu Dhabi, said that the emirate was opening the door to the private sector and wanted to see its contribution to GDP rise.
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Rob Jones, Editorial DirectorTuesday, November 10 - 2009 at 11:59 UAE local time (GMT+4)
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