Delivering a keynote speech at the Abu Dhabi Conference, organised by MEED, H.H. Sheikh Hamed bin Zayed Al-Nahyan - Chairman of the Department of Planning & Economy of Abu Dhabi said Abu Dhabi has plans for large-scale projects focused on economic development and support to the private sector through the use of public-private partnership and privatisation.
With the government of Abu Dhabi embarking on one of the largest and most comprehensive restructuring efforts of its kind in the Middle East, the Emirate is determined to approach the challenges this raises with deliberate speed and foresight.
“Our goal is to make the government more compact and efficient while creating greater transparency and accountability in order to better serve the nation and the economy,” said H.H. Sheikh Hamed.
“Our efforts were led by the Abu Dhabi government’s leaders, H.H. Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates and Ruler of Abu Dhabi and H.H. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Supreme Commander of the UAE Armed Forces and Chairman of the Executive Council, to build upon our country’s political and social stability as well as its economic prosperity,” he said.
“The task required us to change and respond to the challenges of a global economy, which was confronting both our current and future generations. The most important reaction concerning us today was the government restructuring initiative. This initiative is at the heart of all of the government’s action and has a significant impact on the economy,” he added.
H.H. Sheikh Hamed also went on to highlight some of the key economic development initiatives the government has embarked upon across various sectors, which will help the economy gain a competitive edge and attract local and foreign direct investment.
Some of the key economic developments that have been initiated include the Abu Dhabi Council for Economic Development, The Abu Dhabi Tourism Authority, Abu Dhabi Education Council and Abu Dhabi General Health Authority as well as new regulations, legislation across the energy and finance sectors .
Understanding the importance and the role of the stock market, in reflecting on the status of the economy, the government is also focusing on the capital markets. Abu Dhabi Securities Markets (ADSM), established in November 2000 with 14 listed companies and a market capitalisation of US$ 3 billion, has grown to 60 listed companies with a market capitalisation of nearly US$ 100 billion as of the end of the third quarter of 2006 and over 700,000 investors.
Besides attractive energy and capital inputs, Abu Dhabi has embarked upon a significant programme to create specialised industrial zones. So far these include planned zones (or “clusters”) for petrochemicals, plastics, aluminium, steel and glass but more are planned for the future.
To support all of theses development work is also underway to create world-class transport systems to link Abu Dhabi into a closer network with other emirates and the wider world.
The invitation is clear. The Abu Dhabi government is paving the way, in infrastructure and facilities, and the private sector is invited step in resolutely to support the government in achieving the grand plans. It is a partnership; the government provides the public policies and regulatory framework and the private sector participates with ideas and additional investment. Together, the government and the private sector will reinforce each other and work jointly to build the economy of Abu Dhabi.
The Abu Dhabi conference also offered the delegates a one-hour interactive dialogue with leaders of the Abu Dhabi economy about energy, tourism, real estate and industry. H.H. Sultan Bin Tahnoon Al Nahyan – Chairman, Abu Dhabi Tourism Authority, H.E. Khaldoon Khalifa Al Mubarak – Chairman, Executive Affairs Authority, government of Abu Dhabi, Ahmed Ali Al Sayegh – CEO, Dolphin Energy and Hussain AlNowais – Member of the Board, Abu Dhabi Economic Development Board, all shared their views on the bright future of the Abu Dhabi economy.
The Abu Dhabi Conference, held under the patronage of H.H. Sheikh Mohammed bin Zayed Al Nahyan, is being held at the Emirates Palace Hotel. With the first day attracting a great number of delegates, the conference is designed to reveal exciting insights into the economic growth of the UAE.
“This event is most timely. Abu Dhabi, capital of the UAE, is at the heart of an economic renaissance in the region, which is exciting and challenging to world business. A visionary development programme is being implemented that will underline what most already know: that the UAE is leading the Gulf and the wider Middle East towards a bright new horizon, rich with opportunity and rewards,” said Edmund O’Sullivan, MEED’s Editorial Director & Chairman of the Abu Dhabi Conference.
MEED Conferences is part of the leading information brand in the Middle East working to provide delegates with the very latest business sensitive information. Over the past 10 years, MEED Conferences has organised events attended by senior government officials and thousands of international business people. The conference series is aimed at companies active or seeking business in the markets of the Middle East. MEED is well established as the source of strategic and accurate regional information placing it in a unique position to bring together high-calibre speakers.
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