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Unprecedented achievements a unique model

(Wam)
Filed on December 1, 2012

The UAE celebrates its 41st National Day on December 2 with great zeal and fervour, while advancing steadfastly and confidently on its path for more prosperity, unprecedented development and achievements in all spheres of life.

Executive business strategies

The UAE adopted a new approach in the executive performance based on specific business strategies with clear goals and objectives in the framework of its commitment to keep up with the challenges and requirements of the new millennium. In this context, the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, launched new strategies to enhance political empowerment plans and programmes, particularly the future strategy with setting its goals in the mobilisation of resources and energies, its approach of cooperation and coordination between all that is federal and local, as well as updating the decision-making mechanisms and raising the efficiency of government entities and their effectiveness.

Foreign investment

The Ministry of Economy launched the UAE Investment Map to promote the sustainable and balanced development of the country. The initiative will also contribute to GDP growth by stimulating the investment environment and attracting investment and technology that will drive the knowledge economy in addition to reducing the dependence on oil by diversifying revenue streams. The launching of the UAE Investment Map is in line with the strategic directions of the Ministry for 2011-13 to enhance the investment environment and the competitiveness of the national economy.

Monetary, banking policies

An IMF report issued in May said the banking system maintains significant buffers to withstand a further deterioration in asset quality and external liquidity conditions. The banking sector, the report, indicated, was strengthened through significant capital injections. Figures issued by the UAE Central Bank showed that balance of payments saw an increase in the surplus on both the current account as well as the trade account from 2010 to 2011. The surplus in the trade balance increased from Dh179.9 billion in 2010 to Dh292 billion in 2011, with an increase in exports by the hydrocarbon sector by Dh135.8 billion, from Dh274.1 billion to Dh409.9 billion in 2011, and an increase in non-hydrocarbon exports by Dh40.6 billion, from Dh187.3 billion to Dh228 billion.

Industrial development

The industry sector has witnessed remarkable and steady development during the past years in terms of the number of establishments, the size of investments and the number of employees and workforce. The creation of more industrial zones has facilitated the attraction of more quality foreign investment and strategic heavy industries. The sector’s contribution to the GDP rose from just one per cent in 1971 to 14 per cent in 2011, and is expected to rise to 25 per cent in the coming years. The number of industrial establishments rose to more than 2,500 in 2011 with total investments worth Dh114 billion.

Oil and gas

The oil and gas industry in the UAE continues to represent the underlying foundations of the country’s economy, being exploited in such a way as to ensure that a share of these depleting resources are preserved for successive generations. The Abu Dhabi National Oil Company has allocated about Dh260 billion for investment in the oil, gas and petrochemicals sector over the next decade. It also plans increase oil production to 3.5 million barrel a day by 2017 from to the current 2.8 billion barrels per day.

Infrastructure

The UAE has been ranked first regionally and 11th globally in terms of the availability and quality of its transport infrastructure in the Global Enabling Trade Report 2012 released by the World Economic Forum. With this ranking, the UAE outperforms countries such as the US, Finland and Belgium. The UAE is among 17 countries that have 100 per cent of its road network paved. It is also globally ranked fourth in terms of the quality of air transport infrastructure, sixth in terms of the quality of seaport infrastructure and seventh in transshipment connectivity.


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