A visionary document that propels the nation to an advanced economy league

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A visionary document that propels the nation to an advanced economy league
His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates

The Abu Dhabi Economic Vision 2030 document aims to build a sustainable and diversified, high value-added economy that is well integrated into the global one and provides accessible and higher-value opportunities for all its citizens and residents

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Published: Mon 15 Apr 2019, 5:15 PM

Last updated: Mon 15 Apr 2019, 7:29 PM

The words of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, have guided and inspired the leaders who have formulated the Abu Dhabi Economic Vision 2030, reflecting the strategic vision of the leadership to build an advanced economy.
The landmark document has put its objectives in clear terms. It is to make "Abu Dhabi as a sustainable, diversified, high-value-added economy that encourages enterprises and entrepreneurship and well integrated with the global economy leading to better opportunities for all." 
Economic policy priorities
Importantly, the task force behind the document identified that the realisation of this stated vision for economic success must necessarily be based on two required economic policy priorities:
Abu Dhabi will build a sustainable economy 
Abu Dhabi will ensure that social and regional development is balanced to bring the benefits of economic growth and wellbeing to the entire population of the Emirate
As Saif Mohamed Al Hajeri, Chairman, Abu Dhabi Council for Economic Development (ADCED), noted: "The Abu Dhabi Economic Vision 2030 is an incisive document that embodies the ambition and leadership of our Government. Delivering this vision is a challenge that will require alignment between the private sector and a number of government agencies, including the ADCED. We will be judged by our ability to deliver against these ambitions."
Dagher Al Marar, Director-General, ADCED, added that the events of the last few years had underscored the importance of an economy that is based on solid foundations. 
"We have a vital economy, and we are blessed with many natural resources," he said. "However, our economy is no longer dependent on natural resources as a sole source of wealth and growth, thanks to the strategic vision of our wise leadership to diversify sources of income and to build a strong, sustainable, and knowledge-based economy." 
The Economic Vision 2030 Abu Dhabi, co-authored by ADCED, reflects the ambition and aspirations of the Abu Dhabi Government. It has identified the immediate economic priorities of the government, which include:
Building an open, efficient, effective and globally integrated business environment
Adopting a disciplined fiscal policy that is responsive to economic cycles 
Establishing a resilient monetary and financial market environment with manageable levels of inflation
Driving significant improvement in the efficiency of the labour market
Developing a sufficient and resilient infrastructure capable of supporting anticipated economic growth 
Developing a highly skilled, highly productive workforce 
Enabling financial markets to become the key financiers of economic sectors and projects 
Delivering on these seven areas of policy focus will be fundamental to the success of the Emirate's goals in economic and social development. "Achieving them will significantly contribute to the establishment of a sustainable economy that truly makes the benefits of economic and social development available to all," explains The Abu Dhabi Economic Vision 2030 document. "Ultimately, achieving success in each of these areas will ensure that Abu Dhabi's economy is ranked among the most dynamic, open and successful economies of the world."
The objective of the vision document is not just to develop Abu Dhabi's economy. It is for the emirate to take its place among the most successful economies of the world by 2030.  
Indeed, the Abu Dhabi Government will judge the success of its economic performance against those of the most successful economies globally. Interestingly, it aims to benchmark against the experiences of flourishing 'transformation economies' such as Norway, Ireland, New Zealand and Singapore.
Key priority areas
The Abu Dhabi Economic Vision 2030 identifies key priority areas for economic development and set macroeconomic targets and socioeconomic goals.
The strategic economic sectors will form the "engines of economic growth and diversification" of the Emirate. They include:
.    Energy - Oil and Gas
.    Petrochemicals
.    Metals
.    Aviation, Aerospace and Defence
.    Pharmaceuticals, Biotechnology and Life Sciences
.    Tourism
.    Healthcare Equipment and Services
.    Transportation, Trade and Logistics
.    Education
.    Media
.    Financial Services
.    Telecommunication Services
 Stimulating faster economic growth
An important aspect of this Vision document is that Abu Dhabi will equip its youth to enter the workforce and maximise the participation of women, particularly nationals, from across the emirate. It will also continue to attract a skilled workforce from abroad, and to stimulate faster economic growth in regional areas.
The government aims to build an open, efficient, effective and globally integrated business environment, streamlining government processes and facilitating business and investment. It will also significantly improve the efficiency of the labour market and adopt both a fiscal policy that is responsive to economic cycles and a safe monetary and financial system with manageable levels of inflation.  
In terms of the resources and infrastructure of the Emirate, these will be developed further with a focus on utilities, transport and ICT. Human capital will be enhanced through the improvement of education, training, and other methods to boost both the employability of n-ationals and the productivity and competitiveness of the workforce in general. 
Financial markets will also be encouraged under the programme and developed in such a way as to become the key financiers of economic sectors, industries, and projects.  
The economic vision as set out in the document seeks to ensure a secure and stable future for the people of Abu Dhabi. "The ultimate goal is to produce a society that is confident in its growing role as a global economic centre, and one which shows it has the ability to transform itself to meet the needs of tomorrow," notes the visionary document.  
"As a result of the hard work of previous generations, Abu Dhabi is now in a strong position to move ahead with its economic and social objectives. By 2030, Abu Dhabi will be even more successful, as a result of sound leadership and the ongoing efforts of the Emirate's people."
 -supplements@khaleejtimes.com

Saif Mohamed Al Hajeri, Chairman, ADCED
Saif Mohamed Al Hajeri, Chairman, ADCED


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