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Abu Dhabi A Model For Development And Economic Openness In The Region |
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The latest chapter of the Annual Economic Report of the Emirate of Abu Dhabi 2010 stressed that a close observation of the economic development indicators in the Gulf Region during the last few years, confirms that the Emirate of Abu Dhabi is working on to be a focal economic center, and a model for development and economic openness. Chapter seven of the report released by Studies Directorate at the Department of Economic Development also said that Abu Dhabi is experiencing a historical phase characterized by economic expansion, which is based on the leadership’s vision and ambitions. It also aims at embarking its economic potential, through the adoption of new policies and legislation, conducive to investment and development. This encompasses the implementation of a new wave of investments, in various economic sectors and giving the private sector a greater role in economic activity, as well as accentuating openness to foreign investments. The local economy from year to year seeks more advanced stance in the hierarchy of global competitiveness, said the preamble of the new chapter of the report. The efforts to further development and economic prosperity included all areas which facilitate doing business in the emirate. The Government has adopted and initiated many reforms in order to facilitate the commencement of business, by minimizing the procedures for obtaining licenses, and reducing the number of documents required for this purpose, among other procedures in that direction, the report said. "It is worth mentioning that the emirate has become more open to foreign capital, where foreigners may own property by 100% in special cases in free zones", said the report. The efforts of the emirate to develop the business environment included the modernization of ports infrastructure, through the construction of Khalifa new Port, which will start operations by end of 2010. Considerable efforts were exerted for the enhancement of business climate, and a number of reforms were adopted by the United Arab Emirates, which directly benefited the business environment in the Emirate of Abu Dhabi. This included introduction of a set of new laws and the modernisation of the judiciary in the emirate. The restructuring of the economy, and the diversification of the production base, stand among the most important future challenges which face the national economy, the restructuring of the economy has been taken into account by the government, and was addressed in the Economic Vision 2030 as one of the main objectives; said the report. The report also highlighted the emirate’s efforts in the areas of energy issues and sustainable development, development of clean energy from fossil fuels, the Masdar initiative in the field of renewable energy, nuclear energy initiatives, technological environment in the Emirate of Abu Dhabi and the Shift towards a Knowledge-based Economy. |
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