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69545
Thu, 07/09/2009 - 15:19
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https://www.oananews.org//node/69545
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Abu Dhabi’s shift away from oil dependency is producing a wealth of foreign investment: DED Chief
Abu Dhabi, July 9, 2009 (WAM) - Although the prime target of transforming an economy is to achieve high per capita income, the Chairman of the Department of Economic Development Abu Dhabi (DED) believes it is worth looking at the bigger picture when gauging how successful the process is proving to be.
Nasser Alsowaidi said that if Abu Dhabi's social welfare indicators showed success beyond the usual economic indicators of GDP growth, such as environmental wellbeing and whether the Emirate was perceived as an attractive place to live, it would have achieved more than most transformation economies. This, he said, had the two-pronged benefit of improving the quality of life for its residents while attracting foreign investment.
In an exclusive interview with Oxford Business Group (OBG), the highly acclaimed global publishing, research and consultancy firm, Alsowaidi said: "The point of differentiation for foreign direct investment must be not just Abu Dhabi as a great place to do business, but also a place to live in and enjoy an economy of high per capita income." He added that by ticking these boxes, Abu Dhabi increased its chances of bringing in the experts that the country needed to work on design, engineering and re-engineering projects. "Such global talents are mobile, free to come and go where they find not just the R'&'D facilities, but also the warm human environment for them to settle in," said Alsowaidi.
The interview will feature in The Report: Abu Dhabi 2009, the most comprehensive and accurate review of the country's economy available, which is soon to be published by OBG. Rated as the premier source of information for foreign direct investment into the country's economy, it will be a vital guide to the many facets of Abu Dhabi, including its macroeconomics, infrastructure, political landscape, banking and sectoral developments.
The Report: Abu Dhabi 2009 has been produced by a team of OBG analysts based in Abu Dhabi who conducted some two hundred interviews with leading political and economic figures. Alsowaidi is one of the leading figures interviewed in The Report: Abu Dhabi 2009, where the full version of his interview will appear.
Abu Dhabi's shift away from oil dependency is producing a wealth of foreign investment opportunities, especially in emerging areas such as environmentally friendly and ecologically sustainable projects. Alsowaidi had positive words for these projects, describing them as "green growth engines" that would generate income and jobs while benefiting the community.
He highlighted the key role that the DED would play as Abu Dhabi moves to diversify its economy. "The DED will be vigilant on policy design and implementation to ensure that the competitive advantage of our non-oil products and exports is not only cost-related, but also in terms of quality and standards," he said. The DED's International Economic Relations is also taking steps to support and promote exports, especially those in non-oil, since these had a vital role to play in the economic transformation process.
The diversification process, Alsowaidi added, would allow Abu Dhabi to use oil and energy to the country's advantage while moving along the value chains of its main industries, such petrochemical products, metals and high-technology. "The linkages into the wider manufacturing sector, which uses these downstream products, will create more jobs, exports and foreign exchange earnings," he said.
Nasser Alsowaidi said that if Abu Dhabi's social welfare indicators showed success beyond the usual economic indicators of GDP growth, such as environmental wellbeing and whether the Emirate was perceived as an attractive place to live, it would have achieved more than most transformation economies. This, he said, had the two-pronged benefit of improving the quality of life for its residents while attracting foreign investment.
In an exclusive interview with Oxford Business Group (OBG), the highly acclaimed global publishing, research and consultancy firm, Alsowaidi said: "The point of differentiation for foreign direct investment must be not just Abu Dhabi as a great place to do business, but also a place to live in and enjoy an economy of high per capita income." He added that by ticking these boxes, Abu Dhabi increased its chances of bringing in the experts that the country needed to work on design, engineering and re-engineering projects. "Such global talents are mobile, free to come and go where they find not just the R'&'D facilities, but also the warm human environment for them to settle in," said Alsowaidi.
The interview will feature in The Report: Abu Dhabi 2009, the most comprehensive and accurate review of the country's economy available, which is soon to be published by OBG. Rated as the premier source of information for foreign direct investment into the country's economy, it will be a vital guide to the many facets of Abu Dhabi, including its macroeconomics, infrastructure, political landscape, banking and sectoral developments.
The Report: Abu Dhabi 2009 has been produced by a team of OBG analysts based in Abu Dhabi who conducted some two hundred interviews with leading political and economic figures. Alsowaidi is one of the leading figures interviewed in The Report: Abu Dhabi 2009, where the full version of his interview will appear.
Abu Dhabi's shift away from oil dependency is producing a wealth of foreign investment opportunities, especially in emerging areas such as environmentally friendly and ecologically sustainable projects. Alsowaidi had positive words for these projects, describing them as "green growth engines" that would generate income and jobs while benefiting the community.
He highlighted the key role that the DED would play as Abu Dhabi moves to diversify its economy. "The DED will be vigilant on policy design and implementation to ensure that the competitive advantage of our non-oil products and exports is not only cost-related, but also in terms of quality and standards," he said. The DED's International Economic Relations is also taking steps to support and promote exports, especially those in non-oil, since these had a vital role to play in the economic transformation process.
The diversification process, Alsowaidi added, would allow Abu Dhabi to use oil and energy to the country's advantage while moving along the value chains of its main industries, such petrochemical products, metals and high-technology. "The linkages into the wider manufacturing sector, which uses these downstream products, will create more jobs, exports and foreign exchange earnings," he said.
