ID :
91346
Tue, 11/24/2009 - 14:40
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Shortlink :
https://www.oananews.org//node/91346
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Contribution of non-oil should be increased for long run economic growth, Mohammed Omar Abdullah
Abu Dhabi, Nov 24, 2009 (WAM) - H.E Mohammed Omar Abdullah, Under Secretary of Department of Economic Development in Abu Dhabi has underlined the need to increase the contribution of non oil sector for long term economic development of Abu Dhabi.
"We generate our main income from oil, however this is not enough in the long run and we have to increase the contribution of non oil sector for maintaining economic stability", he said while interacting with foreign journalists at ECSSR on Monday. These journalists have been invited by National media Council on the occasion of 38th National Day of UAE.
He talked about Abu Dhabi's Vision 2030 in detail and said that it is a government-backed development plan for the emirate that sets guidelines for key infrastructure, real estate, tourism and financial targets for the next 20 years, as the city aims to assert its place as a global hub and capital of the UAE federation.
The initiatives are planned to fuel GDP growth of 7% until 2015, and 6% for the following 15 years.
The plan also focuses on the logistical growth of Abu Dhabi, as it aims to accommodate estimates of 3.1 million residents by 2030. New public transport infrastructure is being planned and implemented, as are provisions for affordable housing for UAE nationals and low and mid income groups.
He said the role of the Department of Economic Development Abu Dhabi is to create an ideal economic environment that ensures continuous growth and provides promising opportunities for a developed society.
"To develop economic plans, enhance Abu Dhabi's business environment and provide tools and mechanisms that focus on customer requirements to allow for the continuous creation of opportunities for society", he added.
The department decided under the instructions of the government to translate this vision in to plan, so we have developed the five year plan and this economic plan was used as a tool to implement the vision 2030.
Pointing out the principles of Vision 2030 he said they are to maintain the sustainable growth of the economy, integration of Abu Dhabi economy into National economy, encouraging the participation of UAE Nationals in the plan, ensure plan of Abu Dhabi is also related to the federal plan and to ensure full diversification of the economy and also take into consideration the environmental issues.
"We ensure that growth comes from the non-oil sector basically besides encouraging the private sector to participate and take forward this growth, and enable us to take the share of non oil sector in the GDP not less than 64 per cent by 2030", he added.
For this private sector and non oil sector should have some incentives to that and for this we develop several initiatives to ensure that we provide the private sector with support they require in order for them to contribute in the economy and to enhance our growth.
About women empowerment he said that special funds have been allocated to maximize the women participation in the economic development of emirate.
"We are also working for the equal distribution of wealth to the other part of Abu Dhabi , western region, ester region and to ensure that all Emiratis will take active part in the economic development", he said.
"We generate our main income from oil, however this is not enough in the long run and we have to increase the contribution of non oil sector for maintaining economic stability", he said while interacting with foreign journalists at ECSSR on Monday. These journalists have been invited by National media Council on the occasion of 38th National Day of UAE.
He talked about Abu Dhabi's Vision 2030 in detail and said that it is a government-backed development plan for the emirate that sets guidelines for key infrastructure, real estate, tourism and financial targets for the next 20 years, as the city aims to assert its place as a global hub and capital of the UAE federation.
The initiatives are planned to fuel GDP growth of 7% until 2015, and 6% for the following 15 years.
The plan also focuses on the logistical growth of Abu Dhabi, as it aims to accommodate estimates of 3.1 million residents by 2030. New public transport infrastructure is being planned and implemented, as are provisions for affordable housing for UAE nationals and low and mid income groups.
He said the role of the Department of Economic Development Abu Dhabi is to create an ideal economic environment that ensures continuous growth and provides promising opportunities for a developed society.
"To develop economic plans, enhance Abu Dhabi's business environment and provide tools and mechanisms that focus on customer requirements to allow for the continuous creation of opportunities for society", he added.
The department decided under the instructions of the government to translate this vision in to plan, so we have developed the five year plan and this economic plan was used as a tool to implement the vision 2030.
Pointing out the principles of Vision 2030 he said they are to maintain the sustainable growth of the economy, integration of Abu Dhabi economy into National economy, encouraging the participation of UAE Nationals in the plan, ensure plan of Abu Dhabi is also related to the federal plan and to ensure full diversification of the economy and also take into consideration the environmental issues.
"We ensure that growth comes from the non-oil sector basically besides encouraging the private sector to participate and take forward this growth, and enable us to take the share of non oil sector in the GDP not less than 64 per cent by 2030", he added.
For this private sector and non oil sector should have some incentives to that and for this we develop several initiatives to ensure that we provide the private sector with support they require in order for them to contribute in the economy and to enhance our growth.
About women empowerment he said that special funds have been allocated to maximize the women participation in the economic development of emirate.
"We are also working for the equal distribution of wealth to the other part of Abu Dhabi , western region, ester region and to ensure that all Emiratis will take active part in the economic development", he said.
