Abu Dhabi DED releases annual economic report

Chairman of Abu Dhabi Department of Economic Development Nasser Ahmed Al Suwaidi said the emirate of Abu Dhabi has come a long way in diversifying the economic base in a manner consistent with the goals of "Vision 2030".

"Despite the high contribution of oil in GDP, which reached 49.7 per cent in 2010, but the percentage contributed is still less than 50 per cent for the second year in a row, which confirms that the emirate is on the right track towards achieving sustainable development, Al-Suwaidi said in his introduction to the annual Economic Report of Abu Dhabi 2011, which was prepared by the Studies Directorate of the Department.

Nasser Al-Suwaidi noted that the commitment of Abu Dhabi Government to continue spending on infrastructure and other development projects in various parts of the emirate, has led to the revival of the local economy, and enhanced Abu Dhabi's position as one of the leading economies in the region.

He further said that although government spending is still considered as the main engine of economic growth in Abu Dhabi, the emirate looks forward to strengthen its partnership with the private sector, to increase the role and contribution of the sector in achieving the strategic objectives of the emirate, through the adoption of sound action plans and economic strategies, to bring about promising opportunities in all areas.

The senior official expressed the aspiration of the Department of Economic Development to continue its efforts to attain development and modernisation, in line with the judicious vision of His Highness President Sheikh Khalifa bin Zayed Al Nahyan, and the guidance of General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Executive Council.

He noted that the Department of Economic Development is dedicated to the achievement of the goals of "Abu Dhabi Economic Vision 2030", and placing Abu Dhabi among the best five governments in the world in terms of performance.

Based on this perspective, Nasser Ahmed Al-Suwaidi confirmed the determination of the Department to promote transparency, through provision of aiding tools, to spur development efforts in various areas, especially in these critical circumstances which stream the global economy, where all countries seek to rebuild the confidence weakened by the global crunch.

For his part, the Undersecretary of the Department of Economic Development Mohamed Omar Abdullah said "the Department of Economic Development enthusiastically presents the 2011 annual economic report for the emirate of Abu Dhabi, which does not only analyse the local economy of the emirate, but provides a comprehensive overview of global and regional economic performance, with emphasis on the of the UAE economy."

He pointed out that this annual report presents factual analysis of the features of the economy of Abu Dhabi, in view of economic changes witnessed in 2010, and highlights key issues that stimulate the move towards attaining sustainable development of Abu Dhabi.

The Undersecretary noted that Abu Dhabi GDP at current prices, as cited by the report, underwent remarkable growth of 15.9 per cent in 2010, rising from Dh535 billion in 2009 to Dh620bn in 2010; which confirms that the local economy has surpassed the percussions of the global crisis that haunted the global economy since 2008.

He confirmed that all non-oil economic activities, achieved positive growth rates of varying degrees during 2010, especially the manufacturing activity, which grew by 10.8 per cent, after witnessing a shrink of 22 per cent in 2009, which clearly reflect the efforts exerted by the Government of Abu Dhabi to promote this sector as one of the pillars of sustainable development.

Omar expressed hope that the economic report for the emirate of Abu Dhabi 2011 will reflect a clear picture of the emirate's economy, to help and aid decision-makers, businessmen, investors, researchers, economists, and other interested parties to best utilise data and analysis for appropriate decisions.

Follow Emirates 24|7 on Google News.