Business | General
Abu Dhabi stresses private sector
The government of Abu Dhabi is seeking to increase the private sector's contribution to the emirate's gross domestic product (GDP) to 32 per cent by 2015, the Department of Planning and Economy (DPE) said on Saturday.
- By Ahmed A. Elewa, Senor Reporter
- Published: 00:45 April 27, 2008
- Emirate seeks to increase industry's contribution to 32% of GDP by 2015.
- Image Credit: Asghar Khan/Gulf News
Abu Dhabi: The government of Abu Dhabi is seeking to increase the private sector's contribution to the emirate's gross domestic product (GDP) to 32 per cent by 2015, the Department of Planning and Economy (DPE) said on Saturday.
The sector's output has increased from 15.5 per cent of the GDP in 2005 to 18.2 per cent in 2007, and it is expected to increase consistently in the coming years through acceleration of privatisation and partnership programmes.
"The active role of the private sector within the framework of Abu Dhabi's strategic planning is vital for the success of the emirate's economic development in the future," a DPE report said.
With the establishment of Abu Dhabi Economic Development Council (ADEDC), the DPE is seeking to coordinate with the Abu Dhabi Chamber of Commerce and Industry (ADCCI) and the council to enhance the investment environment and facilitate the flow of private investments to various sectors of the economy.
"Any increase in the role of private sector is dictated by many requirements, including government efficiency, production optimisation, public concerns and globalisation," the report said, terming the 18.2 per cent stake of the private sector in the GDP as insufficient at this stage.
The government has already taken various steps towards opening the doors for the private sector, including the establishment of ADEDC and the Abu Dhabi Tourism Authority (ADTA) as anchoring institutions for the same. Plans are already set for the healthcare and education sectors in the emirate through Abu Dhabi Education Council and the General Healthcare Authority.
"The absence of efficient communication channels between the private sector and the government represents the most challenging hurdle for providing a more active role for the sector in the setting of economic policies and planning in Abu Dhabi," the report said.
Several policies and requirements are needed to restructure the private sector, according to the DPE, which suggests, among many things, privatising more public enterprises and institutions, encouraging mergers, applying incentive schemes, facilitating technology transfer, providing licences subject to feasibility and getting rid of marginal activities that do not contribute to the economic development of Abu Dhabi.
Share this article
More from Business General
More from Business
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
Shaikh Mohammad reaffirms UAE unity
Vice-President quashes talk of discord and reassures investors on the strength of Dubai's economy
-
Pizzazz on the palm: A Nikki Bisiker project
Bright, bold and ultra glam are the top notes of this apartment in The Palm Jumeirah's beautiful marina
-
flydubai starts service to Sudanese capital
Dubai's first low cost airline, celebrated its eighth inaugural flight in less than six months
