Abu Dhabi's five-year plan to focus on diversification

Abu Dhabi: The Abu Dhabi Department for Planning and Economy (DPE) revealedon Tuesday its strategic five-year plan, focussing on developing the industrial sector and further diversifying the economy.

The department's focus up to 2012 will be set on adjusting the regulatory and legal environment, as well as supporting the private sector and small and medium enterprises (SMEs).

"We are seeking to further deregulate economic activities, making the emirate more attractive for foreign investors, not for the sake of capital, but rather for technology transfer and know-how," Nasser Ahmed Al Suwaidi, DPE's chairman, said on Tuesday.

"Our target is to increase the contribution of the private sector to the gross domestic product [GDP], and ensuring the development of the sectors where the emirate enjoys a competitive advantage," he added.

These sectors are energy related, especially heavy industries such as aluminum, steel, and petrochemicals. Abu Dhabi is also planning to open up various sectors for 100 per cent foreign ownership within the federal framework of the Companies Law.

Stress

"We are in constant talks with the Ministry of Economy, especially in the field of consumer protection, and foreign investments," Mohammad Omar Abdullah, DPE's undersecretary said.

The plan includes 12 priorities including 129 specific projects as well as the efforts to integrate Abu Dhabi with the global economy through the context of free trade agreements.

"For each five-year plan, we will be focussing on developing five specific sectors as catalyst for the economic growth of the capital," Humaid Saeed Al Darei, director of the strategic planning at the department, said.

Food: Emphasison farms

Together with the soaring food prices, the industrial sector has been expanding on account of the agricultural sector, an official explained.

"What we need at this stage is to focus more on the agricultural sector, through supporting domestic production and reviving agricultural co-operation and investments in other Arab countries such as Sudan," Saeed Al Daheri, the assistant undersecretary for policies and legislations, suggested.