Abu Dhabi Economic Conference (MEED) launched its 7th session at Sofitel Hotel, organized by MEED Events in collaboration with Abu Dhabi Department of Economic Development (ADDED).
In his Keynote opening address to the conference, His Excellency Mohammed Omar Abdullah, Undersecretary of the Department, said that the continuation of the conference over the past years has contributed to the turning of the conference into a prestigious ideal forum for exchanging views and discussing developments and achievements in the economic arena of the Emirate of Abu Dhabi, in addition to highlighting the upcoming opportunities and projects in various major sectors and industries in the emirate.
He stressed that since the launching of the Abu Dhabi Economic Vision 2030 the government continued successfully in emphasizing the sound foundations of our economy regardless of the instability and growing doubts in all parts of the world at that time due to the repercussions of the global financial crisis which affected the major economies of the world.His Excellency added: “The repercussions of the economic crisis constituted a real test of the strength and capabilities of our national economy, and our ability to adapt to abrupt regional and international developments; so it has been proven that the economic progress and stability in Abu Dhabi, was not a coincidence or a short-term development, but it was the outcome of thoughtful perception and sagacious vision, and sound planning and procedures undertaken by leadership of the emirate.” The Undersecretary of the Department of Economic Development, noted that the performance of the economy of the Emirate of Abu Dhabi and the UAE in general over the past year, proved to be strong in achieving economic recovery, as latest data showed that GDP achieved a growth rate of 30% in nominal terms in 2011, compared with 15.8% in 2010. Meanwhile the non-oil GDP at current prices increased by 7% last year, compared to 5.4% in 2010. Mohammed Omar Abdullah explained that the steady improvement in economic activities, enabled Abu Dhabi government to keep prices under control, with a slight average rise in prices of 1.9% last year, and reflected the effectiveness of government policies and measures to rein in inflation. He also hailed the wise guidance and directives of the His Highness Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Executive Council to realize the great potential of the economy.
In this context, he added, that the Government of the Emirate of Abu Dhabi has set the booming of industrial sector of Abu Dhabi amongst its main goals, to enable the private sector to play a leading role in boosting non-oil GDP in the emirate, pointing out that the Economic Vision 2030 for Abu Dhabi, targets non-oil GDP to capture more than 60% of total GDP by 2030.