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Abu Dhabi Department of Economic Development releases the Economic Report of the Emirate of Abu Dhabi 2011

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Abu Dhabi Department of Economic Development releases the Economic Report of the Emirate of Abu Dhabi 2011

Sunday, November 13, 2011 News
HE Nasser Ahmed Al-sowaidi, Chairman of Abu Dhabi Department of Economic Development, said that 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.In his introduction of the annual Economic Report of the Emirate of Abu Dhabi 2011, which is prepared by the Studies Directorate of the Department, Al-sowaidi said that despite the high contribution of oil in GDP, which reached 49.7% in 2010, but the percentage contributed is still less than 50% for the second year in a row, which confirms that the emirate is on the right track towards achieving sustainable development. Nasser Al-sowaidi 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.Al-sowaidi 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. HE Al-sowaidi expressed the aspiration of the Department of Economic Development to continue its efforts to attain development and modernization, in line with the judicious vision of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, and the guidance of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. Deputy Supreme Commander of the Armed Forces and Chairman of the Executive Council; noting 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, HE Nasser Ahmed Al-sowaidi 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, HE Mohamed Omar Abdullah, the Undersecretary of the Department of Economic Development said, the Department of Economic Development enthusiastically presents the 2011 annual economic report for the Emirate of Abu Dhabi, which does not only analyze 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.Mohamed Omar Abdullah 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 in the Emirate of Abu Dhabi.HE the Undersecretary noted that Abu Dhabi GDP at current prices, as cited by the report, underwent remarkable growth of 15.9% in 2010, rising from AED 535 billion in 2009 to AED 620 billion in 2010; which confirms that the local economy has surpassed the percussions of the global crisis that haunted the global economy since 2008.Mohamed Omar 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%, after witnessing a shrink of 22% 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.HE Mohamed 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 utilize data and analysis for appropriate decisions.In his turn, Rashid Ali Al Zaabi, Acting Executive Director of Planning and Statistics, denoted that the Economic Report of the Emirate of Abu Dhabi, which will be posted on media in the coming days, includes statistics and data released by the Statistics Centre- Abu Dhabi, as well as reports and data derived from other international organizations and bodies, which enrich the report and add to the aptness and value of its technical and scientific contents. Al Zaabi affirmed that all is prepared and analyzed by a group of experts and researchers from the Department of Economic Development. Rashid Al Zaabi said that Chapter I of the report addresses the global and regional economic developments, with insight to the growth of the global and regional economies, inflation, international trade, current account, and unemployment. The report focuses on the economic developments in the UAE with emphasis on the performance of the GDP, inflation and trade balance.Al Zaabi noted that Chapter II of the report highlights the economic developments of the Emirate of Abu Dhabi, by concentrating on the status of population, labor force, GDP and its components, average GDP per capita in addition to the relative importance of economic activities and the total fixed capital formation and inflation.Rashid Al Zaabi added that Chapter III has deals with investment and commodity exchange through the ports of Abu Dhabi, and cites data and figures on commodity exchange, exports and imports, coverage ratios of exports to imports, the trade balance of the emirate. The report, in this chapter, lists the most important trading partners of Abu Dhabi, as well as partners in foreign direct investment, and the sources of investment by activities.Al Zaabi stated that Chapters IV and V of the report, deal with production and service activities in the Emirate of Abu Dhabi during 2010, with analysis of commercial activities, Agriculture and Fisheries activities, extractive and manufacturing industries, electricity and gas, building and construction, service activities, wholesale and retail trade and repair services, hotels and restaurants, transport storage and communications, real estate and business services, financial institutions and insurance, health and education.Chapter VI is devoted to public finance and economic planning; as the report thoroughly probes the reality of public finance, revenue and expenditures, and sheds light on the Industrial Strategy already prepared by the Department of Economic Development.His Excellency Rashid Ali Al Zaabi, Acting Executive Director of Planning and Statistics, confirmed that the report addresses issues of importance to the economy of the Emirate of Abu Dhabi, as the seventh and last chapter laid emphasis on four important topics: the financial markets of the State, the most important developments in the real estate sector, the reality of the pharmaceutical industry in the State, and the high food prices and the mechanism of confrontation.
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