The Higher Committee supervising the preparation of the Second Five-year Economic Plan for the Emirate of Abu Dhabi (2013-2017) held the first meeting in the headquarters of the Department of Economic Development - Abu Dhabi, which is considered as one of the stages of implementation of Abu Dhabi’s 2030 economic vision that is implemented based on a five-year economic plan.
The meeting was chaired by HE Mohammed Omar Abdullah, Undersecretary of the Department in the presence of members of the Committee in their capacity as representatives of the General Secretariat of the Executive Council, the Department of Finance, the Higher Corporation for Specialized Economic Zones, the Statistics Centre, Khalifa Fund for Enterprise Development, the Abu Dhabi Chamber, the Environment Agency, the Western Region Development Council, Abu Dhabi National Oil Company (ADNOC), Mubadala Development Company, Abu Dhabi Ports Company, the Urban Planning Council, the Abu Dhabi Council for Economic Development, the Abu Dhabi Education Council and the Industrial Development Bureau.
HE Mohammed Omar Abdullah, Undersecretary of the Department explained that the plan aims to conduct a comprehensive and regular analysis to assess the economic track of the economic sectors in the Emirate of Abu Dhabi and to monitor the performance of key development sectors that have been identified in the Economic Vision 2030 as strategic incentive for the economic development in the Emirate.
He pointed out that the Emirate’s Second Five-Year Plan aimed at consolidating the process of economic planning in developing economic policies and development projects in key sectors in the Emirate of Abu Dhabi to be implemented within the specified time period of the plan, in addition to supporting the development of these sectors using the necessary planning tools and mechanisms.
HE stressed the importance of strengthening partnership, cooperation and integration among the majority of government agencies and key players in the emirate to develop the future vision and the emirate's economic track to achieve these fixed goals.
HE Mohammed Omar Abdullah, Undersecretary of the Department of Economic Development and Chairman of the Committee explicated that the economic plan will focus on sectors’ individual plans, economic sectors’ quantitative and qualitative analyzes, international comparisons and competitors at both global and GCC levels for a number of sectors such as manufacturing industries (civil space , basic industries , petrochemical and plastic products), as well as tourism and events , transportation and logistics, renewable energy and alternative energy, information and communication technology , media , financial services and insurance, health and education.
HE added that the plan will take into account the role of the private sector in economic development during the next five years and that a comprehensive evaluation of the performance of the private sector (and the overall performance of the public sector) will be implemented to identify the challenges it is facing and then develop an operational plan in line with the sector’s initiatives and results in order to implement its future vision and goals, develop small and medium-sized enterprises, strengthen the partnership between the public and private sectors and implement the policies and recommendations on stimulating the private sector.
It should be noted that the First Five-year Economic Plan for the Emirate of Abu Dhabi covered 2008-2012, while the Second Five-year Economic Plan includes 2013-2017 and that the five-year economic plans are a key element in the integration of the long-term vision and plans of the authorities since they identify progress priorities at the level of the government as a whole for the five following years.
It is also worth mentioning that the First Five-year Economic Plan had good results at the macroeconomic level of the Emirate since the statistics indicated that Abu Dhabi's economy was developing as defined by the Economic Vision 2030: the contribution of non-oil sectors in the GDP increased from 43% in 2008 - the first year of the First Five-year Plan - to 48% in 2012 (the end of the plan). These results correspond to the expectations of the economic vision and confirm that the Emirate of Abu Dhabi is developing in accordance with its economic vision towards greater economic diversification.