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Plan to Shift Away from Oil-driven Economy by 2030

The document titled ‘Abu Dhabi Economic Vision 2030’ draws up the detailed approach for the economic progress of the emirate in accordance with the government’s policy agenda that was published in 2007.

A key component of the vision document is the emphasis given to transform the emirate’s economy into a diversified one from the current state of being oil driven.

“What we are going to witness is near total reversal of the composition of the economy: presently the oil sector accounts for over 60 per cent of the GDP, while the non-oil sector contributes to only around 30 per cent. By 2030 the oil sector’s share will be reduced to 30 per cent while the non-oil sector would be contributing around 70 per cent of the GDP,’’ an official of the Abu Dhabi Council for Economic development told Khaleej Times here.

This, the document said, will be achieved by broadening the sectors of economic activity, enlarging the enterprise base and growing external markets.

The document envisages a key role for the local and international private sectors to play in the future economic structure of the emirate. Generating new employment opportunities for the nationals, specially in the highly skilled, knowledge-based and export oriented sectors.

The government has identified nine pillars that will form the architecture of emirate’s social, political, and economic future, and they include a large empowered private sector, a sustainable knowledge-based economy, as well as an optimal and transparent regulatory environment.

Continuation of strong and diverse international relationships, optimisation of emirate’s resources, premium education, healthcare and infrastructure assets and complete international and domestic security are some of the other pillars.

Maintaining Abu Dhabi’s values, culture and heritage and a significant and ongoing contribution to the Federation of UAE have been listed as the last two pillars in the document.

The document has also identified seven immediate priority areas for achieving the goals set by the emirate for 2030.

They include building an open, efficient and globally integrated business environment, following fiscal discipline, establishing resilient financial market, managing inflation, and improving skills and efficiency of workforce.

· ramavarman@khaleejtimes.ae