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KT edit: Abu Dhabi has innovative plans for growth

The government understands that private investment and innovation is vital for the emirate to move past its reliance on oil.

Abu Dhabi wants to attract ideas, brains, and talent who will change the face of the emirate in three years. Nine new initiatives have been launched and the private sector is expected to play a major role in helping the economy shift gears into competitive mode while weaning it away from oil. The government is making it easier for people to do business in the emirate by cutting bureaucratic red tape. "If you want money, it's there. If you want knowledge, it's there . if you want to speed up the process, it's there," said Rashed Al Blooshi, undersecretary at the Abu Dhabi Department of Economic Development. The government understands that private investment and innovation is vital for the emirate to move past its reliance on oil.
Abu Dhabi is now considered a cultural hub in the region, the transformation happened in just a decade. Some of the best museums and art houses are in the UAE's capital. An oil powerhouse, the capital wants to be an R&D and scientific major. With the announcement of Ghadan 21, the city is spelling out its intent to break away from its conventional strengths in the energy sector. The process has been gradual and well thought out and there is a new drive to push through with these reforms to make the emirate competitive in all sectors. What's different about these reforms is that businesses will be able to tap into a Dh4 billion R&D fund. Besides there are electricity discounts and easier access to bank loans.
The plan is to make Abu Dhabi the centre of industry in the region, where enterprise thrives and entrepreneurs and SMEs can expand without worrying about costs. Instant licences and other incentives for start-ups are also being rolled out. Clearly, the government is keen on working closely with the private sector, and is even lending a helping hand. These measure will help in creating new jobs while driving growth in other sectors that are lagging behind. Ghadan 21 is an open invitation to the private sector to become partners in Abu Dhabi's next phase of growth. The grand vision is to be a global player in the knowledge industry and in the technology sectors. The future cannot wait in Abu Dhabi.