Move aimed at empowering private sector's role as a key driver in Abu Dhabi's sustainable development efforts
Abu Dhabi, on 11 March 2020; H.E. Mohammed Ali Al Shorafa, Chairman of Abu Dhabi Department of Economic Development (ADDED), revealed the launch of a new initiative, the ‘Economic Collaboration Committee,' which is aimed to enhance collaboration and coordination between the public and private sectors, especially across the efforts directed towards achieving sustainable development. The announcement was made during a roundtable meeting for investors and businessmen held at the St. Regis Abu Dhabi Hotel.
During the roundtable meeting, which was attended by H.E. Rashed Abdul Karim Al Balooshi, Undersecretary, ADDED; H.E. Dagher Darwish Al Marar, Acting Director General, Abu Dhabi Council for Economic Development (ADCED); and over 50 businessmen and private sector leaders in Abu Dhabi.
H.E. Al Shorafa explained that the newly formed committee is a pioneering initiative that has been developed to help promote the private sector's role as a driver for the economic development by increasing its contribution to Abu Dhabi's gross domestic product (GDP).
Al Shorafa pointed out that the ‘Economic Collaboration Committee' will serve as a strategic interactive platform, playing a key role in effecting better policy and decision-making in the emirate. The move is seen to help stimulate the business environment and develop stronger collaboration ties between the government and the private sector.
“We remain highly confident that the committee will serve as a vital communication channel for the private sector, building on the momentum of previous efforts to reinforce public-private sector partnership. This initiative will enable us to engage in constructive discussions on promoting growth and investments and fostering the emirate's local economy,” he added.
In line with this, the creation of the new ‘Economic Collaboration Committee' demonstrates an advanced step forward in successfully integrating the public and private sectors in achieving sustainable development.
Moreover, Al Shorafa explored ADDED's leading initiatives to enhance private sector's role and promoting doing business in Abu Dhabi, prominently the completion of phase 1 of preparing Abu Dhabi Economic Development Plan; building the ‘Business Confidence Index (BCI)' and the ‘Residential Property Price Index (RPPI);' signing a partnership agreement with Etihad Credit Insurance (ECI) to encourage local businesses to access to global markets; launching the ‘Electricity Tariff Incentive Program (ETIP),' which is tailored to support the industrial sector; signing a Memorandum of Understanding (MoU) with ADNOC to develop and maximize In-Country Value (ICV); launching the ‘Technology Innovation Pioneers (TIP) Summit' to promote innovation and creativity; and establishing the ‘Ventures Fund' of the Abu Dhabi Investment Office (ADIO), which is dedicated to extend financial support and assistance to the emirate's innovative companies.
H.E. Mohammed Ali Al Shorafa noted that the ‘Economic Collaboration Committee' will assist the Abu Dhabi Government in exploring private sector's views and suggestions regarding the emirate's economic development. The committee will also help direct the government's economic legislations and policies to support the private sector, enhance its contribution and regulate its activities in Abu Dhabi.