Abu Dhabi announces results of Economic Horizons 2012 - 2016

He said that the strategic plan for developing and encouraging exports, as prepared by the department to be part of other development plans as prepared by other concerned entities in sectors like tourism, transport, energy and infrastructure pertaining to medium and small size enterprises and direct foreign and local investments. He lauded that qualitative leap that Abu Dhabi witnessed in its economic structure in that short period of time due to the wise leadership that is insistent on achieving diversified economy that helps in sustainable economic development and secures luxury for all residents; expats or locals. He assured that economy diversification is an important pivot among the known priorities for the government of Abu Dhabi, and lies ahead of the political agenda of the emirate. The press conference was incepted by Rashid Ali Al Za'abi, acting executive director for planning and statistics sector, with a speech in which he said that launching the report results aims at highlighting the economic forecasts in the emirate, which in turn reflects the economic trends of the government via development plans and enterprises that are under planning or implementation. He added that the report is based on currently scheduled and applied policies which aim at achieving the economic purposes and ambitions of Abu Dhabi as mentioned in 2030 vision. The report is also based on the reality of global, regional and local economic developments that might witness further improvements in the future. He added that the importance of the report is that it is the first of its kind in the emirate. It provides data and information about the future of the economic development in Abu Dhabi in the light of current economic situations. It is also important because the data it mentions are well established on the best analytical techniques, based on events and future trends. It also consolidates the confidence in the economy of Abu Dhabi and helps the businessmen to take their decisions, and clearly envisage and plan for their businesses. Al Za'abi said that Studies Division in the department prepared this report based on many dialogues and discussions with a number of government authorities that are concerned with the economy of the emirate, through economic forecasts committee presided by the department. That committee was established specially for such a purpose. Its members include Statistics Centre of Abu Dhabi, Department of Finance, General Secretariat of the Executive Council, Abu Dhabi Economic Development council and Abu Dhabi Urban Planning Council. Such forecasts were prepared having in mind the views of businessmen and the consumers in the emirate according to the economic surveys done on businessmen, consumers, locals families, representative of industry sectors, labour market, and financial sector etc. such surveys are done on a regular basis by the department several times along the year, in order to reach a realistic report in relation to the mid and short term economic development forecasts in Abu Dhabi. The results of Economic Horizons of Abu Dhabi report 2012 -2016 are based on implementing a number of big projects within the general economic strategies including industrial development strategy and other sectors strategies such as tourism, financial services, transport, energy, free trade and industrial zones, export encouragement, and direct foreign investment encouragement. Those results are based also on a package of various projects that are under implementation since the beginning of this year which will endear the private sector and energize local demand, create a qualitative change in the investment attitudes in realizing economic vision 2030 of Abu-Dhabi. Forecasts indicate a growth of GDP of Abu Dhabi with 3.9% during 2012. Such a gradual growth is expected to continue along the coming years to reach a rate of 5.7% during 2013 - 2016. The report expects increase in the real development rate of the non-oil GDP during 2012 to reach 5.5% as supported by implementing big productive projects in the private sector. Such growth rate is going to reach 6.5% average during 2013 - 2016, as private sector investments will continue to grow after fulfilling the infrastructure in the free zones and other areas in the emirate. In this context, the report expects a growth in family consumption with 9.6% (real prices) during 2012 and general growth continuation with 8.1% during 2013 - 2016 on the average, due to increase in economic activities and per capita income. Those forecasts go along with consumer's trust indicator during the second quarter of 2012. Such indicator witnessed 130 points increase compared to 121 points during the same period last year.