The Abu Dhabi Department of Economic Development’s (ADDED) Strategic Plan 2020-2025, which focuses on sustainable economic development, has been reviewed by Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Member of the Executive Council and Chairman of the Abu Dhabi Executive Office.
The plan also places strong focus on the execution of projects, programmes and initiatives that aim to enhance the Abu Dhabi Government's efforts to increase the competitiveness of the emirate's economy by enabling non-oil sectors to lead the local economy, reported state-run news agency Wam.
During Sheikh Khalid bin Mohamed’s visit to ADDED's headquarters in Abu Dhabi, its Chairman, Mohammed Ali Al Shorafa, presented the strategic plan, sharing the full details and programmes. The plan aims to ensure the continuous growth of Abu Dhabi's gross domestic product via the consolidation of ADDED's role in enhancing strategic partnerships with local and federal government entities, private sector companies, institutions, and global partners.
Sheikh Khalid gave directives to create an integrated and comprehensive framework for micro, small and medium enterprises, mSMEs, that is capable of providing all services required to support these enterprises, including a range of financing solutions.
He also gave directives to review the laws, policies and procedures related to the ease of doing business and to submit proposals for regulatory reforms before the end of this year, in order to enhance Abu Dhabi’s competitiveness as an attractive investment destination.
Furthermore, Sheikh Khalid gave directives to enhance the role the private sector plays as a partner in Abu Dhabi's sustainable economic development plans and approved the formation of the Economic Collaboration Committee between the public and private sectors and gives directives to accelerate the submission of proposals to enhance private sector development while focusing on key sectors defined in the emirate's strategy.
Meanwhile, Al Shorafa presented a detailed overview of the objectives and programmes of ADDED’s Strategic Plan 2020-2025, which also included the Department's new operational structure and future direction in leading Abu Dhabi's economic agenda.
Al Shorafa pointed out that the strategic plan identifies a set of priorities in enhancing the competitiveness of the emirate and its economic diversification efforts, by focussing on sectors such as financial services, information technology, tourism and agriculture technologies. Additional priorities include investing in the institutional development of the department by introducing legislation and laws, automating the economic licences procedures, developing the role of control and inspection and the issuance of economic data and studies.
He stated that ADDED's plan will also focus on supporting SME projects through further developing the operational system of the Khalifa Fund for Enterprise Development (KFED) enhancing the role of free zones in the emirate, implementing the strategic plan for the industrial sector's development, establishing the Logistics Support and Exports Office and launching promotional campaigns to attract more FDIs by the Abu Dhabi Investment Office, ADIO.
Al Shorafa highlighted that the implementation of the department's five-year strategic plan relies mainly on the role of the Economic Collaboration Committee which was established recently by ADDED. The new committee aims to enhance cooperation and coordination between the public and private sectors through the development of economic policies and legislation in the Emirate of Abu Dhabi. This will play a pivotal role in stimulating the business sector and boost growth in the emirate’s GDP.