Tawazun Economic Council’s ADIOC concludes to resounding success
The Abu Dhabi International Offset Conference (ADIOC) concluded today after successful meetings, presentations and discussions with a participation from government official, the local and international defense sectors in addition to delegations from 25 different countries. The event, organized by Tawazun Economic Council, under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, is in its 6th chapter and has grown from strength to strength.
This year’s theme was held under the banner of “Enticing opportunities: The Role of Industrial Partnerships in a shifting economic landscape”.
The conference, which kicked off on the 14th February, started with a reception on the green lawn at the Ritz Carlton in Abu Dhabi and was a good opportunity for speakers and delegates alike to acquaint themselves with each other in an informal environment. On Day 1, the 15th February, H.E. Saif Mohamed Al Hajeri, CEO of Tawazun Economic Council, gave the welcome note that highlighted the achievements of the Tawazun Economic Council, which contributed in launching numerous projects in various segments since its inception 25 years ago and its support in achieving sustainable economic and social development that entails more focused efforts towards a diversified, knowledge-driven economy. This includes establishing industrial partnerships, capacity building, technology and knowledge transfer and the creation of jobs for UAE Nationals, followed by H.E. Mohamed Ahmed Al Bowardi, Minister of State for Defense Affairs, UAE as keynote speaker. 13 presentations and panels ensued covering subjects like how to improve military capability in the UAE and the role of the Ministry of Defense in supporting the Defense industry, besides covering recent developments on the offset policies of other countries like Oman, Turkey and the Republic of South Korea. The National Defence Companies Council (NDCC) gave insight into its future outlook, whilst Emirates Defence Industries Company (EDIC) focused on harnessing synergies for a stronger UAE Defense industry.
Day 2 kicked off with opening remarks from Tawazun’s Chief Investment Officer, Andrew Blaxland with several presentations given covering the future frontiers of export and how they may affect the defense trade, major industrial participation trends as well as the Abu Dhabi Global Market platform.
During the 2nd day, two panel discussions were conducted, the first covered the partnerships among the government, industrial sector and the academia and how these partnerships contribute to boosting a knowledge-based economy. The panel was moderated by Dr. Yehya Mohamed Al Marzouqi, Executive Director, UAE Capability Development at Tawazun and the panel members were representatives of reputable organizations in defense and educational sectors. The second panel was moderated by Mr. Majdi Bouchekoua, the Senior Manager, Research Centre at Tawazun. It highlighted the global change in industrialization and the future outlook of the defense and aerospace industries. Panel members were speakers of the second day sessions and who are representatives of renowned entities in the defense sector.
The final day was concluded by Matar Ali Al Romaithi, Chief Officer, Industrial Development Unit, Tawazun Economic Council who stated that the conference highlighted important strategic issues such as the establishment of new investment projects that link between the international foreign defense companies and the private sector as well as promotion of investment in available domestic sector opportunities, and continuing to build national capacity. He described the conference as “one of the world’s most important specialized forums to achieve the vision of Tawazun Economic Council, in line with the wise vision of the UAE leadership”.
Tawazun Economic Council was founded in 1992 to fulfil a vision of comprehensive and sustainable economic and social development within the UAE.
Since its establishment, the Council enabled creation of more than 90 companies and investment vehicles, covering 11 sectors, including defense manufacturing. These companies play a vital role in boosting economic growth in the UAE.
The Council envisions maximizing economic benefits by providing the needed inputs for the industrial development, supervising relevant acquisition programs, driving necessary industry regulations and contribution to economic diversification. It also targets contribution to enhancing UAE’s industrial stature, to achieving a robust knowledge-based economy and to boosting the flow of Foreign Direct Investments (FDIs)