DED Undersecretary's Statement on the Occasion of Announcing the 2nd Abu Dhabi Investment Forum in London

Published October 5th, 2009 - 10:15 GMT

Mohammad Omar Abdullah, Undersecretary of Abu Dhabi Department of Economic Development (DED), said that the Emirate of Abu Dhabi, within the framework of its economic vision 2030, has adopted several initiatives to raise the level of economic performance, increase the effectiveness of the private sector and support the activities of domestic and foreign investments in order to achieve the objectives of the overall economic development.

This statement was issued by HE Abdullah during a press conference organized by DED today to announce the organization of the Second Abu Dhabi Investment Forum in London on Oct. 19, 2009. He also said that the most important features of Abu Dhabi Economic Vision 2030 is to improve the business environment through optimum deployment of resources, enhancement of service quality, development of legislative infrastructure and setting of stimulating policies.

"The DED organization of this important event in London stems from the historical and distinguished bilateral relations between the United Arab Emirates and the United Kingdom as British investors occupy a leading position on investment in UAE by 24.6% of the total foreign direct investment, followed by the Japanese by 20.7%, and then come India and the USA.".

According to the results of the recent survey conducted by the UAE Ministry of Economy, the volume of foreign direct investments in the country has recorded a big increase last year amounting to US$ 35 billion compared to US$ 25 billion in 2007, which is a crucial indicator to maintain this rising level.

"Abu Dhabi government is seeking more than ever to attract more quality foreign investments, thus contributing to the enforcement and diversification of economic development projects, especially the industrial ones, in order to maximize its ratio in GDP with the contribution of both domestic and foreign capitals." said Abdullah.

He added that making partnership with the private sector is a priority in the economic plans and initiatives to create a greater role for domestic and foreign investments in future development projects of various sizes and types.

He noted that there are various factors that will make the investment climate in the emirate of Abu Dhabi and the UAE in general, an ideal one, the most distinctive of which are the remarkable infrastructure in the region, UAE's strategic location between the continents and entering into several bilateral regional and international agreements which facilitate the flow of capital and goods between the UAE and other countries.

"The Emirate of Abu Dhabi is striving to make local and foreign investments achieve a number of goals, mainly the transfer and nationalization of modern technology in the emirate by encouraging the national private sector to enter into a strategic partnership with advanced foreign international companies, as well as diversifying the economic activities through the establishment of projects that have front-back interdependency with existing projects, fostering the replacement of imports with local products to meet local market needs, supporting export-targeted projects and supporting small and medium enterprises." he added.

HE Muhammad Omar Abdullah concluded his statement saying that the Emirate of Abu Dhabi is seeking to achieve its economic vision 2030 by focusing on building a knowledge-based society while maintaining national gains, as the human capital is the foundation to achieve any sustainable development.

The Forum will be held under the auspices of the Department of Economic Development and is supported by a number of lead sponsors such as National Bank of Abu Dhabi, Abu Dhabi Investment Company and Standard Chartered Bank, in addition to a number of co- sponsors such as Abu Dhabi Securities Market and the National Investor. The event also enjoys the support of UK Trade & Investment, and sponsored by Etihad Airways, the official carrier for the Forum.

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