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The Director General of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) has spoken out on the private sector’s contributions to the economy of Abu Dhabi, as well as revealing exactly what the organisation is doing to support private sector enterprise in the largest of the seven emirates.
Speaking with The Prospect Group, Al Muhairi says, “The role of the private sector in the economy is substantial. It contributes to almost 50% of the GDP of Abu Dhabi and 90% of the workforce. The specific initiatives we have in ADCCI for the future are to support the private sector and help our local members expand on an international scale – plus, we want to provide them with the training to help them succeed in global markets.”
Al Muhairi states he wants the ADCCI to be the voice of the private sector in Abu Dhabi. So far, the ADCCI has opened two representative offices in Singapore and South Korea to help foster relationships in international markets, with two more office in Serbia and Egypt expected to open imminently.
SMEs form a huge percentage of the private sector – in Abu Dhabi alone it contributes to 80% of the private sector. The ADCCI is also helping these small businesses to develop and realise their potential by creating unique training courses, that will help them learn how to export products and services beyond the UAE, as well as helping them to survive in more volatile international markets.
No discussion about Abu Dhabi’s economy would be complete without a mention of oil – and Al Muhairi has plenty to say on the matter. “Non-oil GDP today is around 40%, and in our Abu Dhabi 2030 Vision, we want that to increase to around 60%. To do this, we need to attract skilled labourers, who can help and support us in diversification of the economy. The industries we’re focusing on right now are health, education, aerospace, energy and renewable energy.”
All in all, the future economic outlook for Abu Dhabi looks, according to Al Muhairi, ‘rosy’. “The reduction of the oil prices helped Abu Dhabi’s economy to diversify, and at the same time, it’s given the private sector the chance to export the product internationally at competitive prices. Large numbers of companies are trusted the Abu Dhabi economy – in 2014 the number of companies registered here grew almost 10%. The number of visitors has always gone up, and the tourism sector is thriving.”
And what is Al Muhairi’s message to private sector investors? “We’re giving the chance to you, as the private sector, to come and work in Abu Dhabi, he says. “Living standards are very high here, and we have the legal framework to support and help you. The most important thing is, don’t forget – we are in the middle of the world. Within a few hours, you can reach billions of people to sell your products to these markets.”
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