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A round-table discussion panel was organized today by Abu Dhabi Department of Economic Development ’Studies Directorate’, to discuss business Climate - Key indicators and challenges, with participation of the Ministry of Economy, Ministry of Foreign Trade, and Khalifa Fund to support and Develop SMEs and Abu Dhabi Chamber of Commerce and Industry.
The panel began with an opening speech delivered by Ms. Shorooq Abdullah Al Zaabi, Head of Development Indicators and Future studies Section of the Studies Directorate of the Department of Economic Development.
Al Zaabi welcomed participants to the discussion panel, stating that it reflects the keenness of the Department strengthen communication and partnership between government sectors in order to help assess and heighten the business climate in the Emirate of Abu Dhabi, address the most important challenges facing investors, promote business climate in the Emirate and enhance Abu Dhabi’s stance and position on the map of international investment.
Ms Al Zaabi said that the holding of this discussion panel comes in the light of the growth and prosperity achieved by the economy of the Emirate of Abu Dhabi during the past few years, as a result of attractive business environment enjoyed by the emirate, where the emirate has many advantages and investment incentives offered to investors, including, but not limited to political stability, the growing partnership between public and private sectors, government support for small and medium enterprises, tax exemptions, availability of modern infrastructure , high degree of development as well as transparency.
Shorooq confirmed that the Government of the Emirate of Abu Dhabi, is dedicated to providing full and continuing enhancement of the business climate, in order to build an attractive environment for investment, and keep pace with the global economy developments, where this comes among the top seven priorities of policy areas in stated by Abu Dhabi economic vision 2030.
Ms Shorooq added that the emirate’s economy, including the attributes of economic policies, diverse and competitive business environment, has proved its ability to confront and absorb shocks that might be subjected to.
"Thanks to the sagacious leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE; and continuous tracking of His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. As I take this opportunity to assure the success of the Emirate in overcoming the repercussions of the global financial crisis, credited to the astute government which has taken the necessary actions in high speed and flexibility, I would also like to emphasize that this episode serves as an excellent opportunity to strengthen the means of constructive communication and cooperation between representatives of government agencies," AL Zaabi said .
The discussion panel proceedings began with the paper of the Department of Economic Development presented by Mr. Shiref Shabana, the Senior Economic Researcher at the Studies Directorate, which dealt with the most important indicators of the competitiveness of business environment from the global, regional and local level perspectives.
Mr. Shabana stressed the that the importance of the topic comes out of concern of the Government of Abu Dhabi to promote a competitive business climate in the emirate, which is evident in its Abu Dhabi 2030 vision, which states: ’Building a business environment that is open, efficient, effective and integrated into the global economy’, and which comprise an area of concern in the economic policy of the Emirate.
Shabana added that the reviewing of the most important international and local indicators eyed by investors in all countries of the world is of great relevance to the panel’s subject issue and its various dimensions.
"We are through to pinpoint the most important challenges that hamper the promotion of a competitive business climate in the emirate," Shabana said, pointing out that the main important global indexes include, the World Bank’s Ease of Doing Business Index, the World Economic Forum’s Global Competitiveness Index, the Heritage Foundation Index of Economic Freedom, the World Economic Forum Trade Enabling Index, the World Economic Forum Financial development Index, Nielsen Global Consumer Confidence Index, HSBC Trade Confidence Index ,the World Economic Forum Global Information Technology Network Readiness Index, in addition to UNCTAD’s World Investment Prospects Survey 2009-2011.
In his presentation, Mr. Shabana highlighted the most important development indicators being developed and released by the Directorate of Studies, which include the Confidence in the Business Climate Index, the Financial Sector Performance Index and the Labor Market Demand Trends Index.
Shabana noted that according to the ’World Bank Doing Business Report 2010’, the UAE has made remarkable progress when it climbed up 14 places in the report, ranking 33 among 183 countries in the current year, compared to last year when UAE ranked 47 among 181 countries. The UAE came this year within the first five countries in terms of reforms as reforms have been recorded in three main areas, which are: the start of the project, issuing of construction permits and cross-border trade.
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