Backed with the support and ample unique initiatives taken from The Department of Economic Development in enhancing the private sector’s role and promote doing business in Abu Dhabi that also includes the finalizing and completion of phase 1 of an Abu Dhabi Economic Development Plan, building a ‘Business Confidence Index (BCI)’ and a ‘Residential Property Price Index (RPPI).
This initiative as rolled out by Abu Dhabi’s Department of Economic Development has been named as the ‘‘Economic Collaboration Committee’ for strengthening the coordination between the public and private sectors on sustainable development in the UAE.
Mohammed Ali Al Shorafa, chairman of the department stated in his statement recently that “their level of confidence in the core committee decisions is quite high and it will serve as a vital source of a communication medium for the private sector, building on the thrust of the previous efforts to reinforce public-private sector partnership.”
Various initiative measures already taken care of by the Department of Economic Development include the following ambitious projects that will also support the nation’s sustainable development and combating against any untoward incidents. They are as follows: –
- Signing a partnership agreement alongside Etihad Credit Insurance for encouraging all native businesses for accessing global markets as well launched ‘Electricity Tariff Incentive Program,’ that is tailored for supporting the Industrial sector.
- Signing up Memorandum of Understanding with Abu Dhabi National Oil Company (ADNOC) for maximizing and development of In-Country Value (ICV), the launch of a ‘Technology Innovation Pioneers Summit’ to promote innovation and creativity.
- The establishment of a Dh535 million ‘Ventures Fund’ to extend financial support and assistance to the emirate’s most innovative companies.
- The core committee of the Department of Economic Development in association with the Abu Dhabi Government has also announced the previous month a business model for setting up and issuing the tenders worth Dh10 billion under a (PPP)-Public Private Partnership zone for boosting the overall infrastructural investment across Emirates.
Being one of the best regional leader in building infrastructure, developing industrialization and pioneering innovation, the UAE leads the global national development index as the government have passed and legalized several of the best infrastructural initiatives and which of course targets to strengthen the utilization of PPPs and encouraging private sector involvement through the Dh50bn Ghadan 21 initiative that was launched previous year with the support of 25 public, private entities commit to Abu Dhabi Sustainable Finance Declaration.