The Private sector needs to make better use of the available government incentives and stimulating policies to boost its capacity so as to raise its contribution to the Gross Domestic Product of Abu Dhabi (AED 401.6 bn in 2007) which stood at 18.2 per cent last year, according to the weekly media report issued by the emirate's Department of Planning and Economy.
Under the rapid transformations in the global economy, the report added, the government of Abu Dhabi would opt to widen the scope of coordination and cooperation with the private sector under the umbrella of a fresh true economic partnership that development goals and interests of all stakeholders.
For the government, the challenge ahead will be on how to create a flexible financial and economic environment taken into account regulations of the economic policy.
The report acknowledged that the private sector would also face unprecedented challenges.
''Private companies will have to examine strategic and operational options in light of fluctuated conditions that could come along with fast-moving liberalisation of world economy,''the report maintained.
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''The private sector needs to do more to increase its participation in the domestic economy although its share to the GDP of Abu Dhabi rose to 18.2 in 2007 from 17 in 2006 and 15.5 per cent in 2005,'' said the report on the outlook of economic development in Abu Dhabi titled ''Towards Greater Public-Private Partnership''.
The report noted that contribution of the oil and gas sector to the GDP dropped to 65.7 in 2007 from 66.3 in 2006 and 66 per cent in 2005.
''The emirate of Abu Dhabi is currently undertaking a massive government restructuring programme to come out with a formula of governance that could produce a sustainable constructive public-private partnership,''the report said.
It noted that initiatives launched by the policy agenda of the government of Abu Dhabi for 2007-2008 would open up new huge diverse opportunities for the private sector to enter into a strategic partnership with the government.
A package of major economic policies, the report indicated, would be released to provide stimulating business and investment environment under which a raft of mega strategic development projects would be launched with the purpose of infusing broader harmony and synergy between the two sectors.
''The private sector plays a key role in putting the vision of the government of Abu Dhabi in place. This invites the government to provide it with all resources of support and open up greater investment opportunities to enable it contribute effectively to national development,''the report stressed.
''Engagement of the private sector in the economic decision-making in the coming period will be a vital and dynamic move of far-reaching positive impact.
The report admitted that contribution of the private sector to the economic development is still under the aspired expectations.
''The sector suffers from structural defects that need comprehensive remedies. It also faces obstacles hindering it from integrating into global economy.
This requires overall restructuring to enable it keep abreast with requirements and developments of the current stage,''the report indicated.
The report spelt out features of policies that would improve efficiency of the private sector and help it contribute to domestic economy and development effectively. WAM
Under the rapid transformations in the global economy, the report added, the government of Abu Dhabi would opt to widen the scope of coordination and cooperation with the private sector under the umbrella of a fresh true economic partnership that development goals and interests of all stakeholders.
For the government, the challenge ahead will be on how to create a flexible financial and economic environment taken into account regulations of the economic policy.
The report acknowledged that the private sector would also face unprecedented challenges.
''Private companies will have to examine strategic and operational options in light of fluctuated conditions that could come along with fast-moving liberalisation of world economy,''the report maintained.
.
''The private sector needs to do more to increase its participation in the domestic economy although its share to the GDP of Abu Dhabi rose to 18.2 in 2007 from 17 in 2006 and 15.5 per cent in 2005,'' said the report on the outlook of economic development in Abu Dhabi titled ''Towards Greater Public-Private Partnership''.
The report noted that contribution of the oil and gas sector to the GDP dropped to 65.7 in 2007 from 66.3 in 2006 and 66 per cent in 2005.
''The emirate of Abu Dhabi is currently undertaking a massive government restructuring programme to come out with a formula of governance that could produce a sustainable constructive public-private partnership,''the report said.
It noted that initiatives launched by the policy agenda of the government of Abu Dhabi for 2007-2008 would open up new huge diverse opportunities for the private sector to enter into a strategic partnership with the government.
A package of major economic policies, the report indicated, would be released to provide stimulating business and investment environment under which a raft of mega strategic development projects would be launched with the purpose of infusing broader harmony and synergy between the two sectors.
''The private sector plays a key role in putting the vision of the government of Abu Dhabi in place. This invites the government to provide it with all resources of support and open up greater investment opportunities to enable it contribute effectively to national development,''the report stressed.
''Engagement of the private sector in the economic decision-making in the coming period will be a vital and dynamic move of far-reaching positive impact.
The report admitted that contribution of the private sector to the economic development is still under the aspired expectations.
''The sector suffers from structural defects that need comprehensive remedies. It also faces obstacles hindering it from integrating into global economy.
This requires overall restructuring to enable it keep abreast with requirements and developments of the current stage,''the report indicated.
The report spelt out features of policies that would improve efficiency of the private sector and help it contribute to domestic economy and development effectively. WAM
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