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Abu Dhabi Seeks Foreign Investment To Boost Technological Expertise |
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Global plans from Abu Dhabi, the capital of the United Arab Emirates, were revealed at the second annual Abu Dhabi Investment Forum today as the emirate seeks to become much more industrialized. According to key speakers at the forum, this will be achieved by partnering with private companies from other countries around the world, particularly in technology transfer, as part of the Abu Dhabi’s Vision for 2030. Foreign direct investment (FDI) is an important element in the continuation of development in all of Abu Dhabi’s economic, social and human dimensions. "Abu Dhabi seeks to maximize its slice of FDI despite ample financial resources. The trend towards attracting foreign investments is not driven by the need for capital, despite the increasing importance of this factor, but has to do with technology transfer. The flow of foreign investments to any country results in benefits that go beyond the mere attraction of capital and modern technology. Through foreign investments we will also be benefiting from the advanced managerial, operational and technical expertise of foreign companies, besides their experience in the utilization of national resources," said H.E. Nasser Ahmed Alsowaidi, Chairman, Abu Dhabi Department of Economic Development who provided the keynote address at the Forum. Britain is the leading international investor in the UAE, its 14th largest export market in the world - ranking higher than China and India - according to the Foreign and Commonwealth Office. Trade volumes are increasing at 15-20 percent annually. The UAE exported ?1.1bn worth of goods and services to and imported ?3.2bn from Britain. Minister for Trade, Investment and Small Business Lord Davies of Abersoch said: "I would like to welcome the Abu Dhabi delegation to the UK this week. I hope that our discussion leads to a significant step change in our trade and economic relations as Abu Dhabi embarks on ambitious diversification and investment plans for 2030. "The UK is a world leader in the field of technology transfer. Our innovative scientists and businesses working in areas such as low carbon, energy, nanotechnology and ICT collaborate have the expertise to help Abu Dhabi in the years ahead." According Giyas Gokkent, the chief economist at National Bank of Abu Dhabi, one of the lead sponsors of the forum, although Abu Dhabi is reliant on oil, accounting for 80 percent of government revenues, the emirate’s huge cash reserves mean it has the financial muscle to continue with its diversification strategy. Non-oil activity appears more robust than other parts the country. "In the case of Abu Dhabi it is fair to say we still have positive onward growth," Gokkent said. The Statistics Center-Abu Dhabi’s recent results of six major surveys for 2007-2008 conducted in Abu Dhabi, covering a wide range of economic activities, set the total value of economic activities in the emirate as Dhs688.3bn (approximately 115.19bn Sterling Pounds), of which the industrial sector represents 65.5 percent, the construction activities 11,4 percent, in addition to 5 percent, 6.3 percent and 4.3 percent for commercial activities, TCS activities, and financial activities, respectively.
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