Abu Dhabi economy challenges global market with solid growth

Abu Dhabi economy challenges global market with solid growthBY A STAFF REPORTER KHALEEJ TIMES

17 November 2007

DUBAI — Oil and gas production will no longer be the major source of public revenue in Abu Dhabi with the government's determined strategy of diversifying the economy and creating new productive sectors based on solid partnerships with the private sector, says Adel Al Zarouni, Managing Director of Burooj Properties.


Al Zarouni of Burooj Properties, the gold sponsor of the Abu Dhabi Conference 2007 to be held at Emirates Palace on November 18-19, added: "Innovation and creativity are becoming an integral part of the national policy in Abu Dhabi which has succeeded in implementing the right formula to emerge as a global leader. The city's growing reputation as an international tourism and business hub reflects its steady current economic boom. The most crucial factor that will drive economic prosperity in the capital of UAE is the forceful partnership between the public and private sectors."

The economic success of the UAE owed much to the government support to the private initiatives. The growth of the city into a strategic destination for business is seen internationally as a pioneering effort where public-private partnerships are now a standard concept in the economic development realm of the city.

Al Zarouni added: "By combining the best talents and resources of the UAE public and private sectors, we can deliver value for money, greater efficiency and accelerated delivery of planned projects. Abu Dhabi is laying the ground for future development through enabling the implementation of public-private partnerships under principles of transparency, flexibility and fidelity."

Abu Dhabi public private partnerships define partners' roles and responsibilities by high level of transparency and precision through looking into partner selection, deal structuring and negotiations.

Al Zarouni added: "We are pleased to be a gold sponsor of the Abu Dhabi Conference 2007 which brings together key government officials and influential industry leaders to discuss and debate issues that shape the future of Abu Dhabi."

Abu Dhabi Conference 2007 follows the Government's recent comprehensive plan for the development of the city that will guide planning decisions for the next quarter of a century.

Al Zarouni concluded: "Innovation is the most critical element in sustaining competitiveness. Abu Dhabi's construction boom goes in hand with further industry development in areas such as education, healthcare and government services which remain at top of the government's agenda."