Abu Dhabi Conference 2008: The Abu Dhabi vision

They left with new information and insights, but the overarching conclusion was that the global credit crunch will affect Abu Dhabi far less than the rest of the world.

At the conference, more than a dozen leaders from different sectors of the Abu Dhabi economy reaffirmed their commitment to Vision 2030 - the comprehensive strategic plan that was unveiled in 2007.

Nasser al-Suwaidi, chairman of Abu Dhabi’s Department of Planning & Economy (DPE), set the tone for the conference in his opening address.

“The economic interests of the world’s countries have become so overlapping and inter-dependent that it is no longer possible for any nation to live and prosper in isolation, irrespective of its capabilities and resources,” he said.

“To set a new course that we can work towards, the government has articulated a clear vision for the future of the emirate in which Abu Dhabi will remain a confident and secure society, within a sustainable, dynamic, open economy.”

Abu Dhabi starts its planning from a strong position. According to DPE under-secretary Mohammed Omar Abdullah, its gross domestic product (GDP) rose by 17 per cent in 2007 to $108.9bn, equivalent to almost 60 per cent of the UAE total.

Waleed al-Muhairi, director general of the Abu Dhabi Council for Economic Development, told delegates that diversifying the economy would deliver long-term benefits.

“If we want to expand non-oil percentages of GDP, it may slow down the growth of the economy if we are growing multiple sectors rather than just one, but it reduces volatility over time,” he said.

Leaders of Abu Dhabi’s private sector expressed their support for the government’s strategy.

“We need to see a diversified economy and diversified opportunities,” Salah al-Shamsi, chairman of the Abu Dhabi Chamber of Commerce & Industry, told the conference.

Fatima al-Jaber, chief operating officer of the Al-Jaber Group, said business was behind the new policies.

“There is confidence in the economy with the government’s backing of the private sector,” she said.

Mukhtar Hussain, global head and Middle East and North Africa head of global banking and markets at HSBC Amanah, and Eirvin Knox, chief executive officer of Abu Dhabi Commercial Bank, said their banks were open for business for Abu Dhabi projects despite the global credit squeeze.

The conference focused on developments in key sectors including real estate, power and water, aviation, ports and logistics, the Abu Dhabi urban plan, the Al-Gharbia development plan, the tourism and culture strategy, heavy industry, construction, banking, healthcare and education.

The following pages provide an account of the highlights of each session. MEED would also like to thank the conference’s main sponsor, HSBC, for its contribution to the success of the event