Abu Dhabi sets up new team to boost the economy

A new economic collaboration committee made up of senior public and private sector figures in Abu Dhabi has been created to focus on the development of seven key sectors of the economy.

The body, which contains four representatives from government departments and 22 private sector organisations, was approved by the chairman of Abu Dhabi’s executive office, Sheikh Khalid bin Mohamed bin Zayed, yesterday after reviewing the Department of Economic Development’s latest five-year plan.

Sheikh Khalid gave directions to create “a comprehensive micro, small and medium-sized enterprises ecosystem to provide all services required to support these enterprises, including financial solutions”, Abu Dhabi Media Office tweeted yesterday.

Sheikh Khalid also asked officials to “submit proposals for regulatory reforms” to improve Abu Dhabi’s competitiveness before the end of the year.

The four representatives from the public sector are: Department of Economic Development chairman Mohammed Al Hammadi; Department of Municipalities and Transport chairman Falah Al Ahbabi; Department of Culture and Tourism chairman Mohamed Al Mubarak; and director general and chief executive of Abu Dhabi Investment Office, Tariq bin Hendi. The 22 private sector bodies represented include senior figures from ADCB, Aldar, Adnoc, Careem, Etisalat, First Abu Dhabi Bank and heads of major family businesses including Al Fahim Group and Al Nowais Investments.

These will form working groups focused on seven key sectors: construction and real estate; banking and financial services; retail, hospitality and tourism; education and technology; health care; industry and manufacturing; and a specialist SME working group, the media office said.

Abu Dhabi introduced several measures to support its private sector since the outbreak of Covid-19 in March.

These included rent rebates, discounts on utility bills and loan guarantee packages to support SMEs in the emirate.

The world economy is expected to shrink 4.9 per cent this year and to slide into the deepest recession since the Great Depression of the 1930s. The coronavirus outbreak is affecting international trade and global movement restrictions are hitting the aviation and hospitality industries hard.