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Stimulus package will aid in diversification

The new economic stimulus package will accelerate the local economy, further promote economic diversification and build a long-term future for its people, heads of Abu Dhabi’s top industrial firms said.
“At the heart of this announcement are initiatives that will attract more innovative talent and across all economic sectors, including the industrial sector, and more importantly support for local industrial production, helping improve competitiveness both locally and in the region,” said Jamal S Al Daheri, CEO of Senaat, an Abu Dhabi based industrial conglomerate.

He also said Senaat will play an active role in the accelerated development of the capital’s as well as the UAE’s economy after having championed the investment in non-oil industrial sectors.
“We also look forward to the establishment of the Abu Dhabi Accelerators and Advanced Industries Council, “Ghadan”, in which we hope to provide support, and understanding, towards achieving a shared goal of attracting value-added investments and technologies to speed up economic diversification.”
Welcoming the new initiative, Abdullah Kalban, Managing Director and CEO of Emirates Global Aluminium, said there is a strong correlation between economic growth and aluminium demand.

“Cooperation between private sector companies like EGA and the public sector is important for the economy, including making it as easy as possible to do business,” he said in a statement.
He also said they will look to play their part in emiratization efforts of Abu Dhabi with an aim to increase their Emirati workforce by 40 per cent.
“EGA employs more than 1,200 UAE nationals. At the end of last year, our in-focus emiratisation rate was 37.6 per cent, a record for us. We aim to emiratise 40 per cent of in-focus positions by 2020 so we look forward to playing our part.”
Yusuf Ali MA chairman and Managing Director, Lulu Group International said the new stimulus package will act as a catalyst to spur the growth not only in Abu Dhabi and UAE but the entire region.
“As an Abu Dhabi-headquartered business, we wholeheartedly welcome this announcement and look forward to be part of the massive growth taking place here”.
The stimulus package will accelerate the pace of Abu Dhabi’s economic growth and help achieve Abu Dhabi Vision 2030, according to Dr Obaid Al Za’abi, Chief Executive Officer of Securities and Commodities Authority.
“The stimulus package will boost the competitiveness of Abu Dhabi and the UAE by facilitating procedures and launching initiatives that improve the business environment. This will open the doors for setting up more SMEs, which will contribute towards a strong recovery of the emirate’s economy.”

Source: Gulf News

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