Economy
H.H. Sheikha Lubna Al Qasimi, Minister of Economy and Planning for the United Arab Emirates, became the first woman to serve on the United Arab Emirates cabinet when she assumed her position in 2004.
Dynamic minister of economy advocates diversity
H.H. Sheikha Lubna Al Qasimi, Minister of Economy and Planning for the UAE
She has also served as CEO of Tejari, the Middle East’s leading business-to-business electronic marketplace, and as senior manager of the information systems department at the Dubai Ports Authority, among other important posts. In 2001, she headed the team responsible for instituting Dubai’s ambitious e-government initiatives.
Known for her international perspectives and modern point of view, H.H. Sheikha Lubna is a strong proponent of a free-market economy, a strong private sector and economic diversity. As she commented in her ministry’s 2006 annual report, “The economic policies of the United Arab Emirates are based on the dynamics of a free economy and the need to further diversify our income resources.” A dynamic speaker, H.H. Sheikha Lubna has become a symbol of the United Arab Emirates’ forward-thinking policies and of the potential of women to make significant contributions to public life.
H.H. Sheikha Lubna encourages further private investments in industry, trade and services, and has commented that additional legislation will probably be adopted to stimulate non-oil activities, even though oil remains the primary contributor to the United Arab Emirates’ GDP, which grew by a very impressive 23.5 percent in 2006.
As for the future, H.H. Sheikha Lubna says that the greatest challenge for the United Arab Emirates is to “maintain and accelerate the pace of growth in order to achieve a noticeable result in the maintenance of high standards of living and to meet global economic changes.”
Upgrading local human resources is another crucial concern, as is making sure that the local population continues to benefit from the United Arab Emirates’ development. H.H. Sheikha Lubna explains, “Any measure of development must also include comprehensive social, cultural and political goals. We plan to work closely with other government departments to focus on developing a set of integrated and balanced services to ensure the intellectual, physical and spiritual care of our citizens.”
Local investment vehicle boosts its international profile
Mubadala Development Company, a wholly owned investment vehicle of Abu Dhabi’s government, was established in October 2002 with the mandate to generate sustainable economic benefits for the emirate through establishing new companies and acquiring stakes in companies within the emirates and abroad.
Partnering with local, regional and international investors, Mubadala invests in a wide range of strategic sectors, including energy, utilities, real estate, public-private partnerships, basic industries and services. Mubadala is playing a major role in Abu Dhabi’s rapid economic diversification. As Khaldoon Khalifa Al Mubarak, CEO, points out, “It’s been a tremendous rollercoaster ride over the last couple of years, with exceptional growth in Abu Dhabi, the region and in Mubadala itself.”
Promoting Abu Dhabi’s aerospace industry has been one focus for Mubadala, and at the Dubai Air Show in November 2007, Mubadala launched Abu Dhabi Aircraft Technologies, which aims to become a leading provider of aircraft maintenance, repair and overhaul services. Mubadala’s investment strategy is based on investing in companies and projects that will bring strong financial returns as well as provide incremental benefits to Abu Dhabi and its people.
Specialized industrial zones welcome American investors
The Higher Corporation for Specialized Economic Zones (Zones Corp), established in 2004, has already developed three high-potential industrial zones that provide attractive opportunities for investors. As Jaber Hared Al Khaili, CEO, explains, proudly, “We have overbooking. The demand is very high and we are about to develop a fourth industrial city in Abu Dhabi.”
Zones Corp is targeting knowledge-based industries, particularly high-technology enterprises with the potential to create significant added value. Zones Corp particularly welcomes investors from the United States. “We are looking to create mutually beneficial partnerships with export-oriented, high-value-added companies. We are very focused on developing specialized economic zones, which are more advanced than free zones,” Al Khaili says.
Abu Dhabi Industrial City
Zones Corp’s Abu Dhabi Industrial City covers around 5.5 sq miles and includes a hotel, a cultural center, a business center, banks, shopping malls and a health clinic along with international-class business services. The development also has its own adjoining residential zone.
Abu Dhabi Industrial City employs the cluster approach, bringing related activities together for added benefits. Sectors represented include food products, textiles, plastics, construction materials, high-tech enterprises, wood products, engineering and chemicals. Abu Dhabi Industrial City is currently being expanded.
One-stop-shop services
The industrial zones that Zones Corp develops provide everything companies need to make a success of their business ventures, including state-of-the-art transport and telecommunications infrastructure as well as construction sites. A very innovative feature is that within each industrial city is a government office providing all necessary public-sector services for investors, including licensing, under one roof. Of course, a major benefit is the chance to be based in Abu Dhabi, with its strategic location, business-friendly environment, high-quality lifestyle and excellent support services.
Zones Corp pledges to provide the highest quality services for investors and to guarantee fast and efficient licensing and other business services. “We here at Zones Corp work to provide top quality and to achieve the vision of economic diversification for Abu Dhabi,” Al Khaili concludes.
