Abu Dhabi’s five-year plan sets sight on diversification

Abu Dhabi is also planning to open up various sectors for 100 per cent foreign ownership.

The Abu Dhabi Department for Planning and Economy (DPE) said its strategic five-year plan is focussing on developing the industrial sector and further diversifying the economy. The department's focus up to 2012 will be set on adjusting the regulatory and legal environment, as well as supporting the private sector and small and medium enterprises (SMEs).

Nasser Ahmed Al Suwaidi, DPE's chairman, said: "We are seeking to further deregulate economic activities, making the emirate more attractive for foreign investors, not for the sake of capital, but rather for technology transfer and know-how".

These sectors are energy related, especially heavy industries such as aluminum, steel, and petrochemicals. UAE's capital city is also planning to open up various sectors for 100 per cent foreign ownership within the federal framework of the Companies Law. The plan includes 12 priorities including 129 specific projects as well as the efforts to integrate Abu Dhabi with the global economy through the context of free trade agreements.