Abu Dhabi Chamber of Commerce and Industry: Driving a Competitive Business Environment
01 Jun 03:59 AMSector : Industry & Mining Country : UAE
By H.E Mohammed Thani Murshed Al Rumaithi
Abu Dhabi enjoys a prime position in the region as a leading center of business. Many of the world’s largest companies have established their presence in the Emirate, attracted by its healthy business environment. Abu Dhabi offers companies a range of investment opportunities, while creating the right business and legislative environment for investors to work and grow their respective enterprises.
The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has been an important component in the UAE capital’s strategic plans to position itself as the leading destination for major regional and international companies.
Through its efforts, it has managed to attract major international companies which are critical to the realization of the Abu Dhabi Economic Vision 2030, which will establish a common framework for aligning all policies and plans that contribute to the ongoing development of the Emirate’s economy, fully engaging the private sector in their implementation.
Ever since it came into being in 1969, the Chamber has been supporting the government’s endeavor of promoting Abu Dhabi as an economical industrial hub in the region. The Chamber has made rapid strides since then, achieving outstanding results in 2012 – both in terms of increasing its membership as well as services provided to companies in Abu Dhabi.
The number of registered members in ADCCI increased to more than 95,000 in 2012 from 84,911 recorded at the end of 2011. The ADCCI Members Service Center for members was able to serve 15 percent more customers compared to the previous year, mainly due to the quality of services it provides. The number of people who have benefited from the services provided by the Chamber so far has exceeded 262,000.
ADCCI has been working with key partners in Abu Dhabi to boost foreign investments and promoting services and facilities through its participation in Arab, regional and international exhibitions specialized in business and investment. Besides, it hosted commercial delegations frequently as part of this effort – 75 of them in 2012 alone. In addition, it also organized a total of 59 events which consisted of conferences, workshops and specialized seminars.
“During the course of the last year, ADCCI has doubled its efforts to support Abu Dhabi’s economy in an effort to achieve the vision of our wise leaders to position the Emirate as a leading business destination,” said H.E. Mohammed Thani Murshed Al Rumaithi, Chairman, Abu Dhabi Chamber of Commerce and Industry & Federation of UAE Chambers of Commerce and Industry.
“In fact, this vision perfectly fits in with the aspirations of the private sector to play a greater role in the current economic boom. Our effort will be to continue to develop policies and strategies that will help ADCCI retain its standing as a key player in driving development in Abu Dhabi,” he added.
Connecting the Public and Private Sectors
ADCCI has long realized that the partnership between private and public sectors is a fundamental part of the Abu Dhabi Economic Vision 2030. In fact, the Vision 2030 is the result of a concerted effort among a number of public sector and joint public-private sector entities.
Recognizing this critical role, the ADCCI has helped to enhance the competitive business environment in Abu Dhabi in cooperation with official corporations and private companies. It has reinforced the business sector’s development through its initiatives, and has created the favorable circumstances for the private sector to contribute in full measure to the growth of the Abu Dhabi economy.
“Abu Dhabi is fast emerging as a regional business hub and gateway for global players today, mainly driven by a competitive business environment that attracts investment from all over the world. It is in this context that the ADCCI is spearheading the participation of business enterprises in the Emirate’s economic growth and helping them become a part of the success story,” said Al Rumaithy.
ADCCI also signed several agreements and memoranda of understanding (MoU) last year to simplify business procedures, especially those related to establishing new projects or developing existing ones.
In supporting the private sector, the ADCCI enables companies to benefit from the services and investment opportunities that Abu Dhabi offers. Among those services are internet facilities that are provided via the website, and provision to complete transactions and applications online, which have helped investors in a big way save time and efforts.
Abu Dhabi is focusing on developing sectors that have the potential for growth to reach its targeted annual growth rate of 7.5 percent, which in its turn will help the Emirate to diversify its economy. The most prominent sectors include minerals, aviation, defense, pharmaceuticals, biotechnology, tourism, healthcare, transportation, trade, logistics, media, financial services and telecommunications.
All the forecasts that have been developed for the economy of the Emirate reflect the progress and strength that Abu Dhabi had achieved. The Emirate was successfully able to attract more than AED98.8 billion ($26.8 bn) in foreign investments from 2003 to 2012.
Today ADCCI has come a long way and its role does not just revolve around management work and licenses. Much of its efforts go towards supporting investors with information on investment opportunities and also providing them with counseling and advice based on various economic studies, making the Chamber an essential element in the mechanism to realize the economic vision of the Emirate’s leaders.