The event was officially inaugurated by H.E. Mohamed Omar Abdullah, Undersecretary of Abu Dhabi Department of Economic Development, and brought together hundreds of global, regional and local investors, and high-profile business leaders and government officials in the UAE.
As the largest and most high-profile investment conference to be held annually in Abu Dhabi, the forum, organized by Abu Dhabi Department of Economic Development in partnership with Institutional Investors Conferences, provided a good opportunity for ZonesCorp to highlight its role as a pioneer and key driver of the industrial sector in Abu Dhabi which currently stands at $12bn, and is approximately estimated to form 15% of Abu Dhabi's GDP.
The Forum also provide ZonesCorp an opportunity to showcase its expertise in establishing and running new specialized economic zones in the emirate, as well as its leading role in attracting investors and supporting the domestic industrial sector.
Commenting on the forum and their participation as the lead sponsor, H.E. Mohammed Hassan Al Qamzi, Chief Executive Officer, ZonesCorp, said:
"Our sponsorship of this forum falls within our endeavors to further enhance Abu Dhabi's position among the leading global economies. As the leading industrial development agency in the Emirate, we have a solid presence in the 3rd Annual UAE Global Investment Forum where we aim to help investors identify economical opportunities and challenges."
These opportunities and challenges identified by ZonesCorp in line with Abu Dhabi's ambitious economic vision 2030 that aims at growing and diversifying the economy, include 17 sectors, 10 of which have a significant manufacturing industrial component, H.E. noted. These opportunities and challenges are represented by the main target to grow the contribution of the industrial sector in Abu Dhabi roughly 10 folds over the course of the coming 20 years and to double the contribution percentage to the GDP, he added.
H.E. also highlighted ZonesCorp's efforts and services provided to local and foreign investors involving in several industrial projects within ZonesCorp's industrial cities during the opening of the session: Capitalizing on Industry in Abu Dhabi.
He pointed out that Abu Dhabi's economic vision 2030 has set ambition growth targets to actually grow the industrial output to approximately $100bn by 2030 thus forming 25% of Abu Dhabi's GDP.
"To ensure that ZonesCorp is effectively delivering Abu Dhabi's vision, we have developed with a leading consulting firm a 5 year plan targeting the development of a 32 km2 of industrial land in Mussffah area, and additional land in both the Western and Eastern Regions. All that will be added to the already-existed 46 km2 of industrial lands that hosted 5 industrial cities in Abu Dhabi and Al Ain, and workers residential cities that cater for around 300,000 workers," H.E. added.
H.E. stressed ZonesCorp's goals in targeting key growth areas where they can achieve sustainable competitive positions, leveraging on their expertise in establishing zones of special economic nature; the economic, financial and political strengths of Abu Dhabi; and by providing the suitable climate for investor with its Investors Management Department' and 'Foreign Labor' services.
During the panel session, Economic Outlook for the UAE, ZonesCorp highlighted the important role played by the industrial sector in the growth of Abu Dhabi economy. They also stressed that the development of the industrial sector is essential to realize the Abu Dhabi Economic Vision 2030 Plan. Referring to their own experience, ZonesCorp will also illustrate how the government is supporting industrial projects in Abu Dhabi, what are the challenges and opportunities facing, and how they can capitalize on industry.
Participants of the one day forum will also discuss an outlook of the UAE economy, the government's stimulation of the economy, key drivers of economic growth, the role played by foreign investors in the development and growth of economy, in addition to other topics including the challenges the crisis caused to the financial markets in the UAE, how can the international financial markets affect the UAE in the year ahead, the situation of the bonds market in the country, the effects of the crisis on infrastructure and transportation sectors in the UAE, the government's role in encouraging investments in these sectors, and how can investors benefit from these opportunities.