Public-private body formed to encourage sustainable development in Abu Dhabi

Abu Dhabi’s Department of Economic Development rolled out a new initiative, named the ‘Economic Collaboration Committee’, to improve coordination between the public and private sectors on sustainable development in the emirate.

“We remain highly confident that the committee will serve as a vital communication channel for the private sector, building on the momentum of previous efforts to reinforce public-private sector partnership,” Mohammed Ali Al Shorafa, chairman of the department, said in a statement on Wednesday.

The Department of Economic Development has launched a number of new initiatives to enhance the private sector’s role and promote doing business in Abu Dhabi, including the completion of phase 1 of an Abu Dhabi Economic Development Plan, building a ‘Business Confidence Index (BCI)’ and a ‘Residential Property Price Index (RPPI).

The department also signed a partnership agreement with Etihad Credit Insurance to encourage local businesses to access global markets and launched the ‘Electricity Tariff Incentive Program,’ which is tailored to support the industrial sector.

Other initiatives included signing of a Memorandum of Understanding with Abu Dhabi National Oil Company (Adnoc) to develop and maximise In-Country Value (ICV), the launch of a ‘Technology Innovation Pioneers Summit’ to promote innovation and creativity and the establishment of a Dh535 million ‘Ventures Fund’ to extend financial support and assistance to the emirate’s most innovative companies.

The Abu Dhabi government is also planning to issue tenders worth Dh10 billion under a public-private partnership (PPP) model to boost infrastructure investment in the emirate, it was announced last month.

The tenders are part of an initiative dedicated to increasing the use of PPPs and encouraging private sector involvement through the Dh50bn Ghadan 21 initiative, which was launched last year.