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The destiny of The Emirate of Abu Dhabi depends on its huge hydrocarbon resources, which include oil and gas. For many years, Abu Dhabi derived a significant portion of the national revenues from the rent of its local resources delivered to foreign clients (Heard-Bey, 2005). In 2006, the president of United Arab Emirates mandated the development of lasting economic vision intended for Abu Dhabi. The anticipation was to create a lasting road map meant for economic advancement for the Emirate via the founding of the general framework, aligning plans and all policies, as well as completely involving the private sector in the accomplishment. The research materials were sourced from journals. Abu Dhabi economic vision 2030 will transform the Emirate into a knowledge based and diversified economy, explained by the document below (Davidson, 2009).
In 2006, The Emirate of Abu Dhabi was faced with the economic problems, resulting in low gross domestic product. This issue was investigated, and it was discovered that the Emirate had not achieved a diversified knowledge-based economy. The investigation led to the establishment of a taskforce, involving stakeholders from both the private and public sectors. The taskforce recruited experts from renowned international institution. The taskforce was given two roles to carry out. The first role included conducting a comprehensive assessment of the major enablers intended for economic development. The second role was to create an extensive economic vision with clear targets to steer Abu Dhabi economic advancement all the way through the year 2030 (Stephenson et al, 2010).
The government identified a number of objectives that formed the structural design of the Emirate’s economic, social and political future. First was to examine enterprises and sectors, which will contribute greatly to economic growth and output, as well as areas where this development is taking place. Second objective was the Abu Dhabi 2030 Economic Vision, which examines the existing business environment and recognizes major efforts and areas required to be improved to advance cmpetitive and economic potential of the Emirate. Particularly, the Abu Dhabi Vision 2030 depends on fiscal policy, business legislation and labor policy. The final objective was to account for the resources so as to ensure they provide accommodation for future economic development. Infrastructure, including transport, ICT and energy, needed to be developed as they formed the major areas for economic growth (Davidson, 2009).
Project Implementation and Management Plan
The Emirate 2030 Economic Vision aims to attain efficient economic transformation, resulting in global integration as well as durable benefits for all sides. The Emirate intensifies its commitment to creating a diversified and sustainable economy by the year 2030. This will reduce over-reliance on oil, which means that the national population presents a challenge as well as an opportunity for attractive employment for the future generation. In order for this purpose to be realized, there was a need to upgrade the education system, widen economic activities sectors, develop external markets, and expand the enterprise base. Fulfilling such great commitments will result in sustainable growth and significant economic diversification levels by 2030 (Stephenson et al, 2010).
The vital achievement of the Emirate 2030 Economic Vision consists in realistic 22-year social and economic goals, as well as macroeconomic targets. The Abu Dhabi 2030 Economic Vision sets targets for the Emirate government and outlines the projected plan for economic development, categorizing major resources to be developed and policy reforms requiring implementation. It also creates ways to measure success that the Emirate can use to account as well as to judge its performance. The next phase is to convert this long-term plan to five-year economic strategy. It also intends to provide a framework focused on economic policy in the medium term. Finally, it intends to offer a more usual evaluation period to review the progress of the Emirates as well as to allow the required adjustments to be done (Heard-Bey, 2005).
It was discovered that the set targets the Abu Dhabi needs to achieve will only be met and exceed potentially if all stakeholders in the Emirate work together to meet them. Econommic development was estimated to involve an average growth of 7% all through the year 2015; after that, the growth is expected to drop to 6%. The above growth rates will ensure that Abu Dhabi economy grows faster and still remains sustainable. This will greatly enhance the achievement of Abu Dhabi social as well as economic prosperity, translating into large levels of economic diversification (Hvidt, 2011).
Abu Dhabi government together with a private sector carried out a comprehensive analysis of its economic performance to make sure that economic strategy for Vision 2030 was based on true assumptions. Interviews with key representatives of private and public sectors were carried out to impel the inspirations, as well as the expectations of stakeholders. Observation method was also used in equivalent to the internal evaluation. Three privileged countries were observed for economic characteristics applicable to the Emirate. This ensured the adoption of the successful economic development models. The three nations, which included Norway, Ireland and New Zealand, were selected on the basis of their similarities with Abu Dhabi. Norway had oil outputs similar to Abu Dhabi while Ireland’s success related to diversified economy and major experience in investment seemed relevant to the Emirate. Similarly, New Zealand had succeeded in acquiring a huge export base, which was of interest to Abu Dhabi. After observations were made, the Emirate government and private sector decided to adopt various policies similar to the three countries (Hvidt, 2011).
Ambitious economic plans focused on the policy of Abu Dhabi 2030 Economic Vision are deemed earnest ways of fundamental success. This would help to propel the country’s social and economic development agenda. Achieving the aims of the policy will contribute significantly to the development of a sustainable economy, which benefits the people of the Emirate. Success of the Vision 2030 accomplishment will rank Abu Dhabi among the top most economies of the world. Competent business standards, as well as productivity, will improve the reputation of the Emirate, setting good standards in the international business arena.