The Government of Abu Dhabi yesterday released five key development indicators with the results showing the emirate's economic goals have been fully realised.

The Development Indicators of Abu Dhabi were prepared and launched by the Department of Economic Development (DED). The results include five areas of consumer confidence – national family status, confidence in business atmosphere, financial sector performance and demand trends within the market with key focus on the emirate's manpower market.

According to the report, the indicator of financial sector performance shows Abu Dhabi in general saw an upward trend, except for the last quarter of 2008, despite the global and regional economic crises.

"The result reflects the improvement and development seen by the financial sector in the emirate. It hit its highest level in second quarter of 2008 where it was 153 points out of 200 points on the indicator,'' said the DED report.

It said: "The indicator then went down to hit 90 points in the fourth quarter of 2008, thus reflecting the impacts suffered by the financial economy during the second half of 2008. It was affected by reflections of the crisis, including quick runaway of hot money of speculators over dirham exchange rate and the worsening global credit crisis. The crisis led to oil prices falling remarkably and quickly, in addition to the recession of Abu Dhabi stock performance and increase of prices in the emirate to high levels."

Non-petroleum exports of Abu Dhabi grew by five per cent by the end of the year despite the global credit crisis in 2008.

The results show the international reserves offered cash to Abu Dhabi increased in the fourth quarter by 39 per cent compared to the third quarter.

The results of confidence in business atmosphere show the indicator during the second quarter of this year reached 54.5 points out of 100 points, reflecting positive prospects as it is higher than 50 per cent.

Talking to reporters after the launch of the indicators, Mohammed Omar Abdullah, Undersecretary of DED, said he was satisfied with the results of the survey that showed more positive elements for a future growth and a strong economy of the emirate despite of the recent global slowdown.

He said: "The results of the survey reflects the positive performance of the emirate's economy and positive reaction of people – consumers or business community. Both are very positive and very optimistic. That provides us with a very good base for our future plans."

About the specific five indicators, Abdullah said the survey was necessary because of a lack of data for decision-makers and business community to help them plan their strategies.

"This is a basic requirement for any kind of feasibility study, decision-making, planning and research. We have produced this report to fill this vacuum. This is a data base infrastructure and you will see more and more such reports in the future."

He said a new report, detailing Abu Dhabi's 2010 outlook, would be released next month. "We will be announcing Abu Dhabi economic outlook for 2010 soon. That will be our next report providing comprehensive information."

About the department's five year plan that is awaiting Executive Council approval, Abdullah said it was a translation of the Vision 2030.

"The five-year plan will identify the mechanism through which we will be able to implement this vision. This is a plan with a specific initiative, target and KPIs,'' he said.

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