Arab Today, arab today abu dhabi eyes irish lessons for its vision
Last Updated : GMT 09:05:56
Arab Today, arab today
Arab Today, arab today

Abu Dhabi eyes Irish lessons for its vision

Arab Today, arab today

Arab Today, arab today Abu Dhabi eyes Irish lessons for its vision

Abu Dhabi - Arabstoday

Ireland has taken a beating since the global financial crisis erupted, but despite the scary headlines on bank rescues and ratings downgradings, the country points the way for how Abu Dhabi can diversify its oil-dominant economy. Agriculture is no longer the driving force in the small European island after the efforts by Dublin to attract a raft of foreign financial, technology and pharmaceutical companies. The essence of the country\'s development story and perhaps the secret to its success is that it has leveraged what resources it has to the maximum extent possible. Asa Fitch writes Ireland suffered a series of unprecedented setbacks during the financial crisis, forcing it to seek aid from the EU and IMF to contend with a crippling banking crisis and property market slump. This summer its credit ratings were downgraded to junk status by Moody\'s Investors Service.Beyond the scary headlines of ratings downgrades and bank rescues, however, lies a vibrant economy supported by a well-educated workforce and built upon foreign investment, innovation and small business growth. Despite Ireland\'s troubles, its development model, preened carefully over many decades with government support, is one Abu Dhabi and other places in the Gulf are examining closely as they try to diversify and grow their own economies.Indeed, in some sense, Ireland in the 1950s and 1960s faced challenges that parallel Abu Dhabi\'s today. Its economy was almost wholly agrarian, just as Abu Dhabi\'s is oil-dominated, and it was highly dependent on exports to the UK.While agriculture was a profitable business, the country\'s leaders knew a more diverse economy was needed. \"They realised that [an agrarian economy] wasn\'t sustainable in the long term if you wanted to develop the economy and create sufficient employment opportunities for a greater proportion of the population and to increase incomes,\" says Kieran Donoghue, the head of financial services at Ireland\'s main foreign investment promotion body, the Industrial Development Agency (IDA).Ireland is small - it has a population of about 4.5 million and a workforce of about 2 million - and policymakers understood early on that the country would never be an economic titan to rival the UK, France or Germany. It would have to carve out a niche to thrive in while attracting foreign investment and growing non-agricultural exports. It would be a small country with a strong punch.What happened in the decades that followed was nothing short of a metamorphosis. Despite Ireland\'s size, it is home to European bases for a slew of technology and pharmaceutical companies from Intel and Google to Pfizer and Novartis. Foreign companies in Ireland currently export goods to the value of about €110 billion (Dh581.7bn) a year. They employ 240,000 people and account for 65 per cent of corporate taxation paid in Ireland. In addition to attracting foreign technology and drug companies, the country has brought in a raft of foreign financial firms following the founding of Dublin\'s International Financial Services Centre in 1987. In just a few years, its stock exchange has become a centre point for listings of hedge funds and asset-backed securities. \"We started the investment fund business back in 1995, and it pretty much ran in parallel with the growth of financial services in Ireland,\" says Gerard Scully, the director of international primary markets at the Irish Stock Exchange. \"We\'ve gone from zero to being number one in the world for alternative investment funds.\" With help from government funding agencies, Ireland has also become a force in science research and innovation.Science Foundation Ireland, the main body behind the country\'s science funding agenda, has deployed about €1.4bn in its 10-year history, helping to start nine research centres that focus on everything from semiconductor chemistry to composite materials for aircraft. That investment has fed back into industry and small business, generating ideas for start-ups and new products for Ireland\'s biggest companies. From / The National

arabstoday
arabstoday

GMT 21:31 2017 Wednesday ,18 October

Bahrain Bourse daily trading performance

GMT 16:08 2017 Saturday ,14 October

US stocks rise on strong retail sales; Europe mixed

GMT 04:42 2017 Saturday ,14 October

Egyptian Bourse gains EGP 2.6 bn

GMT 04:32 2017 Saturday ,14 October

US stocks rise on strong retail sales; Europe mixed

GMT 20:52 2017 Thursday ,12 October

Egyptian Bourse loses EGP 3 bn

GMT 13:12 2017 Thursday ,12 October

Bahrain Bourse daily performance
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today abu dhabi eyes irish lessons for its vision Arab Today, arab today abu dhabi eyes irish lessons for its vision

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today abu dhabi eyes irish lessons for its vision Arab Today, arab today abu dhabi eyes irish lessons for its vision

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Writing's on the wall for Trump, Zuckerberg

GMT 09:05 2017 Thursday ,19 October

Writing's on the wall for Trump, Zuckerberg
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday