Sheikh Mohammed announces plans to make the UAE the world’s most active economy
Sheikh Mohammed announced 10 principles that will support this goal…
The UAE is one of the best countries in the world to live in and with the announcement of the “Economic Principles of UAE”, it aims to have the most active economy in the world.
The economic agenda was announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai during the UAE Government Annual Meetings 2023 held in November. At the meeting, Sheikh Mohammed stated that the Economic Principles of UAE aim is to ‘further enhance the country’s economic performance and develop it into the world’s best and most active economy’.
The Ruler of Dubai added that the Economic Principles of the UAE represent the country’s economic roadmap for its next phase in national development. His Highness added, “Our aim is to place the UAE at the forefront of global economies, with a strong digital structure, secure systems, flexible legislative framework and future thinking. The UAE’s attractiveness to top talent is growing and its positive impact as a global economic hub is constant.”
In short, the Economic Principles will help steer the development of the country’s economy. A number of new initiatives and programmes will be launched, all of which will help achieve the objectives of the UAE Centennial 2071 – a long-term vision that extends to five decades (post-2021) to prepare the nation for future generations.
What are the 10 Economic Principles of the UAE?
1st principle: The UAE is a globally open free-market economy
The UAE serves as a model of a free economy, open to the entire world, welcoming international and regional economic and trade without constraints. It will aim to successfully develop economic connections with the world with clear advantages to drive investments and trade. New economic opportunities will be explored in exports, import sources, trade, and economic partnerships to strengthen the UAE’s position at the core of the global free-market economy.
2nd principle: To attract top talent
The UAE aims to create an environment to attract top talents from across the world by adding attractive incentives and providing a climate that will help support turning ideas into commercial opportunities. It offers world-class infrastructure from healthcare to leisure and education and more, to provide a space where people can live in an environment of safety, security and stability.
3rd principle: Investments in the digital economy
Serving as a global hub for the digital economy, the UAE will offer an international platform for digital transactions plus a compelling investment environment for pioneers in big data, technology development and innovation. Efforts will be made to continuously develop the UAE’s digital infrastructure. The UAE will continue to invest in the latest technologies such as Artificial Intelligence.
4th principle: Opportunities for the youth
The UAE has and will continue to integrate young Emirati talent into its economic model, allowing them to discover opportunities across the economy. The UAE will work to provide them with the skill set needed to ensure their competitiveness in global markets.
5th principle: To manage a sustainable and balanced economy
The UAE will focus on ensuring the sustainability of the country’s economy through advanced policies and laws that will safeguard the sustainability of resources, not just for the current generation, but for future generations. Investments in initiatives will be put into place to promote sustainable practices both in business and at home.
6th principle: Maintain a strong and stable financial system
The UAE maintains a strong stable financial system and practice which meets the highest international standards of transparency, efficiency and security. New innovative financial instruments and models will be embraced to provide an attractive environment for global banks and financial institutions to develop and prosper.
7th principle: To offer a strong and fair legislative environment
The UAE guarantees a robust investment environment supported by flexible laws and business-friendly policies. The legislation will serve to bolster the UAE’s status as a secure, competitive and attractive destination for businesses and will provide them with a framework to develop and grow. The UAE will invest in a framework which will embrace current and future developments to foster a strong, safe and fair business environment.
8th principle: To uphold the principles of transparency and the rule of law
The UAE is dedicated to creating an environment of transparency, compliance and the rule of law thus creating an environment where trade can flourish. The country will strive to provide accurate information from reliable sources to help support business decision-making thus providing investors with confidence and opportunities for investment and economic growth.
9th principle: A business community supported by a strong banking sector
By committing to build a robust and advanced banking system in line with the best global standards, the UAE will help safeguard savings while supporting financial transactions for clients. The UAE is already home to world-class financial centres, a thriving stock market and global financial institutions and it will continue to expand and support the financial sector.
10th principle: Offering the world’s finest transport and logistics infrastructure
The UAE will continue to develop advanced transport and logistics infrastructure from world-leading ports, airports, airlines and shipping companies. The effort solidifies its position as a major global hub for the movement of goods and people from across the world.
Images: Dubai Media Office