The UAE has unveiled an ambitious plan to position its economy as a global leader, with Vice-President Sheikh Mohammed bin Rashid Al Maktoum revealing a comprehensive 10-point document titled ‘Economic Principles of UAE’. This visionary roadmap is designed to shape the next phase of the nation’s development and establish it as the world’s premier economic powerhouse.
The guiding principles underscore the UAE’s commitment to becoming an integrated economy, supported by a robust digital infrastructure, secure systems, and adaptable legislation. Emphasizing transparency and the rule of law, the document declares the UAE a globally open free-market economy that attracts top talent from around the world. It shines a spotlight on the country’s investments in the digital economy, youth, and endeavors to maintain a sustainable and balanced economic landscape.
The ‘Economic Principles of UAE’ articulates the following key points:
- Globally Open Free-Market Economy:
- The UAE actively welcomes international trade, offering clear and competitive advantages and incentives to drive investments. It explores economic opportunities to boost exports, diversify import sources, and establish partnerships globally.
- Attracting Top Talent:
- The UAE focuses on attracting and nurturing top talents, entrepreneurs, and innovators from around the world. It provides incentives for skilled professionals and fosters an environment that encourages the conversion of innovative ideas into commercial opportunities.
- Digital Economy:
- The country serves as an international platform for digital transactions and an investment environment for pioneers in big data, technology development, and innovation. Continuous development of digital infrastructure and business-friendly regulations remains a priority.
- Nurturing the Youth:
- The UAE integrates young Emirati talent at the core of its economic model, committed to helping them discover and leverage opportunities.
- Sustainable and Balanced Economy:
- Legislation and policies focus on resource sustainability and environment-friendly energy sources, with a commitment to preserving natural resources for future generations.
- Strong and Stable Financial System:
- The UAE ensures a resilient public finance system and a regulated financial sector meeting the highest international standards of transparency, efficiency, and security.
- Strong and Fair Legislative Environment:
- The country guarantees a robust investment environment supported by flexible laws and business-friendly policies, aiming to bolster its status as a secure, competitive, and attractive business destination.
- Transparency and Laws:
- The UAE creates an environment fostering trade against a backdrop of credibility, probity, and responsible economic management. It prioritizes accurate public data to support business decision-making and intelligence.
- Strong Banking Sector:
- The banking sector adheres to the best global standards, committed to safeguarding personal savings and supporting secure financial transactions for clients.
- Transport and Logistics Infrastructure:
- The UAE boasts world-leading ports, airports, airlines, and shipping companies, solidifying its position as a major global hub for the movement of goods and people—a center of trade connecting East and West, North and South.
His Highness Sheikh Mohammed bin Rashid Al Maktoum affirmed that this document serves as a vital economic roadmap for the UAE’s relentless pursuit of global economic preeminence. The principles, announced during the UAE Government Annual Meetings 2023, reflect the nation’s dedication to progress, innovation, and sustainable economic development.
Source:Arabian Business