The UAE has revealed an ambitious plan to position its economy as the world’s best.
The Vice-President unveiled a 10-point document named ‘Economic Principles of UAE’, emphasizing the country’s status as a globally open free-market economy that attracts top talent. The plan underscores investments in the digital economy, prioritizes youth development, and highlights the pursuit of a sustainable and balanced economy.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, described the document as an economic roadmap for the nation’s “next phase in development.”
The goal is to establish the UAE as a leading global economy with a robust digital infrastructure, secure systems, adaptable legislative framework, and forward-thinking approach.
Sheikh Mohammed announced these principles during the UAE Government Annual Meetings 2023 in Abu Dhabi on November 7-8.
Here is the full list of the principles and what they mean:
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Globally open free-market economy
The UAE positions itself as an advocate of open global trade, welcoming international commerce without constraints. With a focus on providing clear advantages and incentives, the country actively seeks new economic opportunities, aiming to boost exports, diversify import sources, and establish fruitful partnerships on the global stage.
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Attracting top talent
In a bid to attract top talent, the UAE serves as a magnet for skilled professionals, entrepreneurs, and innovators from around the world. By offering attractive incentives and ensuring world-class infrastructure in areas such as healthcare, education, and leisure, the country not only draws international talent but also fosters the development of homegrown professionals and innovative thinkers.
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Digital economy
At the forefront of technological advancement, the UAE is carving a niche as a digital economy hub. Providing an international platform for digital transactions and creating an investment-friendly environment for pioneers in big data, technology development, and innovation, the country remains committed to continuous development of its digital infrastructure.
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Nurturing the youth
A cornerstone of the UAE’s economic model is the integration of young Emirati talent. The country is dedicated to helping its youth discover and leverage opportunities, ensuring they play a pivotal role in shaping the nation’s economic landscape.
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Sustainable and balanced economy
In its pursuit of a sustainable and balanced economy, the UAE prioritizes legislations and policies that guarantee resource sustainability and the use of environment-friendly energy sources. Government plans and strategies are oriented towards preserving natural resources for future generations.
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Strong and stable financial system
Ensuring financial stability, the UAE maintains a resilient public finance system and regulates its financial sector to meet the highest international standards of transparency, efficiency, and security. The country provides an attractive environment for global banks and financial institutions to develop and prosper.
- Strong and fair legislative environment
The UAE underscores the importance of a fair legislative environment, guaranteeing a robust investment climate supported by flexible laws and business-friendly policies. This framework aims to bolster the country’s status as a secure, competitive, and attractive destination for businesses, facilitating their development and global growth.
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Transparency and laws
Transparency and adherence to laws form a crucial part of the UAE’s economic principles. Creating an environment where trade can flourish against a backdrop of credibility, probity, and responsible economic management, the country seeks to provide accurate public data and reliable information, fostering investor confidence.
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Strong banking sector
The strength of the UAE’s banking sector lies in its alignment with the best global standards. Committed to safeguarding personal savings and supporting secure financial transactions, the sector collaborates with international organizations to implement best practices in compliance, banking data protection, and financial security.
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Transport and logistics infrastructure
In terms of transport and logistics, the UAE stands as a global hub with world-leading ports, airports, airlines, and shipping companies. Solidifying its position as a major center of trade that links East and West, North and South, the country plays a crucial role in the movement of goods and people on the international stage.
SOURCE: UAE: Sheikh Mohammed announces 10 economic principles; full list explained – News | Khaleej Times