In a visionary move to further propel the economic prowess of the United Arab Emirates (UAE), His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, recently announced the "Economic Principles of UAE". This comprehensive set of principles aims to elevate the country's economic performance and position it as the world's premier and most dynamic economy. The announcement, made during the UAE Government Annual Meetings 2023 in Abu Dhabi, underscores the nation's commitment to charting a course for sustained growth and innovation.
The Visionary Economic Roadmap
His Highness Sheikh Mohammed bin Rashid al Maktoum expressed the significance of the Economic Principles of UAE, describing it as the economic that will guide the nation in the next phase of its national development. The principles are designed to strategically position the UAE to the forefront of global economies, characterized by a robust digital infrastructure, secure systems, a flexible legislative framework, and forward-thinking strategies. The goal is to enhance the UAE's allure to top talent globally and solidify its role as a constant force in the global economic landscape.
The 10 Guiding Principles
Globally Open Free-Market Economy: The UAE stands as a beacon of a free-market economy, welcoming international and regional economic and trade partnerships without constraints. By fostering economic connections worldwide, the UAE aims to provide a global economic environment with clear competitive advantages, incentives, and trade opportunities, solidifying its position at the core of the global free-market economy.
Attraction of Top Talent: The UAE is committed to creating an environment that not only attracts the world's top talent but also nurtures homegrown innovators and entrepreneurs. By offering attractive incentives, world-class infrastructure, and a stable living environment, the UAE seeks to become a hub where people can live, learn, work, and play.
Investment in the Digital Economy: The UAE is positioned to be a global hub for the digital economy, facilitating international digital transactions and providing an attractive environment for pioneers in big data, technology development, and innovation. Continuous investment in digital infrastructure and business-friendly regulations underscores the commitment to transformative technologies like Artificial Intelligence.
Youth Development and Opportunities: The UAE places a strong emphasis on integrating young Emirati talent into the heart of its economic model. By providing skillsets and capabilities, the nation aims to enable its youth to discover skillsets and capabilities, the nation aims to enable its youth to discover and leverage opportunities across various economic sectors, ensuring their competitiveness in global markets.
Sustainable and Balanced Economy: Ensuring the sustainability of the country's economy is a core focus, involving advanced legislation, policies for resource sustainability, and environmentally friendly energy sources. Government plans and strategies aim to preserve natural resources for future generations, with investments in global sustainability initiatives and the promotion of sustainable practices.
Strong and Stable Financial System: The UAE is committed to maintaining the strength and stability of its financial systems and practices, with a well-regulated financial sector meeting the highest international standards. By embracing innovative financial instruments and models, the nation provides an attractive environment for global banks and financial institutions to thrive.
Fair Legislative Environment: Continuous development of the legislative system is a priority, ensuring a robust investment environment supported by flexible laws and business-friendly policies. the agile legislative framework is adaptable to current and future developments, fostering a strong, safe, and fair business environment.
Transparency and Rule of Law: The UAE is dedicated to upholding transparency, compliance, and the rule of law, creating an environment conducive to flourishing trade against a backdrop of credibility and responsible economic management. Access to reliable information and accurate public data supports business decision-making, fostering investor confidence.
Supportive Banking Sector: A robust and advanced banking system is essential, safeguarding personal savings and supporting secure financial transactions for both individuals and businesses. Collaboration with international organizations ensures the implementation of best practices in compliance, banking data protection, and financial security.
World-Class Transport and Logistics Infrastructure: The UAE continues to develop the world's most advanced transport and logistics infrastructure, solidifying its position as a major global hub for the movement of goods and people. With leading ports, airports, airlines, and shipping companies, the UAE connects the world, serving as a vital center of trade that links East and West, North and South.
The Economic Principles of UAE, unveiled by His Highness Sheikh Mohammed bin Rashid Al Maktoum, represent a bold and strategic roadmap for the nation's economic future. Rooted in visionary thinking, these principles not only aim to bolster the UAE's economic performance but also position it as a beacon of innovation, sustainability, and global connectivity. As the nation progresses into a new era of economic, political, and social development, these principles serve as a guiding light toward a future where the UAE stands as a testament to what can be achieved through vision, determination, and strategic planning.