Thursday, December 7, 2023

UAE Economy Growing at Fastest Rate in 10 Years

Minister of Economy, Abdullah bin Touq Al Marri stated that the UAE bragged one of the world’s most determined business environment with the support of national and foreign private sector, as well as several developmental initiatives, and an attractive labor market for international talents.UAE is executing comprehensive economic step to grow the capacity of the national business environment to attract capital.In a statement to Emirates News Agency (WAM) before Investopia 2023 in Abu Dhabi, Al Marri stated, “the global economy’s current international challenges have led to changing priorities and investment trends, with a focus on five key sectors: healthcare, transport and logistics, agriculture and food security, technology, and green energy. The UAE has utilised advanced technologies to develop capacities and meet the growing demand in these sectors. Additionally, the country aims to adopt a new and more open development model in line with the leadership’s future vision and the UAE Centennial 2071.”Abdullah bin Touq mentioned that the comprehensive economic initiatives and programmes launched by the UAE in the past few years with goals to increase the country’s capacity to address new economic concepts, such as virtual reality, data revolution, and artificial intelligence, and to raise significant commercial and investment opportunities in major areas. He further said, “Investopia was launched as part of the UAE’s efforts to create investment opportunities in new economic sectors by setting an ambitious goal to attract AED550 billion in foreign direct investments (FDI) to the country by 2031 and AED1 trillion by 2051. The UAE has adopted economic diversification policies that move away from oil, providing sufficient flexibility to address current economic challenges. However, the country’s future growth prospects require focusing on the ‘New Economy’ concept and taking opportunities created by advanced technologies in vital sectors such as space, agriculture, medicine, and engineering.”

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