In a landmark announcement, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, revealed a comprehensive set of 10 economic principles that will shape the trajectory of the United Arab Emirates (UAE) over the next decade. The unveiling occurred during a two-day government meeting in Abu Dhabi, where more than 500 dignitaries, including heads of UAE executive boards, ministers, and senior officials, gathered to discuss and review strategies and initiatives at federal and local levels. These economic principles are designed to propel the UAE into a new era of growth, sustainability, and global prominence.
An Economy Open to the World Without Boundaries
The first principle emphasizes the UAE’s commitment to maintaining an exemplary free-market economy that is open to the world without limitations. Sheikh Mohammed envisions the country as a global economic powerhouse, fostering international and regional economic and trade exchange without restrictions. The focus is on building economic bridges, attracting diverse investments, and positioning the UAE at the core of the global free-market economy.
Attracting the Best Economic Talent
The second principle highlights the UAE’s status as an economic environment where local and global minds converge. The country aims to attract and retain the best talents, innovators, and creative minds by offering a conducive climate for transformation and a world-class quality of life. Diverse incentive programs are in place to facilitate the transition, living, and working of skilled individuals and their families, ensuring the continuous influx of top global talents.
Investing in the Digital Economy
Positioning itself as a hub for the global digital economy is the third principle. The UAE aims to be an international platform for digital transactions, attracting technology companies, big data institutions, and future technologies. Continuous development and updating of digital infrastructure and related regulations are emphasized, creating an environment open to the application of artificial intelligence revolution technologies and unlimited investment in a competitive digital Emirati economy.
Providing Diverse Opportunities for Youth
The fourth principal places young national talent at the core of the Emirati economic model. The UAE aims to actively involve its youth in various economic sectors by developing programs that equip them with essential skills and knowledge. The focus is on enhancing their competitiveness in a globally open economic environment, encouraging both public and private sector institutions to create diverse employment paths and professional development opportunities.
Building a Sustainable and Balanced Economy
The fifth principle underscores the UAE’s commitment to ensuring the sustainability of its economy through advanced legislation and policies. These measures guarantee the sustainability of resources and environmentally friendly energy sources, reflecting a dedication to building a lasting and balanced economy. The goal is to leave a legacy of environmental responsibility and wealth conservation for future generations.
Protecting the Stability of State Financial Systems
The sixth principle focuses on ensuring the stability of all state financial systems, emphasizing sustained development, strength, and adherence to high global standards. Collaboration with international financial institutions is highlighted to ensure efficient risk management, attract more banks and financial institutions, and enhance the trust of local, regional, and global investors.
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Continuous Development of Economic Legislation
The seventh principle stresses the ongoing enhancement and development of economic legislation to create a robust investment environment supported by flexible laws and policies. This commitment aims to position the UAE as a secure and attractive destination for establishing, developing, and stabilizing businesses, fostering a business-friendly climate and attractiveness for investments.
Transparency, Credibility, and Rule of Law
The eighth principle underscores the UAE’s commitment to transparency, the rule of law, and high standards of economic transparency. Access to information from reliable sources and providing accurate data related to the performance of various sectors are prioritized. This commitment enhances the confidence of investors, business owners, and international economic and financial entities, driving economic growth indicators upward year after year.
The Best Banking System to Boost Economic Growth Momentum
The ninth principle highlights the robust and advanced nature of the UAE’s banking system, adhering to the highest global standards. Prioritizing the protection of personal savings and financial transactions, collaboration with international specialized organizations is emphasized to implement best practices in banking data protection. This contributes to attracting capital inflows, supporting global confidence in the UAE economy and banking sector, and positively impacting the economic stability climate.
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The Best Logistic Infrastructure in the World
The tenth principle reaffirms the UAE’s commitment to developing the world’s best logistic infrastructure, covering ports, airports, airlines, and navigational routes. This strategic development solidifies the UAE’s position as a key hub for global cargo and human movement, enhancing global trade and establishing the country as a crucial link between the East and West, and the North and South.
To Sum Up
Sheikh Mohammed’s unveiling of these 10 guiding economic principles marks a significant milestone for the UAE, outlining a comprehensive roadmap for the country’s progress over the next decade. These principles, ranging from fostering an open economy and attracting global talent to investing in the digital frontier and ensuring sustainability, demonstrate the UAE’s commitment to becoming a global economic powerhouse. As the nation continues to focus on economic growth, development, and innovation, these guiding principles are poised to shape the UAE’s journey toward new levels of prosperity and prominence on the world stage.