UAE News Today : Politics

Mohammed bin Rashid announces ‘The economic principles of the United Arab Emirates’


His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, announced the “UAE Economic Principles”, with the aim of further improving the country’s economic performance and making it the best and most active economy in the world.

His Highness Sheikh Mohammed bin Rashid Al Maktoum saying,

“Today, the UAE Economic Principles represent our economic roadmap for the next phase of our national development.”

His height aggregate,

“Our goal is to place the UAE at the forefront of global economies, with a strong digital structure, secure systems, a flexible legislative framework and a vision for the future. The UAE’s appeal to top talent is growing and its positive impact as a global economic hub is consistent.”

His Highness’s statement came during the UAE Government Annual Meetings 2023, held in Abu Dhabi between November 7 and 8. The meetings saw a series of debates and sessions on various fields and sectors, in addition to the launch of new initiatives and programs that contribute to the country’s national development plan to achieve the objectives of the “UAE Centenary 2071”.

Inspired by him Early 50’sServing as a guide for the UAE’s new era of political, economic and social development, the UAE Economic Principles represent a roadmap that directs the development of the country’s economy.

The 10 principles position the UAE as a globally integrated economy that offers comprehensive digital infrastructure, secure systems, adaptable legislation, a forward-thinking mindset and an attractive destination for innovative talent and investment.

The economic principles of the UAE are:

1. The United Arab Emirates is a globally open free market economy

The United Arab Emirates serves as a model of a free economy, open to the entire world, welcoming international and regional economy and trade without restrictions. It forges economic connections with the world, providing a global economic environment with clear, competitive advantages and incentives to drive both inbound and outbound investment and trade. It continually explores new economic opportunities to boost exports, diversify import sources and establish broad trade and economic partnerships, thereby strengthening the UAE’s position at the center of the global free market economy.

2. The United Arab Emirates attracts top talent

The United Arab Emirates offers an environment that attracts the world’s best talent, entrepreneurs and innovators and fosters local talent. It offers attractive incentives for skilled professionals and creative minds and provides a climate that supports the conversion of great ideas into business opportunities and helps them develop and prosper. It offers world-class infrastructure, including healthcare, education, leisure and other facilities that combine to provide a place where people can live, learn, work and play in an environment of safety and stability.

3. The United Arab Emirates invests in the digital economy

The UAE serves as a global hub for the digital economy, offering an international platform for digital transactions and an attractive investment environment for pioneers in big data, technological development and innovation. This is achieved through the continued development of the UAE’s best-in-class digital infrastructure and business-friendly regulation. The UAE remains committed to investing in transformative technologies such as artificial intelligence, which will play a critical role in shaping the future of the global landscape.

4. The United Arab Emirates invests in developing and creating opportunities for its youth

The United Arab Emirates is committed to integrating young Emirati talent at the center of the country’s economic model, enabling them to discover and seize opportunities across the economy by providing them with the skills and capabilities to ensure their competitiveness in global markets. In both the public and private sectors, incentives and investments are dedicated to the creation of diverse and viable employment and professional development opportunities for young talents.

5. The UAE manages a sustainable and balanced economy

The UAE is focused on ensuring the sustainability of the country’s economy through advanced legislation, policies that safeguard resource sustainability, environmentally friendly energy sources, and government plans and strategies aimed at preserving our natural resources for generations. future. Invests in global sustainability initiatives and promotes sustainable practices, businesses and public infrastructure in the country.

6. The United Arab Emirates offers a strong and stable financial system

The UAE maintains the strength and stability of its financial systems and practices, ensuring strong and resilient public finances along with a well-regulated financial sector that meets the highest international standards of transparency, efficiency and security. By adopting innovative financial instruments and models along with future-focused regulation and a strong role in the international financial system, the UAE offers an attractive environment for global banks and financial institutions to develop and prosper.

7. The UAE offers a strong and fair legislative environment

The UAE maintains the continuous development of its legislative system and processes to ensure a sound investment environment supported by flexible laws and business-friendly policies. Its legislation serves to reinforce the UAE’s status as a safe, competitive and attractive destination for businesses and provide them with a framework to develop and grow globally. The UAE is investing in a legislative framework that is agile and adaptable to encompass current and future developments and continue to foster a strong, safe and fair business environment.

8. The United Arab Emirates upholds the principles of transparency and the rule of law

The UAE is dedicated to upholding transparency, compliance and the rule of law, creating an environment where trade can flourish in a context of credibility, probity and responsible economic management. The UAE actively strives to facilitate access to information from trusted sources and provide accurate public data that supports business decision-making and intelligence, building investor confidence and supporting strong investment opportunities and economic growth.

9. The UAE business community is supported by a strong banking sector

The UAE is committed to developing and operating a robust and advanced banking system, in line with best-in-class global standards, committed to safeguarding personal savings and supporting secure financial transactions for customers, both at individual and business levels. Collaborate with international organizations to implement best practices in compliance, banking data protection and financial security. Already home to world-class financial centres, thriving stock markets and global financial institutions, the UAE will continue to invest in expanding and supporting a financial sector that in turn supports business growth and investment.

10. The United Arab Emirates offers the best transport and logistics infrastructure in the world

The United Arab Emirates continues to develop the world’s most advanced transportation and logistics infrastructure, including world-leading ports, airports, airlines and shipping companies. This effort solidifies its position as a major global hub for the movement of goods and people, a hub of commerce that links East and West, North and South and, together with one of the most advanced global communications infrastructures, truly connects the world.

News source: Emirates News Agency


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