UAE News Today : Politics

Sheikh Mohammed reveals 10 guiding economic principles for UAE’s decade of progress

Abu Dhabi: The UAE Government Annual Meetings 2023 concluded today on a high note, after two days of successful discussions in Abu Dhabi, reviewing the most important developments and amendments of the legislative and judicial sectors in the UAE.

The two-day event was chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai. He witnessed the participation of more than 500 dignitaries, including heads of UAE executive boards, ministers and senior officials of the federal and local governments.

On the occasion, Sheikh Mohammed bin Rashid Al Maktoum tweeted: “Today marks the conclusion of the UAE Government’s annual meetings, a platform on which we have pledged intensified commitment to our economic agenda aimed at amplifying and diversifying the trajectory of development of our nation.

He announced the adoption of 10 economic principles that will guide the nation’s economic framework over the next decade. The focus will be on reinforcing the country’s development momentum and propelling it to unprecedented levels of progress. The governing document, known as the “UAE Charter of Economic Principles”, is inspired by the fifty principles of the UAE. It envisions the UAE as a unique economic and investment power, emphasizing the supreme national interest of economic development.

  • Principle One: An open economy that welcomes global trade
  • Principle two: attract the best economic talents
  • Principle three: investing in the digital economy
  • Principle Four: Empower Youth with Diverse Opportunities
  • Principle Five: Build a Sustainable and Resource-Responsible Economy
  • Principle Six: Ensure the Stability of the Financial System
  • Principle Seven: Continuous Development of Economic Legislation
  • Principle Eight: Transparency, Credibility and Rule of Law
  • Principle Nine: A strong and reliable banking system
  • Principle Ten: World Class Logistics Infrastructure

“The UAE government has ratified a set of economic principles that will serve as the cornerstone of our economic strategy over the next decade. Our goal is clear: to position the UAE at the forefront of the global economic landscape, supported by robust digital infrastructure, secure systems, a dynamic legislative environment and a spirit of futuristic thinking.”

The 2023 session of the Annual Meetings discussed the government’s main directions and reviewed the results of national initiatives and programs implemented, as well as recent updates on the UAE hosting the 28th Conference of the Parties to the UNFCCC (COP 28), starting in November. December 30 to 12, 2023.

“We call on all sectors to align with these principles, ensuring that they are at the center of new policies, laws and economic initiatives, guiding us towards unprecedented levels of development,” Sheikh Mohammed said.

UAE Charter of Economic Principles

Principle One: An open economy that welcomes global trade

The United Arab Emirates adopts a free market economic model, open to the entire world, that promotes international and regional economic and commercial exchange without undue restrictions. Actively build economic connections with nations, fostering a global economic environment with attractive incentives. The UAE is committed to facilitating diversified investments into and out of the country, exploring new economic opportunities to expand exports, diversify imports and cultivate broad trade and economic partnerships. This approach solidifies the UAE’s critical role in the free-market global economy.

Principle two: attract the best economic talents

The UAE provides an economic ecosystem where local and international talents converge, fostering innovation and creativity in vital economic sectors. Creates an enabling environment to transform creative ideas into innovative solutions, while offering attractive incentives for skilled individuals. The nation maintains its appeal to global talent through various programs that streamline transportation, living and working in the UAE, providing unmatched quality of life and services for qualified professionals and their families.

Principle three: investing in the digital economy

The United Arab Emirates has become a global hub for the digital economy, offering a platform for digital transactions and a welcoming investment environment for technology companies, big data institutions and emerging technologies. This is achieved through the continuous development of digital infrastructure and related legislation, encouraging the application of revolutionary artificial intelligence technologies and fostering a competitive Emirati digital economy that paves the way for the future.

Principle Four: Empower Youth with Diverse Opportunities

The UAE places its young domestic talents at the center of its economic model, allowing them to contribute significantly to various economic sectors. This is achieved by developing programs that equip them with essential skills and knowledge relevant to the global labor market, and by stimulating public and private sector institutions to create diverse jobs and career growth pathways for young people.

Principle Five: Build a Sustainable and Resource-Responsible Economy

The United Arab Emirates prioritizes the sustainability of its economy through advanced laws and policies that preserve resources, energy sources and the environment for future generations. Government plans and strategies are meticulously crafted to ensure the protection and responsible utilization of natural resources.

Principle Six: Ensure the Stability of the Financial System

The United Arab Emirates is committed to safeguarding the stability and development of its financial systems, adhering to rigorous international standards of efficiency and security. This commitment improves investor confidence locally, regionally and globally. The nation collaborates with international financial institutions to efficiently manage current and future risks, while attracting additional international banks and financial institutions to contribute to its economic prosperity.

Principle Seven: Continuous Development of Economic Legislation

Economic legislation in the UAE is continually improved to create a sound investment environment supported by adaptable laws and policies. These legislative frameworks can be updated periodically to align with global changes, improving the business climate and the attractiveness of various markets and sectors for investment.

Principle Eight: Transparency, Credibility and Rule of Law

The United Arab Emirates maintains an unwavering commitment to transparency, credibility and the rule of law. It adheres to high standards of economic transparency, providing accurate and reliable data on the performance of the sector. This commitment fosters the confidence of investors and business owners, in addition to earning the trust of global economic and financial entities, thereby increasing investment opportunities and driving economic growth consistently.

Principle Nine: A strong and reliable banking system

The UAE has a strong, internationally aligned banking system that prioritizes safeguarding the personal savings and financial transactions of customers, whether individuals or institutions. Collaboration with international organizations ensures the application of best practices in banking data protection, reinforcing capital attraction and global confidence in the UAE economy and its banking system, positively contributing to economic stability.

Principle Ten: World Class Logistics Infrastructure

The continued development of world-class logistics infrastructure, including ports, airports, airlines and shipping routes, cements the UAE’s status as a major global hub for the movement of goods and people. This connectivity to leading global destinations and the provision of high-quality services in the transport, travel and logistics sectors enhances global trade flow, cementing the UAE’s vital role as a crucial link between east, west, north and south of the world.

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