UAE invests in new sectors such as space and climate change technology to transition towards a knowledge-based economy.
According to a top Government official, the UAE is investing in emerging industries including the space industry and climate change technology as it works to move to a knowledge-based economy.
The comments were delivered by the Economy Minister, Abdullah bin Touq Al Marri, at the City Week 2023 Forum, which is taking place in London until April 26. In order to attract AED550bn ($150bn) in Foreign Investment by 2030, the UAE will continue to invest in its space programme, sustainable energy, and other emerging areas. Al Touq also emphasised the country’s close ties to the UK and the UAE’s investments there.
The forum covers a variety of topics, such as:
· Climate change, Green Financing and Sustainability , Institutional adoption
· Regulation of Digital Assets
· Digitisation and Innovation in Capital Markets
“Creating investment opportunities in new economy sectors like the space industry, renewable energy, circular economy, and advanced technology is key to ensuring sustainable global economic growth,” Bin Touq remarked in response to the Climate Change, Green Financing, and Sustainability Summit. “These industries have the potential to help the human race create a more prosperous future.”
He continued: “The UAE has achieved great progress in its shift to a more flexible and diverse, knowledge-based economic model by investing in new economic sectors, including renewable energy. “The Nation started funding sustainable energy initiatives over 15 years ago, and as of today, its investments in this area total more than $40 billion. The UAE intends to invest an additional $160 billion over the following three decades to investigate additional prospective investment opportunities in the key sector.
In keeping with the UAE’s objective to bring in AED550 billion in Foreign Direct Investment (FDI) to these industries by 2030, these initiatives will support the country’s status as an alluring location for investments in new economic sectors.
According to the Minister of Economy, “the UAE Government has launched several successful strategic initiatives to enhance dependence on new economic sectors to drive the growth of the national economy. This was done under the guidance of its wise leadership and in light of the objectives of the 50 and the UAE Centennial 2071 goals.
The UAE Circular Economy Policy 2021–2031 is one of them, and it helped to advance the nation’s all-encompassing and sustainable economic and social development. The UAE Green Agenda 2030 is also notable since it improved the competitiveness of the national economy and promoted the sustainable use of natural resources.
All of these tactics are currently helping to increase the country’s GDP. The UAE’s real GDP is anticipated to increase by 7.6% in 2022, 3.9% in 2023, and then 4.3% in 2024, according to the Central Bank.
According to Bin Touq, the UAE recognized that the threat posed by climate change also offered encouraging chances to boost global economic growth and increase the availability of investment possibilities for both the public and private sectors. “On the basis of this conviction, the nation used cutting-edge technology to develop new commercial potential for electric vehicles, solar, wind, and hydrogen energy. The UAE’s strategic aims to create a clean economy and attain carbon neutrality by 2050 are supported by these programs.
