The United Arab Emirates (UAE) has set its sights on becoming the world’s premier economy, with the Vice-President unveiling a comprehensive 10-point plan to guide this ambitious vision. Titled the ‘Economic Principles of UAE,’ the document outlines key strategies to position the country as an integrated, forward-thinking, and globally open free-market economy.
Guiding Principles for a Global Economic Hub
The Economic Principles of UAE underscore the nation’s commitment to building an integrated economy supported by robust digital infrastructure, secure systems, and adaptable legislation. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, sees this document as a roadmap for the next phase in the country’s national development.
Principles Unveiled During UAE Government Annual Meetings 2023
The unveiling of these principles took place during the UAE Government Annual Meetings held in Abu Dhabi on November 7-8, marking a significant step toward transforming the UAE into a global economic powerhouse. The Vice-President emphasized that the UAE’s positive impact as a global economic hub is consistently growing, driven by its attractiveness to top talent and a strong digital structure.
The 10-Point Economic Plan
Here is an in-depth look at the 10 principles outlined in the ‘Economic Principles of UAE’ and their significance:
1. Globally Open Free-Market Economy
The UAE aims to welcome international trade without constraints, forging economic connections worldwide and providing clear and competitive advantages and incentives for investments. The focus is on exploring new economic opportunities, boosting exports, diversifying import sources, and establishing partnerships.
2. Attracting Top Talent
The UAE is positioned as a hub that attracts top talents, entrepreneurs, and innovators globally while nurturing home-grown talent. It offers incentives for skilled professionals and creative minds, emphasizing world-class infrastructure in healthcare, education, leisure, and other facilities.
3. Digital Economy
The country provides an international platform for digital transactions and investments in big data, technology development, and innovation. Continuous development of digital infrastructure and business-friendly regulations reinforces the UAE’s commitment to transformative technologies like artificial intelligence.
4. Nurturing the Youth
The UAE places young Emirati talent at the core of its economic model, committing to integrating them and helping discover and leverage opportunities.
5. Sustainable and Balanced Economy
Legislations and policies focus on resource sustainability and environment-friendly energy sources, with an overarching goal of preserving natural resources for future generations.
6. Strong and Stable Financial System
Ensuring a resilient public finance system, the UAE maintains a regulated financial sector meeting the highest international standards of transparency, efficiency, and security.
7. Strong and Fair Legislative Environment
The UAE guarantees a robust investment environment supported by flexible laws and business-friendly policies to bolster its status as a secure, competitive, and attractive business destination.
8. Transparency and Laws
Creating an environment where trade flourishes against a backdrop of credibility and responsible economic management, the UAE facilitates access to reliable information, fostering investor confidence.
9. Strong Banking Sector
Aligned with global standards, the banking sector safeguards personal savings and supports secure financial transactions, collaborating with international organizations to implement best practices.
10. Transport and Logistics Infrastructure
Featuring world-leading ports, airports, airlines, and shipping companies, the UAE solidifies its position as a major global hub for the movement of goods and people, serving as a center of trade that links East and West, North and South.
The ‘Economic Principles of UAE’ serves as a comprehensive guide to propel the nation into a new era of economic excellence, inspired by the Principles of the 50 document, guiding political, economic, and social development in the Emirates. The UAE’s commitment to these principles reflects its determination to be a key player on the global economic stage.
