UAE Ministry of Economy reviews ways to accelerate development

Abdullah Bin Touq Al Marri, Cabinet Member and Minister of Economy (MoE), has re-affirmed the ministry’s commitment to continue to work closely with its partners to address all besetting challenges through a flexible package and general plan to support the country’s economy.

The minister made the remarks at a meeting held at the ministry’s HQ in Dubai in the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, along with Abdulla Al Saleh Undersecretary of the Ministry of Economy for Foreign Trade and Industry and a number of Emirati business owners.

The minister emphasised the directives of the UAE leadership to ensure the transition of the economy to a more flexible and sustainable model, highlighting in this regard the ministry’s 33 major initiatives which address the development of all sectors, and ensure support for labour market, stimulation of trade, enhanced flexibility of financing activities, increased productivity, support for digital transformation, acceleration of green economy growth and enhanced food security.

The meeting reviewed the key aspects of the 33 initiatives and prospects of enhancing partnerships between the public and private sectors over the coming period to identify market opportunities for business growth and address economic challenges.

Meanwhile the Ministry of Economy discusses plans with SCTDA to boost tourism. Abdulla Bin Touq Al Marri, UAE Minister of Economy; Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; and Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, met with Khalid Jasim Al Midfa, Chairman of Sharjah Commerce and Tourism Development Authority (SCTDA), recently to discuss areas of cooperation to support the country’s tourism sector.

The meeting explored ways to revive tourism activities in order to consolidate the UAE’s position as a leading, diversified, and sustainable tourism destination at the regional and global levels.

The high-level meeting, which took place at SCTDA’s headquarters in Sharjah, saw the UAE Ministers of Economy reiterate tourism sector’s pivotal role in the country’s long-term sustainable development plans and future economic progress, reflecting the UAE vision to build a diversified, globally competitive, and knowledge- and innovation-driven economy led by UAE nationals.

Furthermore, the two sides discussed prominent tourism programmes and initiatives launched in Sharjah and the UAE. During the discussion, they agreed to strengthen coordination and cooperation to implement relevant initiatives included in the flexible packages and the 33-initiative plan that were unveiled to support key economic sectors. The parties also took the opportunity to examine the latest major developments and prevailing challenges facing the tourism sector in light of the current phase.

Al Marri said: “With its developed and pioneering system, the UAE’s tourism industry performed well as evidenced by its impressive ratings and high rankings across many global indicators last year. For instance, it ranked first in the Middle East region and 33rdglobally in terms of global competitiveness. Tourism’s economic contributions last year were considerable as well. According to the 2019 report of the World Economic Forum, the sector accounted for 11.9 per cent of the UAE’s gross domestic product (GDP) and created 745,000 job opportunities.” “We will continue to strengthen our communication and coordination with the private sector entities operating in the tourism industry to monitor and follow-up on the most important developments in the sector and address present challenges brought about by the COVID-19 pandemic. The global health crisis has affected tourism worldwide.

In the UAE, we have been actively collaborating with our various partners to come up with a stronger future road map for the industry and effectively fast-track the implementation of value-added programs according to the 33-initiative plan. Given the resiliency of the UAE’s tourism industry, we are confident that the sector is well-positioned to overcome various challenges and strengthen once again its contributions to the country’s economic development,”he added.

On SCTDA’s efforts promoting Sharjah’s tourism, the Minister of Economy commended the Authority for its numerous initiatives to spur activities not only in the emirate’s sector but also in the entire UAE, as well as encourage citizens and residents to explore the many tourist attractions in the country.

Dr Al Falasi, for his part, was upbeat that the country remains on track to reinvigorate the tourism industry by maximizing its high-growth potentials amid the effects of the pandemic over the past months and the still-challenging market conditions. The UAE’s tourism and hospitality sectors performed well in the past. As of end of 2019,1,136 hotel establishments, which include more than 183,000 rooms, now operate in the UAE. The hotels welcomed at least 27 million guests of various nationalities combined in 2019, a6 per cent increase compared to2018.

WAM/Agencies