5 factors will help increase UAE’s competitiveness: Sheikh Nahyan

Staff Reporter, Gulf Today

Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, Cabinet Member, and Commissioner General of Expo 2020 Dubai, spoke to the members of Capital Club Dubai on ‘How to make the UAE more competitive where everyone can thrive’.

Al Nahyan explained, “Growing the competitiveness of the United Arab Emirates in the world is closely linked to the country’s relentless march to becoming a knowledge-based society and economy and is embedded in at least five necessary elements.”

The five elements of success for the country include:

Leadership: Wise and visionary leadership have charted the nation’s growth and will continue to ensure strong governmental and societal support for development and progress.

Human capital: In a knowledge-based society, human capital is the engine of economic growth. However, the success in shaping skills and talents is dependent on an effective education system and training programmes. The challenge for the country is to further build and increase the quality of all aspects of recruitment and professional development of the nation’s human capital.

Regulations: A continual review of current and new regulations that match the ground reality is imperative to build the necessary infrastructure and ensure fair practices and equal opportunities for all. This includes the development of common understanding of national challenges and opportunities and strengthening of institutions that enable social and economic progress.

The Business Community: The creativity and innovative capacity of the business community enhances the nation’s global competitiveness and ensures an ecosystem where everyone can thrive. The members of the business community also understand their social responsibility reflected in providing employment opportunities, skilling and advancing ideas to fruition.

National values: The growth of this country, and the commitment by its leadership towards building a highly competitive economy, is undergirded by strong traditional principles and values of tolerance, wisdom, courage, loyalty and generosity. And upon these values, the country will grow in openness, transparency, innovation and entrepreneurship.

  Al Nahyan further elaborated the opportunities that would be released if these five elements worked successfully. Some of these are accelerating knowledge development and economic diversification, growing investment in renewable energy and environment protection, expanding infrastructure development, increase in SMEs, strengthening public private partnerships, supporting cultural industries and the arts, growing global investments and partnerships, etc.

 Al Nahyan also exhorted, “Competitiveness that comes with peace and harmony will elude us, if different elements of our population are in conflict, if we ignore or marginalize or distrust one another, if we reject the spirit of tolerance as a gateway to understanding, if we do not engage people different from us with respect in a search for common ground.”

He added, “A truly competitive knowledge-based society and economy requires knowledge of others, their virtues and strengths, and how they may be combined with our own to create a better outcome for all.”

The message was concluded by a reminder of the UAE government’s plans for the next 50 years, in bringing together the private and public institutions, nationals and expatriates, to create a vibrant, balanced and peaceful society which is focused on improving the quality of life for all.

Capital Club Dubai is a premium exclusive businesspersons club, a platform where eclectic business leaders meet to discuss challenges and opportunities, interact with government, and help shape future policies to create a fertile economic environment. We engage with thought leadership and industry experts from the region and the world, in the form of roundtables and panel discussions.  The important insights from these discussions are then captured in the form of reports and shared with our members. We are creating a legacy of knowledge, inclusive opportunities, and collaborations with diverse stakeholders.

Meanwhile, Dubai will welcome visitors from every corner of the globe from Oct.1, 2021 to March 31, 2022 to join the making of a new world, as it brings together the planet in one place to reimagine tomorrow.

With the purpose of ‘Connecting Minds, Creating the Future’, Expo 2020 will be the world’s most impactful global incubator for new ideas, catalysing an exchange of new perspectives and inspiring action to deliver real-life solutions to real-world challenges.

Expo 2020 will be the biggest cultural gathering in the world, presenting a visually striking and emotionally inspiring 182 days, as more than 200 participants – including nations, multilateral organisations, businesses, and educational institutions, as well as millions of visitors – create the largest and most diverse World Expo ever.

Expo 2020’s subthemes of Opportunity, Mobility and Sustainability will inspire visitors to preserve and protect our planet, explore new frontiers and build a better future for everyone.

For six months, Expo 2020 will be a must-visit family destination, with thousands of events, amazing exploratory experiences, and free entry for children up to age 18.