Sheikh Mohammed announces 'Economic Principles of UAE'

Gulf Today, Staff Reporter

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai announced the “Economic Principles of UAE,” aiming to further enhance the country’s economic performance and develop it into the world's best and most active economy.

Sheikh Mohammed bin Rashid Al Maktoum said: “Today, the Economic Principles of UAE which represents our economic roadmap for the next phase in our national development.”

Sheikh Mohammed added: “Our aim is to place the UAE at the forefront of global economies, with a strong digital structure, secure systems, flexible legislative framework and future thinking. The UAE’s attractiveness to top talent is growing and its positive impact as a global economic hub is constant.”

Sheikh Mohammed’s statement came during the UAE Government Annual Meetings 2023, held in Abu Dhabi between Nov.7-8, 2023.

The meetings saw a number of discussions and sessions on various fields and sectors, in addition to launching new initiatives and programmes that contribute to the country’s national development plan to achieve the objectives of the ‘UAE Centennial 2071.’

Inspired by the Principles of the 50, which serve as a guideline for the UAE's new era of political, economic and social development, the Economic Principles of UAE represents a roadmap steering the development of the country’s economy.

The 10 principles position the UAE as a globally integrated economy offering a fully-fledged digital infrastructure, secure systems, adaptable legislation, a forward-thinking mindset, and providing an attractive destination for innovative talent and investment. The Economic Principles of UAE are:

1. The UAE is a globally open free-market economy

The UAE serves as a model of a free economy, open to the entire world, welcoming international and regional economic and trade without constraints. It forges economic connections with the world, providing a global economic environment with clear and competitive advantages and incentives to drive investment and both inbound and outbound trade. It continually explores new economic opportunities to boost exports, diversify import sources and establish extensive trade and economic partnerships, thereby strengthening the UAE's position at the core of the global free-market economy.

2. The UAE attracts top talent

The UAE provides an environment that both attracts the world’s top talent, entrepreneurs and innovators, and nurtures home-grown talent. It offers attractive incentives for skilled professionals and creative minds and provides a climate that supports turning great ideas into commercial opportunities and helping them develop and thrive. It offers world-class infrastructure, including healthcare, education, leisure and other facilities that combine to provide a place where people can live, learn, work and play in an environment of safety, security and stability.

3. The UAE invests in the digital economy

The UAE serves as a global hub for the digital economy, offering an international platform for digital transactions and a compelling investment environment for pioneers in big data, technology development and innovation. This is achieved through the continuous development of both the UAE’s best-in-class digital infrastructure and business-friendly regulation. The UAE remains committed to investing in transformative technologies like Artificial Intelligence, which will play a critical role in shaping the future of the global landscape.

4. The UAE invests in developing and creating opportunities for its youth

The UAE is committed to integrating young Emirati talent at the core of the country's economic model, enabling them to discover and leverage opportunities across the economy by providing them with the skillsets and capabilities to ensure their competitiveness in global markets. Across the public and private sector alike, encouragement and investment are devoted to the creation of diverse and viable employment and professional development opportunities for young talent.

5. The UAE manages a sustainable and balanced economy

The UAE is focused on ensuring the sustainability of the country’s economy through advanced legislation, policies that safeguard resource sustainability, environmentally friendly energy sources, and government plans and strategies aimed at preserving our natural resources for future generations. It invests in global sustainability initiatives and promotes sustainable practices, business and public infrastructure at home.

6. The UAE offers a strong and stable financial system

The UAE maintains the strength and stability of its financial systems and practices, ensuring sound and resilient public finance together with a well-regulated financial sector that meets the highest international standards of transparency, efficiency and security. Embracing innovative financial instruments and models together with future-focused regulation and a strong role in the international financial system, the UAE provides an attractive environment for global banks and financial institutions to develop and prosper.

7. The UAE offers a strong and fair legislative environment

The UAE maintains the continuous development of its legislative system and processes to guarantee a robust investment environment supported by flexible laws and business-friendly policies. Its legislation serves to bolster the UAE’s status as a secure, competitive and attractive destination for businesses and provide a framework for them to develop and grow globally. The UAE is investing in a legislative framework that is agile and adaptable to embrace current and future developments and continue to foster a strong, safe and fair business environment.

8. The UAE upholds the principles of transparency and the rule of law

The UAE is dedicated to upholding transparency, compliance and the rule of law, creating an environment where trade can flourish against a background of credibility, probity and responsible economic management. The UAE actively strives to facilitate access to information from reliable sources and provide accurate public data supporting business decision making and intelligence, fostering investor confidence and supporting sound opportunities for investment and economic growth.

9. The UAE’s business community is supported by a strong banking sector

The UAE is committed to the development and operation of a robust and advanced banking system, in line with the best global standards, committed to safeguarding personal savings and supporting secure financial transactions for clients, both at the individual and business level. It collaborates with international organizations to implement best practices in compliance, banking data protection and financial security. Already home to world-class financial centres, thriving stock markets and global financial institutions, the UAE will continue to invest in expanding and supporting a financial sector that in turns supports business growth and investment.

10.The UAE offers the world’s finest transport and logistics infrastructure

The UAE continues to develop the world's most advanced transport and logistics infrastructure, including world-leading ports, airports, airlines and shipping companies. This effort solidifies its position as a major global hub for the movement of goods and people, a centre of trade that links East and West, North and South and, together with one of the most advanced global communications infrastructures, truly connects the world.