UAE constantly refines its economic model and strategic approaches: VP

Business Bureau, Gulf Today

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Monday said the vision, proactive strategy and committed efforts of the UAE’s federal and local teams have enabled the UAE economy to be progressive, resilient and stable and maintain a high level of preparedness to deal with any kind of crises and challenges.

The UAE constantly refines its economic model and strategic approaches to ensure it is able to leverage new opportunities brought by the evolving regional and global environment, he said.

“In the UAE, we constantly work on enhancing our economic model in innovative ways to achieve our key objectives of attracting the brightest talent from across the world, promoting advanced technology, and creating a truly knowledge-based economy,” Sheikh Mohammed noted.

Sheikh Mohammed remarks came as he reviewed the plans and programmes of the Ministry of Economy.

“Today, we launched a number of economic initiatives - an accelerator for family-owned businesses that supports them in accessing new markets; an economic research institute established in collaboration with leading universities (UAE Growth Lab); and a global investment conference (Investopia) to be held in March 2022 that will discuss strategies to leverage the opportunities created by the new economy,” Sheikh Mohammed said.

“We have also launched an entrepreneurial academy (Skill-Up Academy) and a new platform to support the growth of startups (Scale-Up Platform), in addition to a web portal (Grow in UAE) to provide comprehensive information about policies and investment opportunities in the UAE. Furthermore, we have launched a new national agenda to attract talent to the UAE,” Sheikh Mohammed added.

“We are continuing our relentless efforts to add new value to the economy and enhance its growth momentum. We conducted a broad restructuring of the government last summer so that all ministries, internal and external entities and legislative entities can focus on a common objective - the economic growth of the UAE in the next 50 years,” Sheikh Mohammed said.

Sheikh Mohammed launched several initiatives of the Ministry of Economy that together represent a new development roadmap for the UAE and an innovative growth-oriented economic model in line with the vision for the UAE’s future.

Sheikh Mohammed was briefed on the progress of the economic initiatives that were approved during the last ministerial retreat held to develop a comprehensive strategy for the next 50 years; and the Ministry of Economy’s efforts to develop a new economic development agenda for the UAE and enhance its readiness to resolve challenges and take advantage of opportunities in the upcoming phase.

“The post COVID-19 world has brought several new shifts and a changed environment. We need to think differently and develop innovative policies. Federal and local teams should work as one unit to benefit from the opportunities that the new emerging global economy has to offer,” His Highness noted.

The initiatives and projects launched by Sheikh Mohammed include an accelerator platform for family-owned businesses, which seeks to improve their performance, help them enter new markets and build their brands. The new accelerator also supports start-up projects by enhancing their ability to attract investment opportunities, fast-track growth, and build their capabilities and skills.

Sheikh Mohammed also launched the UAE Growth Lab initiative established in collaboration with four leading universities - UAE University, Zayed University, American University of Sharjah, and New York University Abu Dhabi. The Lab is designed to be a leading research institute that utilises data and advanced economic models to develop policies that can support the UAE’s competitiveness and leadership in the global economy, especially in trade, investment, SMEs, and fourth industrial revolution sectors.

Sheikh Mohammed also launched the Skill-Up Academy, an initiative to promote entrepreneurship and the Scale-Up Platform, a new platform focused on supporting the growth of companies. The Skill-Up Academy seeks to develop the entrepreneurial skills of citizens and residents through educational initiatives and policies that also aim to promote diversification and the competitiveness of the local economy. The Scale-Up Platform supports the growth of small and medium sized companies with services and products designed to accelerate their expansion.

 Sheikh Mohammed also announced the Investopia Investment Summit, a new conference to be held in March 2022, that aims to bring together major global investors to discuss opportunities in various sectors of the new economy. Sheikh Mohammed was also briefed on the ‘Grow in UAE’ initiative, a smart web portal that provides potential investors with information on policies and procedures and investment opportunities in the UAE with the aim of facilitating their investment journey.

Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai;  Sheikh Ahmed Bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Media Council;  Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Abdulla bin Touq Al Marri, 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 were also present.