Following the high-level governmental meeting on October 7 and 8, the UAE government has formulated a roadmap for the country’s economy, outlining a ten-year plan for its development. These 10 economic principles in the UAE will be central to the UAE’s economic planning and growth.
Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai has taken to Twitter to share the following message “Today, we concluded the annual meetings of the UAE government, during which we decided to focus significantly in the coming period on the economic agenda with the aim of enhancing the country’s developmental momentum, reinforcing and solidifying it, and reaching new levels of growth”.
اختتمنا اليوم أعمال الاجتماعات السنوية لحكومة الإمارات والتي أقررنا خلالها التركيز بشكل كبير خلال الفترة القادمة على الأجندة الاقتصادية بهدف تعزيز الزخم التنموي للدولة وتعزيزه وترسيخه والوصول به لمستويات تنموية جديدة ..وأقرت حكومة الإمارات اليوم المبادىء الاقتصادية للدولة خلال… pic.twitter.com/5UCdrjRCMw
— HH Sheikh Mohammed (@HHShkMohd) November 8, 2023
This announcement underscores the UAE government’s commitment to prioritizing economic development and growth in the nation’s agenda.
Sheikh Mohammed bin Rashid has published on Twitter a two-page “The UAE Economic Principles Document”.
As indicated in the Twitter post, the primary objective of this plan is to transform the UAE into a unified economic and investment destination within a decade.
This plan likely outlines key economic strategies and policies to foster economic growth and development in the UAE over the specified timeframe.
What are the 10 economic principles in the UAE?
The 10 economic principles in the UAE, as outlined in the country’s economic development roadmap, are as follows:
1. Globally Open and Free Economic Environment: The UAE aims to maintain a globally open and free economic environment, fostering international trade and business activities.
2. Attracting Top Talent: The country is dedicated to attracting and retaining top talent, both domestic and international, to contribute to its economic growth.
3. Investment in Digital Economics: The UAE is focusing on investing in digital economics to drive innovation, technological advancement, and digital transformation across various sectors.
4. Youth Development and Opportunity Creation: The government is committed to developing and creating opportunities for the nation’s youth, ensuring they have a significant role in the economy.
5. Sustainable and Balanced Economics: Sustainability is a key principle, with a focus on balanced economic development that addresses environmental and social concerns.
6. Strong and Stable Financial System: The UAE seeks to maintain a strong and stable financial system to support economic growth and stability.
7. Strong and Fair Legislative Environment: Ensuring a strong and fair legislative environment is vital for business and investment activities.
8. Transparency and the Rule of Law: Transparency and adherence to the rule of law are essential for promoting trust and accountability in economic activities.
9. Robust Banking System for Business Support: A strong banking system is essential to support businesses, both small and large, in their growth and operations.
10. World-Class Transport and Logistics Infrastructure: The UAE is committed to maintaining world-class transport and logistics infrastructure, facilitating the movement of goods and people to support economic activities.
These principles form the foundation of the UAE’s economic planning and development strategy for the coming decade, reflecting its dedication to sustainable growth and global competitiveness.