The UAE has always been in the forefront of forward planning. Historically, the country has laid out time-bound plans to achieve socioeconomic targets for the prosperity of the lives of its citizens.
Unfazed by the short and long-term impact of COVID-19, a global pandemic, on the national economy and the region, the UAE is moving ahead with plans that can steer the country through current turbulence into a secure future.
The recent move by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai to review the country’s 50-year economic plan is aimed at ensuring that all is set to achieve a qualitative leap in realising the country’s long term economic targets.
The UAE leadership’s ability to work within a scalable longer-term planning framework while adapting to dynamic global economic environment will be a sure-win formula for the post-COVID economic future of the country
The plan covers five tenets — create an integrated economy; develop entrepreneurship and small and medium enterprises (SMEs); build up tourism and foreign direct investments; and double exports, as well as attract and retain talent.
New knowledge-based economy
In the post-COVID-19 era, the UAE wants a new economy based on knowledge, smart technology, and advanced science. While the plans are firmly rooted at attracting global talent and innovative minds, the country will continue to place its emphasis on providing attractive business environment, a sophisticated legislative environment, and efficient logistic services for global investors.
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The new plan consists of 33 initiatives forming a flexible economic stimulus package, approved by the UAE Cabinet on August 3. As part of the plan, the UAE will deliver a three-stage flexible package of measures to bolster the economy, including steps to support the labour market and encourage investment.
The proposals would provide ‘studied’ stimulus packages and call for a flexible plan for various activities to ensure the sustainability of key economic sectors, expand emerging sectors and create new ones, based on the leadership’s vision of the future and using the best technology available.
The new plan comes within the framework of UAE’s Centennial 2071 plan that rest on four key pillars: a future-focused government; an excellent quality of education that focuses on advanced science and technology, space science, engineering, innovation and health sciences; a diversified knowledge economy that is focused on increasing productivity of national economy; and a happy and cohesive society where community development is an integral part. This includes establishing a secure, tolerant, cohesive and ethical society.
The UAE leadership’s ability to work within a scalable longer-term planning framework while adapting to dynamic global economic environment will be a sure-win formula for the post-COVID economic future of the country.