Dubai: UAE ministers have announced the first set of strategic projects aimed at fostering the UAE’s new phase of growth – both domestically and internationally.
The ambitious growth strategy coincides with the celebrations of golden jubilee of the nation and embarks on the 50 years to come.
The ‘Projects of the 50’ is a series of developmental and economic projects that will be rolled out throughout September, which aim to accelerate the UAE’s development and consolidate into a comprehensive hub in all sectors and establish its status as an ideal destination for talents and investors.
On Sunday, UAE ministers and senior officials announced the first set of projects, which include new and amended visa schemes, comprehensive global campaigns to attract foreign investment, national initiatives to support emerging Emirati companies and boost the quality of national products, partnerships with major economies across the world, and programmes to support the applications of the Fourth Industrial Revolution in all sectors. All of these projects seek to establish the UAE as a global nation and a testbed for technologies and innovation.
The ministers and officials who spoke at the conference on Sunday were: Mohammad Al Gergawi, Minister of Cabinet Affairs; Dr Sultan Al Jaber, Minister of Industry and Advanced Technology; Abdulla bin Touq, Minister of Economy; Omar AlOlama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications Dr Thani Al Zeyoudi, Minister of State for Foreign Trade; Sarah Yousef Al Amiri, Minister of State for Advanced Technology; and Saeed Al Eter, Chairman of the UAE Government Media Office.
Al Gergawi said that the vision for the next 50 years is to make the UAE the global capital of investment and economic creativity, an integrated incubator for entrepreneurship and emerging projects, and an advanced laboratory for new economic opportunities. He stressed how the ‘Projects of the 50’ provides impetus for investment in the digital and circular economies, and those based on the applications of artificial intelligence and the fourth industrial revolution.
“Over the past five decades, the UAE has opened its doors, ports, skies and economic sectors to become a destination for all, and we will continue on this path as we establish a pathway for 50 more years of development and opportunity. ‘Projects of the 50’ presents to the world a unified economic and investment identity for the next developmental stage in the UAE, establishing an agenda for the next 50 years based on development and opportunity,” said Al Gergawi.
‘Projects of the 50’ cover several key sectors including economy, entrepreneurship, advanced skills, digital economy, space and advanced technologies.
The series of development and economic projects aim to accelerate the UAE’s economic growth and diversification to ensure a decent life for its citizens and residents, enhance both the public and private sectors, and build a brighter future for the next generations.
As part of the efforts to consolidate the UAE’s position as a main gateway for global trade and investment, the UAE Government is undertaking comprehensive economic partnership agreements with eight key global markets around the world. The agreements aim to achieve an Dh40 billion annual increase to the UAE’s current Dh257 billion trade volume with these markets. The agreements fall under the UAE’s global economic partnerships strategy, which aims to double the size of the national economy from Dh1.4 trillion to Dh3 trillion over the next 10 years.
The countries with which deals were signed are distinguished by large markets that constitute 10 per cent of the world’s GDP, with an economic exchange among these countries worth $80 billion. Besides being home to 26 per cent of the world’s population, the eight countries possess large markets with high demand for goods and services, in addition to strong trade and economic relations in their respective regions.
The initiative will help develop the UAE’s network of trade and investment partners, ensure the flow and growth of Emirati trade with the world, and confirm the important role of the UAE in developing and facilitating global trade.
In conjunction, the UAE Government also approved the “Higher Committee for Economic Agreements” to oversee the expansion of partnerships with new markets and seize new investment and economic opportunities to sustain the growth of the national economy.
The digital economy will be a major element of “Projects of the 50”, reflecting the integral role that technologies and artificial intelligence will play in driving the country’s next phase of its development.
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