‘We want to see the UAE at the forefront of global economies,’ says Sheikh Mohammed bin Rashid
The UAE has announced an ambitious plan to develop its economy into the world’s best. The country’s Vice-President unveiled a 10-point document that will help realise the plan.
The guiding principles present the UAE as an integrated economy backed by a fully-developed digital infrastructure, secure systems and adaptable legislation.
In addition to a strong and stable financial system, the UAE offers a fair legislative environment, with transparency and the rule of law upheld. “The UAE’s business community is supported by a strong banking sector,” reads the ninth principle, while the 10th talks about its “finest transport and logistics infrastructure”.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, wrote on platform X that the document serves as an economic roadmap for the “next phase in our national development”.
It is inspired by the Principles of the 50 document, which serves as a guide to political, economic and social development of the Emirates.
“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,” he said.
He announced the principles during the UAE Government Annual Meetings 2023 held in Abu Dhabi on November 7-8.
Here is the full list of the principles and what they mean:
1. Globally open free-market economy
The UAE welcomes international trade without constraints, states the document. It forges economic connections with the world, providing “clear and competitive advantages and incentives” to drive investments. It explores new economic opportunities to boost exports, diversify import sources and establish partnerships.
2. Attracting top talent
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