UAE Launches 10-Principle Roadmap to Supercharge Economic Performance

In a visionary move, the UAE unveiled an ambitious economic roadmap known as the “Economic Principles Document” on Wednesday. The document is designed to propel economic performance to new heights, fostering a dynamic and robust economy, bolstered by the nation’s flexible legislative framework and advanced logistical infrastructure. The announcement was made by Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE, Prime Minister, and Ruler of Dubai.

Sheikh Mohammed bin Rashid Al Maktoum declared, “Today, we concluded the annual meetings of the UAE government, where we resolved to place significant emphasis on the economic agenda in the upcoming period. Our goal is to fortify, enhance, and sustain the country’s development momentum, propelling it to new echelons of growth. The UAE government has approved the economic principles that will guide the country in the coming decade. These principles will serve as the overarching framework for achieving our economic objectives.”

He continued, “We envision the UAE as a global economic leader, characterized by a robust digital infrastructure, secure systems, a flexible legislative framework, and forward-thinking innovation. We call upon all stakeholders to align with these principles, adhere to their tenets, and use them as guiding beacons for formulating new economic policies, legislation, and initiatives.”

Diverse Foundation

Sheikh Mohammed bin Rashid Al Maktoum emphasized the UAE’s robust economy, founded on a diverse and multifaceted base, positioning it to attain regional and global success. He remarked, “Our economic sectors are strong and varied, and our aspirations for the future are immense. We will accept nothing less than regional and global preeminence.”

The Vice President of the Emirates delivered these remarks during the annual government meetings, which featured in-depth discussions and specialized sessions aimed at bolstering and accelerating the growth of various economic sectors. New policies and programs were introduced to drive foreign trade and reinforce the roles of the creative economy and financial services sectors.

Unified Investment Hub

The “UAE Economic Principles Document” has been devised to reinforce the country’s standing as a burgeoning economic and commercial hub on regional and global scales. It aims to expedite achievements in economic performance and foreign trade, guided by the “Fifty Principles” which affirm the UAE’s commitment to being a unified economic and investment destination. The overarching objective in the coming period is to construct the world’s most dynamic and influential economy, with the country’s economic development holding paramount national importance.

Principles of Progress

The roadmap outlines ten key principles. The first calls for an open economy without restrictions. The second principle focuses on attracting the finest economic talents. The third prioritizes investment in the digital economy. The fourth emphasizes the provision of diverse opportunities for the youth. The fifth aims to establish a sustainable and balanced economy that safeguards resources for future generations. The sixth principle centers on the preservation of state financial system stability. The seventh highlights the continuous development of economic legislation, ensuring transparency, credibility, and the rule of law. It also seeks to build the finest banking system to accelerate economic growth momentum, culminating in the world’s premier logistical infrastructure.

The UAE reported preliminary estimates of the country’s Gross Domestic Product for 2022. At constant prices, it surged to 1.62 trillion dirhams ($440 billion), reflecting a remarkable growth of 7.9 percent. Meanwhile, at current prices, it reached an impressive 1.86 trillion dirhams ($506 billion), marking a substantial increase of over 337 billion dirhams ($91.7 billion) compared to 2021. This equates to an astounding growth rate of 22.1 percent.

The UAE’s “Economic Principles Document” is a pivotal step in the nation’s journey towards becoming a global economic powerhouse, fostering innovation, and nurturing a diverse and resilient economy that leads the way regionally and beyond.

Emirates Unveils Exclusive Sustainable Collection ‘Aircraft by Emirates’

Leave a Reply

Your email address will not be published. Required fields are marked *