In a significant announcement, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, unveiled the “Economic Principles of UAE.” The initiative is designed to propel the country’s economic performance, positioning it as the premier and most active global economy.
During the UAE Government Annual Meetings 2023 in Abu Dhabi from November 7th to 8th, Sheikh Mohammed emphasized the importance of the Economic Principles as a guiding framework for the nation’s economic trajectory in the upcoming phase of its development.
“Our aim is to place the UAE at the forefront of global economies, with a robust digital infrastructure, secure systems, flexible legislative framework, and forward-thinking approach,” stated Sheikh Mohammed. He highlighted the growing appeal of the UAE to top talent and its consistent positive impact as a global economic hub.
Inspired by the Principles of the 50, which guide the UAE’s new era of political, economic, and social development, the Economic Principles of UAE consist of 10 key principles. These principles position the UAE as a globally integrated economy, offering a comprehensive digital infrastructure, secure systems, adaptable legislation, a forward-thinking mindset, and an attractive destination for innovative talent and investment.
The 10 Economic Principles of UAE are as follows:
1. The UAE as a globally open free-market economy: The UAE aims to be a model of a free economy, fostering economic connections with the world and providing clear competitive advantages to drive investment and trade.
2. Attracting top talent: The UAE is committed to creating an environment that attracts global talent, offering incentives for skilled professionals and fostering a climate that supports innovation.
3. Investing in the digital economy: The UAE seeks to become a global hub for the digital economy, investing in top-tier digital infrastructure and business-friendly regulation, with a focus on transformative technologies like Artificial Intelligence.
4. Developing opportunities for youth: The UAE prioritizes integrating young Emirati talent into the core of the country’s economic model, providing them with the skills and capabilities to compete globally.
5. Managing a sustainable and balanced economy: Sustainability is a key focus, with advanced legislation and policies aimed at preserving natural resources for future generations.
6. Maintaining a strong and stable financial system: The UAE ensures the strength and stability of its financial systems, embracing innovative financial instruments and models while adhering to international standards.
7. Offering a strong and fair legislative environment: Continuous development of the legislative system ensures a robust investment environment supported by flexible laws and business-friendly policies.
8. Upholding transparency and the rule of law: The UAE is dedicated to transparency, compliance, and the rule of law, creating an environment conducive to flourishing trade.
9. Supporting a strong banking sector: The UAE is committed to a robust and advanced banking system, collaborating with international organizations to implement best practices.
10. Providing world-class transport and logistics infrastructure: The UAE continues to develop advanced transport and logistics infrastructure, solidifying its position as a major global hub for the movement of goods and people.
