Sheikh Mohammed announces 10 Economic Principles of UAE

10-point economic principles of UAE announced by H.H. Sheikh Mohammed to make the country the world’s best. The plan which is titled the Economic Principles of UAE aims to become an open free-market economy with the motive of attracting top talent. He announced the 10 principles during the UAE Government Annual Meetings held in Abu Dhabi on 7-8 November.

By implementing the 10 economic principles of UAE, the government aims to foster an environment for a strong digital economy, financial system and legislative framework. Furthermore, the leadership aims to create a balanced economic outlook so that the UAE economy continues to grow. The document serves as a roadmap for the country’s next phase of economic development. 

Open Free-Market Economy 

The UAE aims to explore new economic opportunities with the motive of boosting exports, diversifying import sources and establishing partnerships. The idea behind this initiative is to form economic connections with other countries to drive investments in the country.

Attracting Talent

Attracting talented individuals along with global entrepreneurs and innovators while looking after the local ones is a major priority. Supporting skilled professionals and enabling them to convert their ideas into business opportunities is one of the primary goals. The UAE aims to do this by offering state of the art infrastructure which includes educational, healthcare, leisure and other facilities. 

Digital Economy

The country aims to build a digital economy by developing its digital infrastructure which is conducive for digital transactions. The country remains committed to advancing technology development and investing in transformative technologies such as artificial intelligence and big data. 

Nurturing Youth Development

The UAE is committed to helping young Emirati talent to integrate in its economic model while supporting them to discover and leverage opportunities. 

Sustainable Economy and Strong Financial System

The sixth principle focuses on legislative regulations and policies that ensure resource sustainability and energy sources that are environment-friendly. The strategy is aimed at conserving natural resources for years to come. Likewise, the seventh principle aims to ensure a regulated financial sector in line with international best practices along with a resilient public finance system that paves way for an attractive environment for global financial institutions to grow and prosper in the UAE. Recently, the finance ministry also unveiled a 4-year strategy to bolster economic growth.

Strong Regulatory Environment, Transparency and Laws

The seventh and eighth principle focuses on bolstering the country’s status by offering businesses a secure, competitive and attractive investment destination through a strong and transparent regulatory environment. This includes creating an environment to boost trade and provide reliable public data that can support businesses in informed decision-making.

Strong Banking Sector and Logistics Infrastructure 

Through collaborating with international organizations, the government aims to implement best practices in compliance, financial security and banking data protection. Likewise, the government is keen on enhancing its reputation as a global transport and logistics hub for the movement of people and goods.

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