UAE's bold ambitions: Sheikh Mohammed announces 3 national priorities for doubling GDP by 2031
Thursday 09 November 2023Thursday 09 November 2023
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UAE's bold ambitions: Sheikh Mohammed announces 3 national priorities for doubling GDP by 2031

UAE's bold ambitions: Sheikh Mohammed announces 3 national priorities for doubling GDP by 2031

The UAE is gearing up to achieve ambitious economic milestones, as we all know recently the budget for 2024-26 has been approved and Dubai has positioned itself for economic growth, it all begins with a comprehensive national agenda unveiled during the UAE Government Annual Meetings in Abu Dhabi.

This annual meeting is chaired by Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister, and Ruler of Dubai, and this event was attended by more than 500 dignitaries, ministers, and senior officials.

During this meeting; Sheikh Mohammed emphasised the need for heightened efforts in light of the current regional situation, setting forth three core priorities that will shape the nation's future:

1. Maintaining economic momentum: With this the UAE is committed to sustaining its impressive economic growth by implementing policies, streamlining procedures, enhancing services, and introducing new incentives.

2. Youth empowerment: With a focus on nurturing the nation's youth, this annual meeting aimed to reinforce youth values, identity, and create more economic opportunities to ensure a thriving future generation.

3. Sustainability and environment: Based on this meeting, developmental projects are set to undergo a significant transformation to ensure they are sustainable, preserve resources, and protect the environment for generations to come. Sustainability will be integrated into policies, laws, and future projects.

Achievements and vision

The first day of the UAE Government Annual Meetings saw various ministers and officials highlighting the UAE's remarkable achievements. This had some key highlights:

  • 94% of the 2023 projects and initiatives under the "We the UAE 2031" vision were successfully achieved.

  • The UAE secured a place among the top 10 countries in the Soft Power Index and ranked first in the MENA region in the Global Food Security Index.

  • The UAE joined the BRICS group, highlighting its growing influence on the global stage.

  • The country was ranked fourth globally in international tourist spending, with visitors contributing AED 224 billion ($61 billion) to the economy.

  • Non-oil foreign trade witnessed exceptional growth, surpassing AED 1.239 trillion ($337 billion) with a 14.4% increase.

  • Various ministers discussed transformative projects, including a sustainable national early detection system, enhanced health services, and funding mechanisms, showing a commitment to public welfare.

Building the future

The UAE is also looking to expand international cooperation across different economic sectors to enhance its readiness for the future. This includes the development of the UAE's food economic bloc to promote economic growth.

Further discussions focused on areas like cooperation with the African continent, building an integrated housing complex in partnership with the private sector, and expanding foreign trade agreements to boost the national economy.

Notably, a session titled "How to double GDP by 2031" revealed that the UAE is working on a range of sectors, including circular economy, agrotechnology, fintech, biotechnology, artificial intelligence, and space technology, to double the national economy's GDP.

The UAE's journey towards a stronger economy and a brighter future has just begun. These national priorities and ongoing efforts reflect a nation with a clear vision and unwavering determination to achieve its goals. The UAE Government Annual Meetings set the stage for the country's transformation, and the world is watching as it continues to rise.

Impressive, isn’t it?

Keen to know more about Dubai’s economy? Take a read at our latest guide on Dubai’s upcoming 2024-26 budget.

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