What are Sheikh Mohammed’s 10 economic principles for the decade ahead?

The United Arab Emirates has far long been a champion in pioneering economic growth ahead of its time, from hosting the world’s eighth wonder, multiple records, rising tourism rates and one of the best real estate markets, there’s nothing that can be surpassed by this thriving country.

Recently, in a move to propel the country's economic growth, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced the approval of 10 key economic principles during the recent two-day government meetings in Abu Dhabi.

These principles are set to guide the UAE in the coming decade, focusing on various aspects to enhance developmental momentum and reach new levels of growth. We’ve broken them down for you:

1. An open economy without boundaries

With this principle, the UAE aims to maintain its status as an exemplary free-market economy, fostering international and regional economic and trade exchange without limitations. By building economic bridges with global partners, the UAE seeks to provide a global economic environment with attractive advantages and competitive incentives.

2. Attracting the best economic talent

Positioned as an economic hub where local and global minds come together, the UAE plans to attract skilled individuals, innovators, and creative minds. This is through organising incentive programs and a world-class quality of life aim to retain top global talents, facilitating a conducive climate for transforming creative ideas into innovative solutions.

3. Investing in the digital economy

The UAE positions itself as a hub for the global digital economy, as it has long been a magnet for technology companies, big data institutions, and future technologies. In line with this, continuous development of digital infrastructure and related regulations is in progress to open avenues for unlimited investment that helps shape the future.

4. Providing diverse opportunities for youth

The UAE actively involves placing young national talent at the core of their economic model in various sectors. They have programs that help equip young talent with essential skills and knowledge to enhance competitiveness in a globally open economic environment, and encourage institutions to create diverse employment paths.

5. Building a sustainable and balanced economy

Focusing on advanced legislation and policies, the UAE aims to ensure the sustainability of its economy through environmentally friendly energy sources. Plans and strategies prioritise the preservation of natural resources for future generations, reflecting a commitment to building a lasting and balanced economy.

6. Protecting the stability of state financial systems

The UAE aims to ensure the sustained development and strength of state financial systems, adhering to high global standards of efficiency and security. Continuous improvement and collaboration with international financial institutions enhance trust among local, regional, and global investors.

7. Continuous development of economic legislation

The commitment to ongoing enhancement and development of economic legislation ensures a robust investment environment with flexible laws and policies. Updatable legislative frameworks foster a business-friendly climate, positioning the UAE as a secure and attractive destination for businesses.

8. Transparency, credibility, and rule of law

The UAE commits to transparency, the rule of law, and high standards of economic transparency. Access to reliable information and accurate data related to various sectors enhances investor confidence, providing opportunities for increased investment inflow and economic growth.

9. The best banking system to boost economic growth

The UAE boasts a robust and advanced banking system adhering to the highest global standards. Prioritising the protection of personal savings and financial transactions, the country collaborates with international organisations to implement best practices, attracting capital inflows and supporting economic stability.

10. The best logistic infrastructure in the world

The relentless development of the world's best logistic infrastructure, including ports, airports, airlines, and navigational routes, solidifies the UAE's position as a key hub for global cargo and human movement. High-level services in transportation, travel, and logistics sectors enhance global trade, establishing the UAE as a crucial link between East and West, North and South.

These principles underline the UAE's commitment to becoming a global economic powerhouse, fostering innovation, and ensuring sustained growth in the years to come.

Keen to know more?

If you are curious to know more about the UAE’s economy, take a look at our latest blog on the GCC visa changes.

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