Page 296 - MOE ENGLISH PR - MAY 2024

5/30/24, 8:42 AM H.E. Bin Touq Meets With Miami Business Council Members As Well As Senior Officials & Investment Funds In The States Of Flori…
reached approximately USD 6.3 billion from 2019 to 2023, marking a remarkable annual growth of 39 per cent
and reaching USD 1.9 billion in 2023. Furthermore, the economic partnership between both sides has resulted in
the creation of 14,500 job opportunities in the past year.

H.E. said: “We consider the American private sector a significant economic partner of our country’s business
sector. Under the guidance of both countries’ leaderships, we are fully confident that the economic and
investment collaboration will continue to advance and thrive.”

Strengthening of economic ties with Miami

During the meeting, H.E. said: “Miami is strategically situated, serving as a vital link to the Caribbean, Central and
South America. With a stable and adaptable financial market, our priority lies in strengthening economic ties with
Miami across the government and private sectors. Our aim is to explore promising prospects in areas such as the
new economy, creative industries, technology and artificial intelligence in both markets. We strive to embrace
innovative economic solutions that support the growth and sustainability of our economies.”

Diversity of the UAE Economy

The Minister of Economy elaborated on various strategies and visions implemented by the UAE in recent years to
diversify and sustain its national economy. This is of particular significance as the non-oil sectors now contribute
74 per cent to the non-oil GDP, positioning the UAE at the top spot among the fast-growing economies among
both the Gulf and Arab countries. Furthermore, the UAE has outpaced several prominent global economies. In
the first half of 2023, it secured the top ranking globally for economic strength and stability, according to the
Global Soft Power Index for 2024.

UAE’s Flexible Economic Legislations

H.E. reviewed an array of flexible economic policies and legislation promulgated by the country, their role in
promoting the competitiveness of the business and investment climate, and the establishment of a distinct
legislative infrastructure in accordance with global best practices in this regard. A number of laws were
promulgated and updated over the past three years, strengthening the country’s efforts to lead globally in the
development of proactive legislation for new economic sectors by the next decade, in light of the objectives of the
‘We the UAE 2031’ vision.

H.E. Bin Touq explained that the global economy is undergoing constant changes and transformations, which
prompts us to adopt flexible economic policies and motivate business communities to invest in fast-growing
sectors and explore opportunities in emerging markets, promote economic openness to the world, and support
economic clusters.

Meeting with Miami Beach Mayor

During the visit, H.E. Bin Touq met with H.E Steve Mainer, Mayor of Miami Beach, to discuss ways to enhance
economic cooperation in critical areas and sectors of shared interest, particularly technology, circular economy,
entrepreneurship, and small and medium enterprises.

The two sides also explored new mechanisms to support tourism cooperation, particularly as the UAE and Miami
enjoy unique natural tourism attractions such as beaches, mountain and recreational tourism. The two sides
agreed on the importance of increasing mutual tourist flows and reiterated support for increasing the number of
flights between them and promoting key tourism attractions on both sides.

Visit to Miami University

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