Page 37 - MOE ENGLISH PR - MAY 2024

Press Release

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

H.E Bin Touq also visited the University of Miami's technology incubator to learn about its
successful experiences in the fields of economics, scientific research, technology, and artificial
intelligence. He was received by Mr. Julio Frenk, President of the University of Miami, and a
number of other university officials. During a meeting, the two sides touched on the importance
of taking advantage of the rapid technological developments in promoting the future growth of
startups and innovators and providing them with all enablers for growth and prosperity. He added
that the UAE offers a competitive business environment for entrepreneurs and startups, and that
for the third consecutive year, the country ranked first in the Global Entrepreneurship Monitor
(GEM) report 2023-2024, and as the best destination to establish new businesses and economic
activities.