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5/28/24, 2:49 PM H.E. Bin Touq reviews UAE's new economic model during his meeting with Chairman & CEO of Morgan Stanley - Middle East Ne…
Conference alongside Morgan Stanley, in the presence of H.E. Ghannam Butti Al Mazrouei,

Chairman of the Abu Dhabi Securities Exchange.

During the interactions, H.E. reiterated the UAE’s commitment to strengthening cooperation

and fostering productive partnerships with global financial and business institutions and major
investment funds. These efforts aim to boost the competitiveness of the UAE’s business

landscape, support the ongoing modernization of economic legislation, and solidify the

country’s status as a leading global hub for business and investment. H.E. highlighted the

crucial role that Morgan Stanley and international banks play in supporting these efforts and
encouraging investments in rapidly expanding sectors, facilitating the shift towards innovative

and flexible economic models.

During the meeting, H.E. Bin Touq discussed the UAE’s new economic model based on
knowledge and innovation and its role in ensuring resilience in the face of current global

challenges. It also contributes to accelerating the diversification of the national economy,

especially since the contribution of non-oil sectors to the UAE’s GDP has reached 74 per
cent. This model has also contributed to enhancing the UAE’s attractiveness to foreign

investments in new economic sectors, especially fintech, entrepreneurship, clean energy,

sustainable manufacturing, smart transportation, and the circular economy.

The Minister of Economy noted that the UAE economy is going through a new phase of

sustainable development thanks to the flexible and competitive economic policies,

legislations, and economic partnerships with diverse strategic markets at regional and global
levels. The non-oil GDP increased by 5.9 per cent during the first nine months of 2023, and

the inward FDI amounted $22.737 billion, an increase of $2.07 billion with nearly 10 per cent

growth compared to 2022, recording the second highest global increase in new foreign

investment projects at a rate of 28 per cent.

Both sides exchanged views and experiences on competitive and flexible economic policies

and their role in creating promising opportunities for the private sector. They also discussed
the latest global economic developments and their impacts on the region, the need to

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