Page 480 - MOE ENGLISH PR - MAY 2024

5/28/24, 2:49 PM PRESSR: H.E. Bin Touq reviews UAE's new economic model during his meeting with Chairman & CEO of Morgan Stanley — Trad…
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 stimulate private investments in vital and sustainable

sectors and reviewing latest global strategies for investment and

economic diversification.

Moreover, during his roundtable meeting with top investors, H.E. Bin

Touq elaborated on the recent developments in the UAE’s business

environment and how investors and entrepreneurs can benefit from

its features to start and grow businesses and economic activities.

Most notably, these include amendments to the Commercial

Companies Law to allow full foreign ownership of companies and

establishment of businesses and activities and issuance of many

competitive and flexible economic laws. These changes led to a rise

in the number of companies operating in the country to more than

788,000 by the end of 2023. The UAE was also named the best place

to start and operate new economic businesses globally, according to

the Global Entrepreneurship Monitor (GEM) 2023/2024 report.

https://www.tradingview.com/news/reuters.com,2024-05-23:newsml_Zaw30mLvR:0-pressr-h-e-bin-touq-reviews-uae-s-new-economic-model-during-hi… 3/7