Page 86 - MOE ENGLISH PR - MAY 2024

Press Release

and transition to a more resilient innovative and knowledge-based economic model. The non-oil
sectors now play a significant role in the UAE’s gross domestic product (GDP), at a significant 74
per cent. Additionally, H.E. discussed the economic policies and legislation designed to enhance
the competitiveness of the UAE’s business environment and attract FDI, which totaled 22.737
billion USD in 2022 compared to 2.07 billion USD in 2021, reflecting a 10 per cent growth.

Moreover, the Minister of Economy urged all participants to capitalize on the incentives offered
by the UAE’s business environment thanks to the modernization of economic legislation. These
include amendments to the Commercial Companies Law to allow full foreign ownership; the
introduction of long-term residencies for talents and entrepreneurs and new visa categories; in
addition to several sustainable development policies. Additionally, the UAE’s business
environment offers all enablers the private sector needs to expand into new and circular economies.

H.E. noted that the Tashkent International Investment Forum serves as a vital platform to explore
promising economic prospects and enhance collaboration between UAE and Uzbekistan private
sectors in diverse economic fields.

The UAE delegation to Uzbekistan comprised of 24 entities from public and private sectors,
including the Ministry of Finance, Ministry of Investment, Etihad Credit Insurance, DP World,
Etihad Water and Electricity, Ajman Chamber of Commerce and Industry (ACCI) and Masdar.
Abu Dhabi Sustainable Water Solutions Company (SWS), Abu Dhabi Fund for Development,
Tadweer and E20 Group among others.

-Ends-

For further information, please contact:

Orient Planet Group (OPG)
Tel: +971 4 4562888
Email: media@orientplanet.com
Website: www.orientplanet.com

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