Page 463 - MOE ENGLISH PR REPORT- NOVEMBER 2024

11/12/24, 11:24 AM Minister of Economy highlights advancements in UAE's business landscape at Gateway Gulf 2024 forum : GoDubai.com
aligns with the UAE's ambition to establish itself as a global hub for the new economy by the next decade, in line with
the ‘We the UAE 2031' vision.

H.E. added: “Today, GCC has become a formidable economic force with substantial influence on the global
investment landscape. Boasting strategic geographic locations, world-class infrastructure, and diverse investments
across the globe, these countries have emerged as international hubs for business and investment and home to
some of the largest global companies. We are committed to furthering cooperation among our GCC partners in

various sectors, particularly in economy and investment, and exploring opportunities that enhance our economic
integration, driving the resilience and growth of GCC economies.”

The Minister of Economy highlighted the deep-rooted fraternal ties between the UAE and Bahrain, which continue to
flourish across all sectors, driven by the visionary leadership of both nations.

He also shed light on the transformative developments within the UAE's business and investment landscape. Recent

updates include groundbreaking legal reforms, such as the family business law, cooperative law, commercial
agencies law, trading by modern technology means and arbitration regulations, as well as the introduction of 100 per
cent foreign ownership across sectors - all of which support the expansion of new economic activities.

H.E. highlighted that the developments concerning economic legislation have significantly improved the UAE's appeal
for businesses and the establishment of companies. There are currently 1.5 million commercial licenses registered in
the country. In 2023, the UAE economy witnessed an influx of FDI projects worth over USD 30.6 billion, reflecting a

remarkable 35 per cent growth compared to that of 2022. Moreover, in 2024, the UAE secured the top spot globally
as the most favourable destination for setting up new businesses, in addition to being ranked second globally in
attracting new project investments in 2023.

Furthermore, H.E. discussed the UAE's efforts in digital transformation and the development of state-of-the-art
technology infrastructure in line with international best practices. This aligns with the country's vision of becoming a
hub for emerging industries, new economic sectors, and regional as well as global entrepreneurship. Also
emphasized were various national strategies aimed at bolstering the role of different economic sectors in promoting
diversity and sustainability, particularly in areas such as renewable energy, green solutions, artificial intelligence (AI),

advanced technology, digital finance, and biotechnology.

Additionally, H.E. Bin Touq underlined the UAE's commitment to strengthening collaboration, forging global

partnerships, and expanding them by embracing an economic openness policy and streamlining trade operations
through the development of extensive logistics and technology solutions that facilitate the movement of goods. H.E.
Bin Touq stated that the UAE's engagement in the Belt and Road Initiative reflects its dedication to fostering stronger
economic connections with global partners and exploring new avenues for trade and investment, thereby driving the

growth and sustainability of the global economy.

The UAE has successfully established over 25 joint economic committees with 25 countries at regional and global
levels over the past four years. Furthermore, the UAE has entered into comprehensive economic partnership

agreements with 14 countries. Through these initiatives and agreements, the UAE is strengthening its role as a
prominent global partner and a leading economic hub, thereby positively influencing trade and investment flows.

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