Page 466 - 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
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.

On the sidelines of the forum, the panel discussion explored the significant role played by the UAE in the

expansion and sustainability of supply chains and global trade. The country's capabilities, global infrastructure, and
strategic geographic location enable it to facilitate trade and link the East with the West.

The latest edition of the Gateway Gulf forum focused on promoting sustainable economic growth, exploring the
influence of AI on global market dynamics, and preparing and equipping the workforce for future demands and

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