Page 472 - MOE ENGLISH PR REPORT- NOVEMBER 2024

11/12/24, 11:24 AM Latest News
H.E. Bin Touq emphasized that, under the guidance of its wise leadership, the UAE has made significant
strides in diversifying its economy and transitioning to a knowledge- and innovation-driven model. Today,

non-oil sectors contribute 74 per cent to the national GDP, attracting investors and entrepreneurs to expand
within these fields. This 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

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