Page 475 - 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
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

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