Page 527 - MOE ENGLISH PR REPORT- NOVEMBER 2024

11/8/24, 3:05 PM Minister of Economy highlights developments in UAE business environment during Gateway Gulf 2024
The minister highlighted developments in the UAE business environment and

investment opportunities within the new economy sectors, as well as recent

economic legislative updates in the country.

Abdullah bin Touq affirmed that, under the guidance of its wise leadership, the

UAE has made significant strides toward diversifying its national economy and

shifting to a new economic model based on knowledge and innovation.

Currently, non-oil sectors, he said, contribute 74% of the nation's GDP, encouraging

investors and entrepreneurs to expand in these areas, supporting the UAE's goal of

becoming a global hub for the new economy by the next decade, in line with the

'We the UAE 2031'.

He stated, "Gulf countries have emerged as major economic powers with a

significant impact on the global economic and investment landscape, thanks to their

strategic geographical locations, outstanding infrastructure, and diverse investments

across many nations.

This, he added, has established these countries as international hubs for business

and investment, hosting some of the world's largest companies.

"We are committed to supporting continued Gulf cooperation across various fields,

especially in economic and investment sectors, and exploring opportunities to

enhance economic integration, contributing to the resilience and advancement of

Gulf economies toward greater progress and prosperity," he said.

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