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1/24/25, 2:56 PM Minister of Economy spotlights UAE’s competitive advantages at Davos 2025 - Aletihad News Center
private sector in numerous national strategies and plans launched over the past years, creating a unique model of
successful public-private partnerships in the country. He stated that the number of new economic licences issued in

UAE markets totalled 200,000 in 2024. The session explored the impact of global tensions on the private sector and
how businesses are rethinking strategies to strengthen their tools and adopt sustainable practices to address

economic challenges regionally and internationally. It also discussed mechanisms to enhance profitability across
various economic sectors, as well as the importance of providing additional incentives and enablers to encourage
entrepreneurs to achieve high growth rates and expand into vital and sustainable sectors. Bin Touq said, "The UAE

has pioneered a visionary approach to developing a dynamic and competitive economic legislative framework based
on global best practices. Over the past four years, the nation has issued and updated over 30 key economic laws,

policies, and resolutions, focusing on new and future-centric sectors, including e-commerce, arbitration, commercial
transactions, family businesses, and cooperatives. "These efforts have made the UAE a more attractive destination for
businesses and entrepreneurs from around the world, strengthening its position as a regional and global hub for

business and investment."

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He added that the UAE has provided the private sector with all necessary enablers and resources to increase its
contribution to non-oil sectors. These include granting 100 percent foreign ownership of companies, advanced
technological infrastructure, streamlining business setup through digital platforms, and the availability of over 40 free

zones with attractive incentives. Additionally, the UAE provides long-term residency options of five to ten years for
investors, entrepreneurs, and skilled professionals. The country also boasts over 2,000 economic activities and offers

reduced customs duties. Bin Touq noted that global economic risks, such as protectionist policies, rising trade
tensions, and supply chain disruptions, undermine investment opportunities, limit companies' ability to operate
efficiently, and reduce productivity. Addressing these challenges calls for the adoption of flexible economic strategies,

focusing on emerging sectors, boosting economic openness, and supporting a multilateral global economic system,
especially as emerging markets and developing economies are expected to outperform advanced economies,
underscoring the importance of inclusive growth strategies. The Minister of Economy explained that the UAE sees

technology as the key tool for overcoming future challenges. It actively promotes investment in new economic sectors
like artificial intelligence, fintech, and digital infrastructure, while developing innovative solutions and policies to support
the growth and competitiveness of the UAE economy. Over the past four years, the UAE has established over 25 joint

economic committees with countries at regional and global levels, strengthening its position as a global trusted partner
and attractive economic hub, in line with the objectives of the "We the UAE 2031" vision.

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