Page 364 - MOE ENGLISH PR REPORT - JANUARY 2025

1/24/25, 2:56 PM Minister of Economy spotlights UAE’s competitive advantages and vibrant business ecosystem at Davos 2025
past years, creating a unique model of successful public-private partnerships in the country.
Remarkably, the number of new economic licenses issued in UAE markets totaled 200,000 in 2024, H.E.
added.

Global tensions and their impact on the private sector

The session explored the impact of global tensions on the private sector, 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.

UAE’s competitive economic legislative framework

H.E. 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.”

Enhancing private sector contribution to non-oil Sectors

H.E. added: “The UAE has provided the private sector with all necessary enablers and resources to
increase its contribution to non-oil sectors. These include the granting of 100 per cent foreign ownership
of companies, advanced technological infrastructure, the streamlining of 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.”

Economic risks impact investment opportunities

H.E. Bin Touq noted that global economic risks, such as protectionist policies, rising trade tensions, and

supply chain disruptions, are undermining investment opportunities, limiting companies' ability to
operate efficiently, and reducing 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.

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