Page 372 - MOE ENGLISH PR REPORT - JANUARY 2025

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."

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.

https://www.entrepreneur.com/en-ae/leadership/uae-minister-of-economy-emphasizes-private-
sectors-role-in/485919