Page 388 - MOE ENGLISH PR REPORT - JANUARY 2025

1/24/25, 3:04 PM WEF 2025: Al Marri says UAE issued 200,000 new economic licenses in 2024 to boost private sector growth
UAE’s competitive economic legislative framework
H.E. Bin Touq remarked, “The UAE has adopted a forward-thinking approach to developing a dynamic and
competitive economic legislative framework grounded in global best practices. Over the past four years, the
nation has issued and updated more than 30 crucial economic laws, policies, and resolutions that focus on new
and future-oriented sectors, including e-commerce, arbitration, commercial transactions, family businesses, and
cooperatives. These initiatives have positioned the UAE as a more appealing destination for businesses and
entrepreneurs worldwide, reinforcing its status as a regional and global hub for business and investment.”
Enhancing private sector contribution to non-oil sectors
H.E. further noted, “The UAE has equipped the private sector with essential enablers and resources to boost its
contribution to non-oil sectors. This includes allowing 100 percent foreign ownership of companies, providing
advanced technological infrastructure, streamlining business setups through digital platforms, and offering over
40 free zones with attractive incentives. Additionally, the UAE grants long-term residency options of five to ten
years for investors, entrepreneurs, and skilled professionals, and boasts more than 2,000 economic activities with
reduced customs duties.”
Economic risks impact investment opportunities
H.E. Bin Touq highlighted in WEF 2025 that global economic risks—such as protectionist policies, escalating
trade tensions, and supply chain disruptions—are diminishing investment opportunities, hindering companies’
operational efficiency, and lowering productivity. To tackle these challenges, he called for the adoption of flexible
economic strategies that focus on emerging sectors, enhance economic openness, and support a multilateral global
economic system, particularly as emerging markets and developing economies are projected to outpace advanced
economies, emphasizing the need for inclusive growth strategies.
Stimulating investment in new economic sectors
The Minister of Economy explained that the UAE views technology as a crucial tool for overcoming future
challenges. The country actively encourages investment in new economic sectors such as artificial intelligence,
fintech, and digital infrastructure, while developing innovative solutions and policies to drive the growth and
competitiveness of the UAE economy. Over the past four years, the UAE has formed more than 25 joint economic
committees with countries at both regional and global levels, solidifying its role as a trusted global partner and an
attractive economic hub, in alignment with the “We the UAE 2031” vision.

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