Page 390 - MOE ENGLISH PR REPORT - JANUARY 2025

Bin Touq said, “The UAE's participation in the World Economic Forum's annual meeting confirms its
key role in fostering inclusive and sustainable economic development at both regional and global
levels. It also supports collaboration to find effective solutions to address global economic
challenges.”

“Thanks to the guidance of its wise leadership, the UAE has adopted several national initiatives and
strategies that have enhanced its competitive edge at regional and global levels. These efforts have
also enhanced its ability to adapt to global changes and prepare for the future by localising
advanced technologies in the services offered to the society. This continued progress across
various sectors and the creation of a top-notch quality of life ecosystem in the UAE reflect the high
level of security and stability experienced by citizens and residents,” he added.

In this context, Bin Touq highlighted the progress achieved by the UAE in global competitiveness
indicators, including top rankings in 223 global indicators in 2024. Furthermore, it climbed three
positions from that of 2023 to rank the 7th globally in the World Competitiveness Report 2024
published by the World Competitiveness Centre. Additionally, the UAE ranked first globally in 20
indicators of Future Possibilities Index (FPI), as highlighted in the Global Future Possibilities Index
2024.

He added, “The UAE has achieved remarkable and pioneering outcomes in global competitiveness
in recent years, which sends a clear message regarding the robustness of its national economy. By
showcasing its resilience and adaptability to global shifts, the UAE has exceeded the expectations
set by international institutions and has demonstrated robust growth. Already home to over 1.1
million companies and economic institutions, the UAE's business environment continues to attract
companies, investors, and entrepreneurs from across the world.”
Diversification of UAE's Economy

Bin Touq said, “The UAE remained committed to promoting sustainability and driving the transition
towards a diversified and knowledge-based economic model in the past phase. The country
presents a unique model that has effectively boosted the contribution of non-oil sectors to the
economy to 75 per cent. National efforts to drive sustainable economic development are
continuing, with the aim of positioning the UAE as a global hub for the new economy by the next
decade, in line with the goals outlined in the 'We the UAE 2031' vision. At present, the UAE economy
encompasses various sectors of the new economy, including Fintech, artificial intelligence (AI),
entrepreneurship, advanced manufacturing, and food. Furthermore, the UAE’s stable economy is
supported by robust banking systems and strong regional and global economic partnerships.”

Bin Touq highlighted the importance of accelerating the transition towards innovative technology
and knowledge-based economic models. This is key to effectively navigating global economic
shifts. Additionally, promoting adaptability and fostering economic openness are essential to
address various challenges including geopolitical tensions, inflationary pressures, increasing
protectionist measures, and fluctuations in oil prices.

He emphasised that enhancing the competitiveness of economies requires the adoption of
innovations, research, science, and technology as essential foundations for developing a
competitive, knowledge-driven economy. Equally important is the development of a business

https://www.wam.ae/article/bhsvc39-minister-economy-reviews-role-proactive