Page 397 - MOE ENGLISH PR REPORT - JANUARY 2025

1/23/25, 2:10 PM Minister of Economy reviews role of proactive initiatives in enhancing UAE economy’s competitiveness at regional, global levels - B…
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 environment that encourages investment and fosters the growth of startups and promotes effective partnerships between
the public and private sectors.

He also highlighted the UAE's strong commitment to digital transformation, investment in human capital, and advancement of AI
technologies across various industries and sectors. These efforts contribute to achieving significant advancements in aligning
innovation with economic outcomes.

The UAE is actively participating in the World Economic Forum - Davos 2025 - engaging in key sessions, meetings, and other events.
The UAE seeks to strengthen its position as an influential global player, driving sustainable economic development, and leading the
way in innovation within key sectors such as technology, energy, trade and environmental sustainability.

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