Page 40 - MOE ENGLISH PR REPORT - JANUARY 2025

Press Release

Minister of Economy spotlights UAE’s competitive advantages at

Davos 2025

DAVOS, 22nd January, 2025 (WAM) - Abdulla bin Touq Al Marri, Minister of
Economy, emphasised the private sector's role as a key partner in driving national
economic growth and boosting its competitiveness at both regional and international
levels.

In a session titled "Hard Power: A Wake-Up Call for Businesses Amid Global Economic
Shifts," held at the 55th Annual Meeting of the World Economic Forum (Davos 2025), Al
Marri added that the UAE has consistently involved the private sector in numerous
national strategies and plans launched over the past years, creating a unique model of
successful public-private partnerships in the country.

He stated that the number of new economic licences issued in UAE markets totalled
200,000 in 2024.

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

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.