Page 402 - 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 Lev…

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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

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