Page 48 - MOE ENGLISH PR REPORT - JANUARY 2025

Press Release

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 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.

-Ends-