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Press Release

H.E. Bin Touq highlights UAE's pioneering approach to investing in

future economy sectors and AI’s advancements

Minister of Economy participates in forum on UAE’s new economy at GITEX
Global 2024

Abu Dhabi, 15 October 2024 - H.E. Abdulla Bin Touq Al Marri, Minister of Economy,
participated in a session titled ‘The Emergence of the UAE's New Economy: Artificial Intelligence
and Emerging Industries, held at GITEX Global 2024, which took place at the Dubai World Trade
Centre from October 14 to 18. The session examined the influence of innovative technologies on
the UAE’s expanding economic landscape.

H.E. Bin Touq highlighted the UAE's success in fostering a forward-thinking and encouraging
environment for innovation, entrepreneurship, and technology startups, which can be attributed to
the implementation of a range of strategies and legislation supporting economic diversification
and FDI attraction. The ultimate goal is the integration of AI into key economic sectors, bolstering
its role in the national economy’s sustainable growth and expansion. These efforts solidify the
UAE's position as the preferred destination for research and development investments and
establish an advanced innovative environment in line with the goals of the ‘We the UAE 2031’
vision - to become a global hub for the new economy.

H.E. Bin Touq said: "The global economy is experiencing a notable transition towards technology-
driven, innovative industries. This shift has catalysed the emergence of numerous new
technologies in the trade and investment sectors. Recognising the significance of these
transformations in driving national economic growth and sustainability, the UAE government has
adopted proactive measures including the launch of tailored initiatives for the business community.
Investopia is one of them, aimed at attracting international investments and fostering business
incubators, enhancing activities linked to investment, education and training. The primary
objective is to develop a skilled workforce that is well-equipped to meet the demands of a
technology-driven economy."

H.E. emphasised that the UAE has adopted a progressive approach to increasing economic
openness to the world. It is characterized by diverse collaborations between Western countries and
the Middle East, with a special focus on technology, innovation, and AI sectors. The objective is
to enhance opportunities for startups by leveraging digital advancements and drawing upon the
expertise of major technology companies.