Page 142 - MOE ENGLISH PR REPORT - JANUARY 2024

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UAE's key role in supporting major economic clusters

Furthermore, H.E. Bin Touq highlighted the UAE’s vision to promote economic openness

and build fruitful partnerships with leading regional and global strategic markets. H.E. also

underscored its vital role in supporting major economic clusters, which will shape the future

of the global economy. These efforts are supported by the UAE’s position as a competitive

and vibrant economic hub, which offers direct connectivity to more than 400 cities around

the world and boasts extensive shipping lines connecting 88 ports worldwide.

To this end, the Minister of Economy held a bilateral meeting with H.E. Bim Afolami,

Economic Secretary to the Treasury, to discuss the strengthening of cooperation in the

sectors of fintech, digital transformation, entrepreneurship, circular economy, financial

services and renewable energy.

During their meeting, the two sides shared views on leading global entrepreneurship

practices. They also discussed ways to strengthen bilateral cooperation and support SMEs

in the markets of the two countries, empowering them with possibilities to enhance growth,

financing mechanisms and competitiveness in various UAE-British economic activities and

to expand into foreign markets.

Moreover, the meeting saw the exchange of experiences in the development of flexible

economic policies and their role in promoting the growth and sustainability of the two

countries' economy. H.E. Bin Touq reviewed the UAE’s advanced economic legislative

system and its role in enhancing the competitiveness of the national business environment

and consolidating its leadership regionally and globally. These include the promulgation

and development of new legislation for the sectors of cooperatives, commercial
transactions, commercial registry, and family businesses; the granting of 100% foreign

ownership to companies; facilitating business establishment procedures; and promoting

openness to the world by establishing international partnerships with targeted strategic

markets. In addition, H.E. drew attention to the UAE’s promising investment opportunities

in the sectors of tourism, family businesses, e-commerce, manufacturing, sustainable
transport, and technology.

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