The guiding principles include an open economy, a digital push and attracting top talent
Abu Dhabi: The UAE Government’s Annual Meetings 2023 concluded today on a high note, after two days of successful discussions in Abu Dhabi, reviewing the most significant developments and amendments of the legislative and judicial sectors in the UAE.
The two-day event was chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. It witnessed the participation of more than 500 dignitaries, including heads of UAE executive boards, ministers, and senior officials in the federal and local governments.
Tweeting on the occasion, Sheikh Mohammed bin Rashid Al Maktoum said: “Today marks the conclusion of the UAE government’s annual meetings, a platform where we’ve pledged an intensified commitment to our economic agenda aimed at amplifying and diversifying our nation’s developmental trajectory.
He announced the adoption of 10 economic principles that will guide the nation’s economic framework for the next decade. The focus will be on bolstering the country’s developmental momentum and propelling it to unprecedented levels of progress. The guiding document, known as the “UAE Economic Principles Charter,” is inspired by the fifty principles of the UAE. It envisions the UAE as a singular economic and investment powerhouse, emphasizing the supreme national interest of economic development.
- Principle One: An Open Economy Welcoming Global Trade
- Principle Two: Attracting Top Economic Talents
- Principle Three: Investing in the Digital Economy
- Principle Four: Empowering Youth with Diverse Opportunities
- Principle Five: Building a Sustainable and Resource-Responsible Economy
- Principle Six: Ensuring Financial System Stability
- Principle Seven: Continuous Development of Economic Legislation
- Principle Eight: Transparency, Credibility, and the Rule of Law
- Principle Nine: A Strong and Trustworthy Banking System
- Principle Ten: World-Class Logistics Infrastructure
“The UAE government has ratified a set of economic principles to serve as the cornerstone for our economic strategy over the coming decade. Our goal is clear: to position the UAE at the forefront of the global economic landscape, underpinned by a robust digital infrastructure, secure systems, a dynamic legislative environment, and an ethos of futuristic thought.”
The 2023 session of the Annual Meetings discussed the government main directions and reviewed the outcomes of the implemented national initiatives and programmes, as well as the recent updates on the UAE hosting the 28th Conference of the Parties of the UNFCCC (COP 28), from November 30 to December 12, 2023.
“We call upon all sectors to align with these principles, ensuring they are at the heart of new policies, legislation, and economic initiatives, guiding us towards unprecedented levels of development.” Sheikh Mohammed said.
UAE Economic Principles Charter
Principle One: An Open Economy Welcoming Global Trade
The UAE adopts a free-market economic model, open to the entire world, promoting international and regional economic and trade exchange without undue restrictions. It actively builds economic connections with nations, fostering a global economic environment with attractive incentives. The UAE is committed to facilitating diversified investments to and from the country, exploring new economic opportunities to expand exports, diversify imports, and cultivate extensive trade and economic partnerships. This approach solidifies the UAE’s pivotal role in the global free-market economy.
Principle Two: Attracting Top Economic Talents
The UAE provides an economic ecosystem where local and international talents converge, fostering innovation and creativity in vital economic sectors. It creates an environment conducive to transforming creative ideas into innovative solutions, while offering attractive incentives for skilled individuals. The nation maintains its appeal to global talent through various programmes that streamline transportation, living, and working in the UAE, providing unmatched quality of life and services for qualified professionals and their families.
Principle Three: Investing in the Digital Economy
The UAE has become a global hub for the digital economy, offering a platform for digital transactions and a welcoming investment environment for technology companies, big data institutions, and emerging technologies. This is achieved through continual development of digital infrastructure and related legislation, encouraging the application of revolutionary artificial intelligence technologies and fostering a competitive Emirati digital economy that paves the way for the future.
Principle Four: Empowering Youth with Diverse Opportunities
The UAE places its young national talents at the core of its economic model, enabling them to contribute significantly to various economic sectors. This is accomplished by developing programmes that equip them with essential skills and knowledge relevant to the global job market, and by stimulating both public and private sector institutions to create diverse employment and professional growth pathways for the youth.
Principle Five: Building a Sustainable and Resource-Responsible Economy
The UAE prioritizes the sustainability of its economy through advanced legislation and policies that preserve resources, energy sources, and the environment for future generations. Government plans and strategies are meticulously crafted to ensure the protection and responsible utilization of natural resources.
Principle Six: Ensuring Financial System Stability
The UAE is committed to safeguarding the stability and development of its financial systems, adhering to rigorous international standards for efficiency and security. This commitment enhances the confidence of investors, locally, regionally, and globally. The nation collaborates with international financial institutions to efficiently manage present and future risks, while also attracting additional international banks and financial institutions to contribute to its economic prosperity.
Principle Seven: Continuous Development of Economic Legislation
Economic legislation in the UAE undergoes continuous improvement to create a robust investment environment supported by adaptable laws and policies. These legislative frameworks can be regularly updated to align with global changes, enhancing the business climate and attractiveness of various markets and sectors for investment.
Principle Eight: Transparency, Credibility, and the Rule of Law
The UAE maintains an unwavering commitment to transparency, credibility, and the rule of law. It adheres to high standards of economic transparency, providing accurate and reliable data on sector performance. This commitment fosters investor and business owner confidence, as well as earning trust from global economic and financial entities, thereby increasing investment opportunities and boosting economic growth consistently.
Principle Nine: A Strong and Trustworthy Banking System
The UAE boasts a robust and internationally aligned banking system that prioritizes the safeguarding of customers’ personal savings and financial transactions, whether individuals or institutions. Collaboration with international organizations ensures the application of best practices in banking data protection, bolstering capital attraction and global confidence in the UAE economy and its banking system, contributing positively to economic stability.
Principle Ten: World-Class Logistics Infrastructure
Continual development of top-tier logistics infrastructure, including ports, airports, airlines, and navigational routes, solidifies the UAE’s status as a major global hub for the movement of goods and people. This connectivity with prominent global destinations and provision of high-quality services in transportation, travel, and logistics sectors enhances global trade flow, cementing the UAE’s pivotal role as a crucial link between the east, west, north, and south of the world.