UAE launches the ‘markets of tomorrow’ initiative at WEF

The initiative aims to develop new business accelerators that will prepare the UAE’s national economy to embrace business activities focused on the new economy and enhance its readiness to enter tomorrow’s markets, utilizing the latest technological means



Abdulla bin Touq Al Marri, UAE Minister of Economy, said that the UAE is entering “a new era of development and sustainable progress. — File photo
Abdulla bin Touq Al Marri, UAE Minister of Economy, said that the UAE is entering “a new era of development and sustainable progress. — File photo
by

Issac John

Published: Thu 26 May 2022, 6:15 PM

The UAE launched on Thursday the “Markets of Tomorrow” initiative, in partnership with the World Economic Forum at WEF’s annual meeting in Davos.

The initiative aims to develop new business accelerators that will prepare the UAE’s national economy to embrace business activities focused on the new economy and enhance its readiness to enter tomorrow’s markets, utilizing the latest technological means.

The launch of the initiative is part of a comprehensive strategic partnership agreement between the UAE Ministry of Economy and the World Economic Forum’s New Economy and Society Centre. The agreement was signed by Abdulla bin Touq Al Marri, UAE Minister of Economy, and Saadia Zahidi, managing director at the World Economic Forum.

The official delegation of the UAE to the WEF shed light on the continuous efforts made by the Emirates in various fields of interest on global level while announcing initiatives and agreements to further enhance collaboration with WEF in the fields of 4IR and future business models to support start-ups and to better prepare for the future digital economy.

The high-level UAE delegation includes a number of ministers and officials in the federal government, and senior officials of the Government of Abu Dhabi and the Government of Dubai. Seven UAE ministers have addressed key sessions covering the most vital future sectors.

The forum focuses on six main pillars, including restoring global order and regional cooperation, ensuring economic recovery and foreseeing a new era of growth, building healthy and just societies, protecting the climate and food and nature sources, leading the industrial transformation, and harnessing the potential of the Fourth Industrial Revolution.

The UAE also announced the signing of an agreement with the World Economic Forum in the development of applications of the Fourth Industrial Revolution.

The “Markets of Tomorrow” initiative focuses on launching new accelerators in the UAE government and allocating them to support new business models in the UAE, strengthening the role of startups in the national economy, enabling them to prepare for future digital and technological work that will be part of the post-oil economy, developing a new vision that will be the most important focus of market designer alliances, supporting cooperation and integration between the government and private sectors, and shaping future markets.

Al Marri said that the UAE is entering “a new era of development and sustainable progress in accordance with a clear vision and integrated strategies, to provide tools and mechanisms of action to embrace business activities based on the concepts and applications of new economies, and attract startups from regional and international markets, especially those focused on innovation, knowledge and modern technology”.

The minister said that the government is committed to encouraging businesses to move to the UAE, reflecting a new economic model developed based on pillars that entrench entrepreneurial thinking in business and provide solutions, learning opportunities and incentives.

The UAE government also announced the signing of an agreement with the World Economic Forum in the development of applications of the Fourth Industrial Revolution, in the presence of Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Deputy Managing Director of Dubai Future Foundation, and Jeremy Jurgens - Managing Director & Head of the Forum’s Centre for the Fourth Industrial Revolution.

Al Olama said the strategic partnership between the UAE government and the World Economic Forum aims to serve communities by employing artificial intelligence, blockchain and various technologies of the future, and sharing innovative experiences and practices to provide supportive environments for the development of new ideas and projects that accelerate the process of scientific, technological and cognitive progress.

— issacjohn@khaleejtimes.com


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