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UAE is planning fastest-recovering economy in the world post-Covid-19: Sheikh Mohammed

Wam/Dubai
Filed on August 19, 2020 | Last updated on August 19, 2020 at 06.16 am
sheikh mohammed, uae, economy, fastest-recovering, world, post-covid-19, coronavirus
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, chaired a meeting with the Ministry of Economy's task force on Tuesday.

(Wam)

UAE VP expresses great optimism after reviewing 'The fifty economic plan' outlining the country's fiscal policy for next decade.


His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said that the UAE is striving is to have the fastest-recovering economy in the world and the most stable and diversified economy in the long term.

Sheikh Mohammed also said that the UAE already boasts a strong economy, is confident about its decisions and has a strong belief about its future.

His Highness' remarks came while chairing a meeting with Ministry of Economy's task force to review the ministry's post Covid-19 plans. The meeting was attended by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council; His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; and Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs.

Sheikh Mohammed was briefed about the ministry's bid to build the future economy of the UAE, entitled 'The fifty economic plan', which represents the ministry's vision for the next decade, and key outcomes for the national economy by 2030.

Abdullah bin Touq Al Marri, Minister of Economy, Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises (SMEs) and Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, presented the comprehensive plan of the ministry, along with key aspects of the 'The fifty economic plan'.

"We want a competitive national economy, [which is] well-integrated, acts proactively and makes quality strides," Sheikh Mohammed said.

He added that the UAE government is promoting a drive towards a economy post-Covid-19 which is based on knowledge, smart technology and advanced sciences. His Highness also said that the cornerstone of this new economy is passionate talent. "The economic equation of the next phase consists of a conducive business and legal environment, along with efficient logistics services," Sheikh Mohammed said.

The fifty economic plan is part of strategy launched by His Highness in December 2019, in which 2020 was declared as the year 'Towards the next 50'. This involves all segments of UAE society shaping life in the UAE for the next 50 years and preparing for the country's Golden Jubilee celebrations of 2021.

The ambitious economic plan revolves around five main pillars and 33 initiatives that identify the framework and mechanism of the economic system in the next decade. Its new economic model is based on a comprehensive work plan, with the contribution of a number of specific government agencies.

The five pillars will focus on integrated economy, SMEs and entrepreneurship, tourism, foreign direct investment (FDI), doubling exports and attracting talents.





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