UAE: Sheikh Mohammed announces 10 economic principles; full list explained

The UAE has announced an ambitious plan to develop its economy into the world’s best. The country’s Vice-President unveiled a 10-point document that will help realise the plan.

The guiding principles present the UAE as an integrated economy backed by a fully-developed digital infrastructure, secure systems and adaptable legislation.

Titled the ‘Economic Principles of UAE’, the document declares the country a globally open free-market economy that attracts the top talent from around the world. It highlights the country’s investments in the digital economy and its youth, while noting its sustainable and balanced economy.

In addition to a strong and stable financial system, the UAE offers a fair legislative environment, with transparency and the rule of law upheld. “The UAE’s business community is supported by a strong banking sector,” reads the ninth principle, while the 10th talks about its “finest transport and logistics infrastructure”.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, wrote on platform X that the document serves as an economic roadmap for the “next phase in our national development”.

It is inspired by the Principles of the 50 document, which serves as a guide to political, economic and social development of the Emirates.

“Our aim is to place the UAE at the forefront of global economies, with a strong digital structure, secure systems, flexible legislative framework and future thinking. The UAE’s attractiveness to top talent is growing and its positive impact as a global economic hub is constant,” he said.

He announced the principles during the UAE Government Annual Meetings 2023 held in Abu Dhabi on November 7-8.

Here is the full list of the principles and what they mean:

1. Globally open free-market economy

The UAE welcomes international trade without constraints, states the document. It forges economic connections with the world, providing “clear and competitive advantages and incentives” to drive investments. It explores new economic opportunities to boost exports, diversify import sources and establish partnerships.

2. Attracting top talent

The UAE attracts top talents, entrepreneurs and innovators from around the world, while nurturing home-grown ones. It offers attractive incentives for skilled professionals and creative minds and helps convert innovative ideas into commercial opportunities. It offers “world-class infrastructure”, including healthcare, education, leisure and other facilities that make ensure safety, security and stability.

3. Digital economy

The country offers an “international platform” for digital transactions and an “investment environment” for pioneers in big data, technology development and innovation. The country is continuously developing its digital infrastructure and business-friendly regulations. It remains committed to investing in transformative technologies like artificial intelligence, the document says.

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4. Nurturing the youth

The UAE is committed to “integrating” young Emirati talent at the core of its economic model. It will help them discover and leverage opportunities.

5. Sustainable and balanced economy

The country focuses on legislations and policies that ensure resource sustainability and environment-friendly energy sources. Government plans and strategies are aimed at “preserving natural resources for our future generations”.

6. Strong and stable financial system

The country ensures a “resilient public finance system” along with a regulated financial sector that meets the “highest international standards of transparency, efficiency and security”. It provides an attractive environment for global banks and financial institutions to “develop and prosper”.

7. Strong and fair legislative environment

The UAE guarantees a robust investment environment supported by flexible laws and business-friendly policies, the document states. Its legislation serves to “bolster” its status as a secure, competitive and attractive destination for businesses and provide a framework for them to develop and grow globally.

8. Transparency and laws

The UAE creates an environment where trade can flourish against a “background of credibility, probity and responsible economic management”. It strives to facilitate access to information from reliable sources and provide accurate public data supporting business decision making and intelligence, fostering investor confidence.

9. Strong banking sector

The sector is in line with the best global standards, “committed to safeguarding” personal savings and supporting secure financial transactions for clients. It collaborates with international organisations to implement best practices in compliance, banking data protection and financial security.

10. Transport and logistics infrastructure

This includes world-leading ports, airports, airlines and shipping companies. This solidifies its position as a major global hub for the movement of goods and people, and “a centre of trade that links East and West, North and South”.

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