Ibn Touq reviews the competitive advantages of the UAE economy during Davos 2025

2025/01/22 12:21:10 PM

3 minutes read

Davos, 22nd January / WAM / His Excellency Abdullah bin Touq Al Marri, Minister of Economy, confirmed that the private sector represents a major partner in promoting the growth of the national economy and supporting its competitiveness regionally and globally, as the UAE was keen to involve the private sector in many of the national strategies and plans that it launched during this stage. The past, which contributed to building a distinctive model of successful partnership between the government and private sectors in the country, especially since the new economic licenses that entered the UAE markets in the year 2024 reached 200 thousand licenses.
This came during His Excellency’s participation in a session entitled “Hard Power: Calling Companies to Wake Up in Light of Global Economic Changes,” which was organized within the activities of the 55th annual meeting of the World Economic Forum, “Davos 2025,” and discussed the impact of global tensions on the private sector, and the way it thinks about it. Companies to enhance their tools and adopt sustainable practices to face economic challenges regionally and internationally, as well as mechanisms to increase corporate profit rates in various economic activities, and the importance of providing more facilities and capabilities to motivate business owners to Achieving high growth rates and expanding into vital and sustainable economic sectors.
His Excellency Abdullah bin Touq said, during the session, that the UAE has established a clear approach to creating a flexible and competitive economic legislative system based on the best practices followed globally, as the country has worked to issue and update more than 30 legislation, policies and economic decisions over the past four years, the majority of which were in New and future economic sectors such as e-commerce, arbitration, commercial transactions, family companies and cooperatives, which has enhanced the attractiveness of the UAE markets for companies and business owners from all over the world, and supported the competitiveness of the economic position. The UAE is recognized regionally and internationally as a leading destination for business and investment.
He added that the UAE has provided the private sector with all the capabilities and components to increase its contribution to the non-oil sectors, including allowing 100% foreign ownership of companies, providing advanced technological infrastructure, speeding up the establishment of companies and diverse economic activities in a digital manner, and making more than 40 free zones available in the country. It offers exceptional incentives, and the UAE also applies competitive systems for long-term residency for periods ranging from five to ten years, for investors, entrepreneurs, and talents, in addition to the presence of more than 2,000 economic activities in the market. UAE, offering reduced customs duties.
His Excellency Bin Touq pointed out that the economic risks that the world is witnessing, such as protectionist policies, the exacerbation of global trade tensions, and the impact on supply chains, affect the reduction of investment opportunities and weaken the ability of companies to carry out their commercial activities with high efficiency, and also reduce productivity levels, so relying on economic strategies and visions. Flexible and supported by the orientation towards new economic sectors is the most prominent solution to confront these challenges, in addition to strengthening the policy of economic openness to the world, and supporting the international multilateral economic system, especially since emerging markets and developing economies are expected to outperform advanced economies, which Emphasizes the importance of comprehensive growth strategies.
In this context, His Excellency explained that the UAE considers technology an essential element to overcome potential challenges, and is constantly working to stimulate investment in new economic sectors such as artificial intelligence, financial technology and digital infrastructure, and to find innovative solutions and policies that support the growth and competitiveness of the UAE economy. The country has held more than 25 joint economic committees with 25 countries at the regional and global levels during the past four years, to enhance its position as a global partner and an attractive and influential economic center, in line with the objectives of the “We are the Emirates 2031” vision.