Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the approval of the Council of Ministers, the Ministry of Economy is preparing to implement a flexible package and a general plan to support economic sectors, comprising 33 initiatives in 3 stages, with the aim of creating a flexible economic environment that provides new opportunities It encourages investment in future sectors that support the country's strategic visions and directions.
The ministry confirmed in a statement yesterday, that the timeframe of the plan extends over three main stages, leading to improving growth in vital economic sectors, according to the priority to support the national economy, and preparing the country to enter a sustainable development path.
The Council of Ministers announced at its last meeting that it approved the details of the flexible package and the general plan to support the economic sectors, with the formation of a committee headed by the Minister of Economy, Abdullah bin Touq Al-Marri, and the membership of the relevant authorities, to work to follow up on the implementation of this plan and submit its recommendations to the Cabinet.
Al-Marri said, “The economic plan offers specific initiatives that touch the requirements of the economic situation and provide a safe and stable economic climate that generates new investment opportunities and serves the needs of different sectors during the next stage, by providing thoughtful stimulus packages that stimulate the business environment and develop the state’s capabilities in the sectors. The future serves the vision of leadership and achieves a sustainable development impact. ”
Bin Touq added: “One of the most important pillars that the work team headed by the Ministry of Economy and the membership of the concerned parties in designing this plan is is to set policies to enhance the flexibility and sustainability of the state’s economic model, and support government efforts in pushing for more digital transformation and investment in advanced industries and dependence on New technology".
The plan was based on monitoring global developments under the current exceptional circumstances, taking into account the vitality of the UAE economy and its openness to global markets.
A country-specific analytical model was designed, combining social and economic indicators to achieve comprehensive development, taking into account linking with the country's current strategic priorities, including Vision 2021, the Centennial 2071, and major national policies such as the Higher Policy for Science, Technology and Innovation, and the Advanced Industries Policy, Food Security Strategies, Fourth Industrial Revolution, Artificial Intelligence, Advanced Skills, Employment, and others.
For his part, Minister of State for Entrepreneurship and Small and Medium Enterprises, Dr. Ahmed Belhoul Al Falasi, said, “The state has a proactive vision for development and a qualitative change in the economic model followed to be more flexible in dealing with various challenges, and enhances its ability to extrapolate opportunities, develop strengths and establish The pillars of the future economy.
Al-Falasi added that the current stage will witness the development of a number of economic policies to serve the priority files that serve to stimulate the economy and drive growth, and constitute entrepreneurship and revitalization of the small and medium enterprises sector, among the basic pillars that open wide future horizons that enhance the flexibility and sustainability of the economic model.
For his part, Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zyoudi said, "The plan represents the launching of a new economic stage and the launch of a sustainable development path," noting that the group of economic packages that were included in the plan addresses the various challenges that were monitored in the business sector, as well. On taking advantage of the new economic opportunities and patterns brought about by the current changes.
He added: «The foreign trade sector is considered a major nerve for the growth of the national economy, and based on the leading position of the UAE on the map of regional and international trade, and its pioneering role in maintaining the continuity and activity of global supply and supply chains, the economic plan focused on initiatives to develop foreign trade activities and launch a development stage that will take root The UAE is a preferred destination for trade and investment.
The plan also created a mechanism to enhance coordination between stimulus policies at the federal and local levels, to take advantage of strengths and linkage between federal and local strategies and priorities, while identifying and distributing responsibilities through joint implementation and follow-up bodies.
The plan identified 33 major initiatives, focusing on transforming eight main axes of change, which include: increasing production in priority sectors, supporting the labor market, reviving trade, and enhancing the flexibility of financing activities through sustainable incentive measures, and exploiting opportunities to invest in knowledge and applications Automation, promoting digital transformation, accelerating the growth of the green economy by accelerating the growth of sustainable energy projects, and working to enhance food security by accelerating the growth of food security projects.
The plan included three main phases of time that follow the principle of progression according to priority in implementing the 33 proposed initiative packages, and clear objectives were set for each stage with its sectoral coverage, as follows:
The first stage
It aims to maintain and support the economy and focuses on the following sectoral activities: small and medium-sized companies, encouraging tourism including domestic tourism, supporting industry and manufacturing, enhancing the flexibility of the labor market within the country, working to promote foreign direct investment, and encouraging investment in digital companies and those associated with the industrial revolution Fourth.
The second phase
It aims to enable economic growth. These include additional initiatives for SMEs, the financial system, trade and productivity, the labor market, digital transformation, and the fourth industrial revolution.
It aims to prepare the country for a sustainable long-term development path. Initiatives to develop young cadres include citizenship, job recycling, job rehabilitation for future jobs, investment in the areas of the digital economy, the fourth industrial revolution, and agricultural technology, promoting the use of "blockchain" technology, and removing barriers to trade.