Read the "Fifty Economy" plan
Mohammed bin Rashid: Our main priority is to be the fastest-recovering economy in the world
Mohammed bin Rashid during the meeting with the economic system team in the presence of Hamdan bin Mohammed and Mansour bin Zayed. WAM
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, affirmed that “the UAE is strong in its economy… is confident in its decisions… a bet on its children… believing in its future.” Adding His Highness: “Our main priority is to be the fastest economy. "A global recovery ... and the most stable and diversified in the long term."
Vice President of the State:
- “We want an integrated, competitive national economy that implements proactive ideas and makes qualitative leaps.”
- “The UAE is strong in its economy, confident in its decisions, betting on its children, and securing its future.”
- “The UAE government (post-Covid-19) is strengthening the trend towards an economy based on knowledge, technology and advanced sciences.”
- “New economic capital, passionate talent, ambitious talent, and innovative minds”.
This came during the meeting chaired by His Highness with the team of the economic system in the UAE government for the post-"Covid-19" phase, in the presence of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister The Minister of Presidential Affairs and Minister of Cabinet Affairs, Muhammad bin Abdullah Al-Gergawi, as part of the recent ministerial formation, which witnessed the creation of other files and merging, within the framework of a comprehensive integrated development vision.
His Highness reviewed the Ministry of Economy’s plan to build the future economy in the UAE, entitled: “The Fifty Economy Plan”, which represents the ministry’s vision for the economic work system over the next 10 years, and the formulation of the main determinants and outputs for the national economy by 2030, through a comprehensive presentation of the plan’s most important data. It was presented by: Minister of Economy, Abdullah bin Touq Al-Marri, Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, and Minister of State for Entrepreneurship and Small and Medium Enterprises, Dr. Ahmed bin Abdullah Hamid Belhoul Al Falasi.
His Highness Sheikh Mohammed bin Rashid Al Maktoum said: “We want an integrated, competitive national economy that implements proactive ideas. And it is making qualitative leaps, ”His Highness pointed out that the UAE government“ (post-Covid-19) is strengthening the trend towards a new economy based on knowledge, smart technology, advanced science, new economic capital, passionate talents, ambitious competencies and innovative minds. ”
His Highness added: "The economy equation for the next stage consists of: an attractive business environment, a developed legislative environment, and effective and efficient logistical services."
The Fifty Economy Plan falls under the umbrella of the “Year of Preparation for the Fifty” strategy, the largest national work strategy of its kind, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, in December 2019, to prepare for the next 50 years at all levels of the federal and local state.
The fifty economy plan includes the ambitious economic outputs of the future economy, and it consists of five main axes that define the frameworks and mechanisms of the economic system's work during the next decade, as well as the determinants of the country's new economic model, which is based on an integrated work approach, in which a group of concerned government institutions participate.
Features of the plan
|A flexible package of 33 initiatives that support various economic sectors in the UAE.|
In this regard, Abdullah bin Touq Al-Marri began reviewing the most prominent features of the fifty economy plan, stressing that “the plan aims to achieve a qualitative leap in the growth of the national economy of the UAE by 2030 as a first stage, so that it is in line with the determinants of (UAE Centennial 2071), and represents one of the paths Working to achieve many of its economic targets. The plan also sets out a set of ambitious goals and outputs by 2030, related to the growth of GDP, the prosperity of the local business environment, and the global superiority of Emirati companies.
He explained that the plan consists of 33 initiatives, which constitute a flexible package to support the economic sectors, indicating that this package approved by the Council of Ministers, and implemented by the Ministry of Economy in cooperation with the concerned authorities, constitutes an important stage, paving the way for building a more flexible and competitive economic model that would provide support Long-term targets for the "50th Economy Plan".
Al-Marri added that «the ministry is working to intensify cooperation efforts and strengthen channels of communication and partnership with all relevant authorities at the level of the government and private sectors, to introduce this package and accelerate its implementation, given its pivotal role in developing and supporting the business environment and advancing the various vital non-oil sectors in the country.
He said, “The fifty economy plan is based on a solid economic base owned by the UAE today, and is characterized by a long record of achievements at the regional and global level, most notably, finally, the establishment of the Mohammed bin Rashid Solar Energy Complex, the Emirates Nuclear Energy Corporation, and the operation of the Barakah Nuclear Energy Plant. For peaceful purposes, and the launch of the "Hope Probe" to explore Mars, as such great achievements, and others, place the UAE in an advanced position globally in the fields of the new economy based on advanced knowledge and technology, innovation, research and development.
He stated that the "Fifty-First Economy Plan" consists of five main axes, which constitute a road map for economic action over the next 10 years, namely: the integrative economy, entrepreneurship and small and medium enterprises, tourism, foreign direct investment and doubling exports, and attracting and retaining talent and competencies.
He explained that the determinants of the integrated economy, during the next decade, are based on three pillars: pioneering economic sectors, such as space technology, the digital entertainment industry, opening new markets by keeping pace with developments and developments in global markets, and formulating an advanced legislative environment that serves economic aspirations, and is based on ease of practice Business, supporting family businesses, protecting and stimulating investment.
For his part, Dr. Ahmed Belhoul Al Falasi reviewed the axis of entrepreneurship and small and medium enterprises, stressing that it represents a strategic direction within the fifty economy plan, and aims to instill a culture of entrepreneurship in future generations, and establish the UAE's position as a global platform and destination for entrepreneurship, especially in the fields of innovation and technology. .
He explained that the Ministry of Economy will work with its partners to raise the small and medium enterprises sector to higher levels of performance, and increase its contribution to the growth of the state's GDP.
Al Falasi reviewed the importance of tourism, as another strategic axis within the plan, pointing out that, during the next 10 years, work will focus on promoting the UAE as a leading and sustainable tourism destination at the regional and global levels, in parallel with promoting domestic tourism activities in promising sectors, such as: ecotourism. And cultural issues, which will be reflected in the increase in tourism’s contribution to the country's economy.
Regarding the axis of foreign direct investment and doubling exports, as part of the fifty economy plan as well, Al-Zeyoudi said, “This strategic axis is vital to promoting foreign direct investment and developing national exports, as work will be done through this axis to enhance the UAE’s position on the global investment map, as well as Development of the country's exports to various international markets, with a focus on opening new markets for Emirati products.
In the same context, Al-Zeyoudi stressed that “the plan places among its main objectives the axis of retaining and attracting talent, so that the UAE is one of the best countries in the world in attracting talent globally, as deliberate programs and initiatives will be formulated, during the next 10 years, to enhance the building and preservation of talent, and to enhance The reputation of the UAE as a preferred destination for the best talents, minds, experiences, invention owners and creations, in various scientific, literary and humanitarian fields.
The "Fifty Economy Plan" defined an advanced economic work system, based on the economic model (4.0), which relies on the best global experiences and practices to develop scenarios, extrapolate the economic reality, and anticipate the future. Through this system, the roles of many relevant governmental institutions are integrated into An economic council that works to implement the plan and achieve its goals by supporting and developing the national economy.
5 axes of the fiftieth economy plan:
1- Integrated economics.
2- Entrepreneurship and small and medium enterprises.
4- Foreign direct investment, and doubling of exports.
5- Attracting and retaining talents and competencies.