Bin Touq: The UAE is keen to expand in the sectors of the new economy

Abdullah bin Touq: "The UAE has taken positive and broad steps towards transforming its new economic model."

The Minister of Economy, Abdullah bin Touq Al-Marri, said that the UAE, thanks to the vision and directives of the wise leadership, has made great strides towards building its new economic model based on flexibility, sustainability and knowledge during the year 2022.

Bin Touq stressed the country's keenness to enhance openness to the world, expand its economic and trade partnerships with global markets, encourage investment and expansion in the sectors of the new economy, most notably space, renewable energy, advanced financial technology, artificial intelligence and the fourth industrial revolution, in addition to strengthening work to attract and attract the best talents in the sectors. strategy and provide an incubating environment for innovators and attract entrepreneurial projects.

This came during his participation in a session entitled "Liquidity and Fragility": Reform in the Middle East and North Africa region at the World Economic Forum, which concluded its work yesterday.

Bin Touq said that the country is continuing to complete its sustainable development path within flexible and competitive economic approaches and policies, and to promote more opportunities and enablers for all partners, in a way that contributes to consolidating the UAE's leading position among the countries of the world, and in line with the goals of the We Are the Emirates 2031 vision, and the UAE Centennial 2071. ».

He added that many non-oil sectors of the UAE economy witnessed strong performance over the past year, including tourism, hospitality, real estate and manufacturing, as the country's real GDP is expected to grow by 7.6% in 2022, and by 3.9% in 2023. Ben noted He emphasized the importance of the global economic agreements program in enhancing the country's commercial competitiveness, supporting its vision of openness to the world, and strengthening its trade and investment policy.

The national efforts are continuing in the structural development of economic policies, especially consumer protection and competition, in a way that supports consumers' rights in all seven Emirates markets.

During the session, Bin Touq reviewed the economic achievements achieved by the UAE during the year 2022, most notably the growth of gross domestic product at constant prices by 8.5% during the first half of last year, and the record of non-oil foreign trade unprecedented growth in the first nine months of 2022 to reach 1.637 trillion dirhams, an increase of 19% compared to the same period in 2021. He added: “The UAE is keen to direct its investments in promising sectors in the region and provide them with all means of support, in a way that enhances the future of the comprehensive economic development process.” 

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