Its main titles are skilled minds, advanced technologies, and an economy based on science and knowledge

Mohammed bin Rashid: We are developing a different and new Emirati economic model

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Yesterday, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched a number of new economic initiatives and projects.

His Highness stressed that the UAE's economy has become one of the most developed and resilient economic models in the world, and is more stable and immune in the face of future crises and challenges.

During his briefing on the plans, programs and projects of the Ministry of Economy, His Highness revealed that the UAE is working on developing an economic model in a different and new way. Its main titles are: skilled minds, advanced technologies, and an economy based on science and knowledge.

His Highness continued, "Our economic work is continuing and accelerating, and is moving in the right direction," stressing that "the world after (Covid-19) is not like the world before it, and we need to think in a different way, draw innovative policies, and work as a single local federal team, to take advantage of the opportunities that offered by the new global economy.

The new initiatives of the Ministry of Economy, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, represent a road map for developing an advanced economic model that keeps pace with the future vision of the UAE.

The initiatives and projects launched by His Highness included the family business accelerators platform, and the Emirates Economic Growth Lab initiative, in cooperation with four national universities, a laboratory designed to be a leading institute for research and the use of data and economic models.

His Highness also launched the Entrepreneurship Academy and the ScaleUp platform to support corporate growth, and His Highness announced the Investopia Investment Summit, which will hold its first session in March 2022.

His Highness was also briefed on the "Grow in UAE" initiative, which provides a smart portal for information about the investment climate and opportunities in the UAE.

economic model

In detail, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, stressed that the UAE economy has become, thanks to the strategic and proactive visions and plans, and the efforts of the national work teams, federally and locally, one of the most developed and flexible economic models globally, more stable and immune in the face of future crises and challenges.

His Highness noted that the UAE is constantly working to develop its model to keep pace with all developments, pointing to important main headings and themes that represent supportive pillars of the economy.

His Highness said: "In the UAE, we are working on developing our economic model in a different and new way. Its main headings are: skilled minds, advanced technologies, and an economy based on science and knowledge."

Initiatives and projects

This came during his briefing, in the presence of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Media Council, and Minister of Cabinet Affairs, Mohammed bin Abdullah Al Gergawi, from the Minister of Economy. Abdullah bin Touq Al Marri, Minister of State for Entrepreneurship and Small and Medium Enterprises, Dr. Ahmed bin Abdullah Humaid Belhoul Al Falasi, and Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, on the plans, programs and projects of the Ministry of Economy, where His Highness launched a number of new economic initiatives and projects.

His Highness Sheikh Mohammed bin Rashid Al Maktoum said: "Today we launched a set of economic initiatives: a project for accelerators for family businesses to support them in entering new markets, an institute for economic research in cooperation with the most prestigious international universities (the Emirates Laboratory for Economic Growth), and a global investment conference that will be launched in March 2022. It will focus on the opportunities of the new economy in the country.”

His Highness added: "We also launched an Entrepreneurship Academy, a new platform to support the growth of start-up companies to be large, and a smart portal to provide integrated information on investment policies and opportunities. We launched a clear national agenda to attract young and skilled talent to the country."

His Highness continued, "Our economic work continues and is accelerating, and is moving in the right direction, and our government team was reconstituted last summer, so that all ministries, internal, external and legislative institutions work to focus on one clear goal... the economic growth of the UAE for the next 50 years."

His Highness Sheikh Mohammed bin Rashid Al Maktoum stressed that "the world after (Covid-19) is not like the world before it, and we need to think in a different way, draw innovative policies, and work as one local federal team, to take advantage of the opportunities offered by the new global economy."

roadmap

The new initiatives of the Ministry of Economy, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, represent a road map for developing an advanced economic model that keeps pace with the future vision of the UAE. His Highness reviewed the most important developments in the economic initiatives that were approved during the last ministerial retreat "the fiftieth retreat." His Highness on the most prominent efforts made by the Ministry of Economy, with the aim of developing the country's economic system and enhancing its readiness for the next stage.

Accelerators platform

The initiatives and projects launched by His Highness, Vice President and Prime Minister of the UAE and Ruler of Dubai, included the Family Business Accelerators platform, which aims to make a shift in the performance of family businesses and their entry into new markets, enhance their brand, develop a culture of innovation and entrepreneurship, and serve these accelerators. The emerging projects sector by enhancing their investment opportunities, accelerating their growth, and developing their capabilities and skills.

Economic Growth Lab

His Highness also launched the UAE Growth Lab initiative, which is being implemented in cooperation with four leading national universities: the United Arab Emirates University, Zayed University, the American University of Sharjah, and New York University Abu Dhabi.

The laboratory was designed to be a leading institute for research and employment of economic data and models, to make policies that enhance the future leadership of the UAE and the national economy in the areas of trade, investment, competition, small and medium enterprises and the Fourth Industrial Revolution.

Business Academy

His Highness Sheikh Mohammed bin Rashid Al Maktoum also launched the SkillUp Academy and the ScaleUp Enterprise Growth Support Platform.

The Academy aims to develop entrepreneurial skills and entrepreneurial thinking for citizens and residents of the country through educational initiatives and stimulating policies that provide a supportive environment for engaging in entrepreneurial activities, and enhance the diversity and competitiveness of the national economy through them, while the platform provides initiatives for growthable small and medium companies, including: It services and products that enable it to expand into large companies.

Summit Investment

His Highness also announced the Investopia Investment Summit, which will hold its first session in March 2022, and aims to leave a mark on the agenda of major global investors, and emulate the ambitious visions of business and investment leaders in various sectors, with a focus on the new economy sectors.

The summit will contribute to enhancing the mental image of the UAE as an integrated and pioneering investment destination with attractive incentives and advantages at the global level.

thriving in the UAE

His Highness Sheikh Mohammed bin Rashid Al Maktoum was briefed on the "Grow in UAE" initiative, which provides a smart portal for information about the investment climate and opportunities in the UAE, providing potential investors with complete information about investment policies, procedures and studies, and a map of the most important opportunities. Attractiveness, market movement, and support services in the post-starting phase of the investment project, as this portal provides an umbrella for linking the foreign investor with the various opportunities in the country's markets, facilitating his investment journey and enhancing its success.

Deputy Head of State:

• «The UAE economy is one of the most developed and resilient economic models in the world, and is more stable and immune in the face of crises».

• "Our economic work is continuous and accelerating, and is moving in the right direction, focusing on one clear goal: the economic growth of the UAE for the next 50 years."

• “The world after (Covid-19) is not like the world before it, and we need to think differently, draw innovative policies, and work as one local federal team.”

New economic initiatives and projects:

• Accelerators for family businesses to develop partnership channels with emerging projects, to make a shift in the performance of family businesses, to enter new markets, and to enhance their brand.

• The Emirates Lab for Economic Growth provides an institute for research and employment of economic data and models, to make policies that promote future leadership in trade, investment, competition and the Fourth Industrial Revolution.

• The Entrepreneurship Development Academy, which aims to develop entrepreneurship skills and entrepreneurial thinking for citizens and residents of the country.

• ScaleUp Enterprise Growth Support Platform provides viable SMEs with services and products that enable them to expand into large companies and achieve cross-border success.

• The “Investopia” investment summit in March 2022, designed to leave a mark on the agenda of major global investors, and focus on new economic sectors and future technologies.

National strategy to attract talent

The national strategy to attract talent aims to consolidate the UAE’s position among the top 10 countries in the competitiveness of talent globally, and to ensure the availability of talent and competencies in strategic sectors, to enable the knowledge economy. It includes five programs: the Global Investor Program, the Global Entrepreneurs Program, the Global Talent Program, and the Global Talent Program. Global Skilled Employment, Young Talent Mobility Program.

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