Sheikh Mohammed reviews UAE’s ‘New Economy’ gameplan

Dubai: His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai reviewed the country’s 50-year economic plan that aims to achieve a qualitative leap.

The plan covers five tenets – create an integrated economy; develop entrepreneurship and SMEs; build up tourism and foreign direct investments; and double exports, as well as attract and retain talent.

Sheikh Mohammed reviewed the plan during a meeting with the post-COVID-19 economic team, in the presence of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, and Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

A great leap forward

The plan represents the ministry’s vision for the economy’s development over the next 10 years. It was outlined in a comprehensive presentation by Abdullah Bin Touq Al Marri, Minister of Economy, Dr. Thani Ahmad Al Zeyoudi, Minister of State for Foreign Trade, Ahmad Abdullah Humaid Bel Houl Al Falasi: Minister of State for Entrepreneurship and SMEs.

“We want a competitive and complementary national economy that implements proactive ideas and achieves qualitative leaps, “Sheikh Mohammed said.

He underlined that the UAE’s post-COVID-19 government bases a new economy on knowledge, smart technology and advanced science.

“The new economy’s capital is passionate and ambitious talents and innovative minds. The economic equation for the next phase consists of an attractive business environment, a sophisticated legislative environment, and efficient logistic services.”

The plan consists of 33 initiatives forming a flexible economic stimulus package, approved by the UAE Cabinet on August 3. The initiatives were proposed by the new Minister of Economy, who heads the economic committee that will monitor the implementation and progress of these initiatives.