UAE is constantly refining its economic model and strategic approaches: VP

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Sheikh Mohammed was briefed on the new plans in Dubai on Monday. WAM

Business Office, Gulf Today

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, said on Monday that the vision, proactive strategy and committed efforts of the UAE federal and local teams made it possible the economy of the United Arab Emirates to be progressive and resilient. and stable and maintain a high level of preparedness to face any type of crisis and challenge.

The UAE is constantly refining its business model and strategic approaches to ensure that it is able to take advantage of the new opportunities offered by the changing regional and global environment, he said.

“In the United Arab Emirates, we are constantly working to improve our business model in innovative ways to achieve our key goals of attracting the brightest talents from around the world, promoting cutting-edge technologies and creating a truly grassroots economy. on knowledge, ”noted Sheikh Mohammed.

Sheikh Mohammed’s remarks came as he was reviewing the plans and programs of the Ministry of Economy.

“Today we have launched a number of economic initiatives – an accelerator for family businesses that supports them in accessing new markets; an economic research institute created in collaboration with leading universities (UAE Growth Lab); and a world investment conference (Investopia) to be held in March 2022 and which will discuss strategies to take advantage of the opportunities created by the new economy, ”said Sheikh Mohammed.

“We have also launched an entrepreneurial academy (Skill-Up Academy) and a new platform to support the growth of startups (Scale-Up Platform), in addition to a web portal (Grow in UAE) to provide comprehensive information on policies and investments. opportunities in the United Arab Emirates. In addition, we have launched a new national program to attract talent to the United Arab Emirates, ”added Sheikh Mohammed.

“We are continuing our tireless efforts to add new value to the economy and strengthen its growth momentum. We carried out a major restructuring of the government last summer so that all ministries, internal and external entities and legislative entities could focus on a common goal: the economic growth of the UAE over the next 50 years, ”said Sheikh Mohammed.

Sheikh Mohammed has launched several initiatives of the Ministry of Economy which together represent a new roadmap for the development of the UAE and an innovative economic model focused on growth, in line with the vision of the future of the Arab Emirates. United.

Sheikh Mohammed was informed of the progress of the economic initiatives which were approved during the last ministerial retreat organized to develop a comprehensive strategy for the next 50 years; and the efforts of the Ministry of Economy to craft a new economic development program for the UAE and improve its readiness to meet challenges and take advantage of opportunities in the coming phase.

“The post COVID-19 world has brought several new changes and a changed environment. We need to think differently and develop innovative policies. Federal and local teams should work as a single unit to take advantage of the opportunities that the emerging new global economy has to offer, ”His Highness noted.

The initiatives and projects launched by Sheikh Mohammed include an accelerator platform for family businesses, which aims to improve their performance, help them enter new markets and build their brands. The new accelerator also supports start-up projects by improving their ability to attract investment opportunities, accelerate growth and strengthen their capacities and skills.

Sheikh Mohammed also launched the UAE Growth Lab initiative established in collaboration with four leading universities – UAE University, Zayed University, American University of Sharjah and New York University Abu Dhabi. The lab is designed to be a leading research institute that uses advanced data and economic models to develop policies that can support the competitiveness and leadership of the UAE in the global economy, especially in the trade sectors. , investment, SMEs and the fourth industrial revolution.

Sheikh Mohammed also launched the Skill-Up Academy, an initiative to promote entrepreneurship and the Scale-Up Platform, a new platform focused on supporting business growth. The Skill-Up Academy seeks to develop the entrepreneurial skills of citizens and residents through educational initiatives and policies that also aim to promote the diversification and competitiveness of the local economy. The Scale-Up platform supports the growth of small and medium-sized businesses with services and products designed to accelerate their expansion.

Sheikh Mohammed also announced the Investopia Investment Summit, a new conference to be held in March 2022, which aims to bring together the world’s leading investors to discuss opportunities in various sectors of the new economy. Sheikh Mohammed was also briefed on the ‘Grow in UAE’ initiative, a smart web portal that provides potential investors with information on policies and procedures and investment opportunities in the UAE with the aim of facilitating their journey to investment. ‘investment.

Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Vice-Sovereign of Dubai; Sheikh Ahmed Bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Media Council; Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Abdulla bin Touq Al Marri, Minister of the Economy; Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; and Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade were also present.


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