10 Economic Principles from Skeikh Mohammed
Sheikh Mohammed bin Rashid, Vice President and Ruler of Abu Dhabi, has revealed the guiding principles for The UAE’s decade of progress. They will help to shape the progress of UAE’s economy in the next 10 years. It happened during the 2-day government meeting in Abu Dhabi, attended by more than 500 representatives, most of whom were board chairmen, senior officials, ministers, and executives. Further we will cover the principles revealed at the meeting in order to understand how they will affect the future of The United Arab Emirates and, specifically, Dubai’s real estate market.
1. Inclusive Economy Without Boundaries
The United Arab Emirates is clearly committed to maintaining an exemplary free market economy open to the world without constraints, which is highlighted in its first principle. The country, according to Sheikh Mohammed, would be a global economic powerhouse facilitating international and regional trade without restrictions. The focus will be on developing economic links, attracting diverse investments, and placing the United Arab Emirates at the heart of a global free market economy.
2. Inviting the Best Minds
The second principle highlights the status of the United Arab Emirates as an economic environment in which local and global perspectives converge. By offering conducive conditions for transformation and a quality of life comparable to the best in the world, the country is committed to attracting and retaining top talents, innovative thinkers, and creative minds. In order to make the transition, living, and working lives easier for talented individuals and their families while also ensuring a continuous flow of high-quality global talent, there are various incentive programs in place.
3. Digital Economy
The future belongs to all digital. The third principle is for the UAE to establish itself as a hub for the global digital economy. The aim of the United Arab Emirates is to attract technology companies, major data institutions, and new technologies to become an international platform for digital transactions. Creating an environment that enables the use of progressive artificial intelligence technologies and unlimited investments in a competitive digital UAE economy will be emphasized. Special attention will be paid to the continuous development and updating of digital infrastructure and related regulations.
4. Next Generation
The fourth principle supports the economic model of the United Arab Emirates by focusing on young national talent. The United Arab Emirates aims to actively involve young people in various economic sectors by developing programs aimed at equipping them with essential skills and knowledge. The objective is to strengthen their competitiveness in a globalized economic environment, supporting the creation of different employment paths and opportunities for career development by both government and private sector institutions.
5. Sustainable Economy
The 5th principle underlines the commitment of the United Arab Emirates to ensure that their economy is sustainable by means of modern legislation and policies. In line with a commitment to building an enduring and balanced economy, these measures ensure the sustainability of resources and energy sources that are environmentally friendly. The objective is to safeguard the legacy of environmental responsibilities and conservation of wealth for generations to come.
6. Stable Financial Systems
Ensuring the stability of all national financial systems, focusing on sustained development, strength, and respect for high global standards, is the 6th principle. To enhance risk management efficiency, attract more banks and finance institutions, and increase the confidence of local investors from around the world, it should be pointed out that The UAE is working together with international financial institutions.
7. Economic Legislation Development
In order to ensure a robust investment climate supported by the flexibility of legislation and policies, the seventh principle stresses that economic law needs to be further strengthened and developed. This commitment aims to make the United Arab Emirates a safe and attractive place for businesses to be set up, developed, and stabilized, which will create an advantageous business climate and attract investments.
8. The Rule of Law
The eight principles show the commitment of the U.A. to openness, the rule of law, and an enhanced level of economic transparency. Priority shall be given to accessing relevant information from reliable sources and providing accurate data on performance in different sectors. This commitment has increased confidence among investors, business operators, and international economic and financial actors, thus leading to greater growth indicators year on year.
9. Banking System
The 9th principle underlines the stability and advanced nature of the United Arab Emirates banking sector, as well as compliance with a very high level of international standards. In order to ensure the protection of personal savings and financial transactions, it is essential to cooperate with international organizations in the implementation of best practices in the field of banking data protection. This will contribute to the inflows of capital and support global confidence in the United Arab Emirates' economy and banking industry, as well as have a positive impact on macroeconomic stability.
The tenth principle underlines the commitment of the United Arab Emirates to developing the world's most efficient transport infrastructure, covering ports, airports, air carriers, and maritime routes. This strategic development will strengthen the position of the United Arab Emirates as a major hub for global cargo and human movement, enhance global trade, and establish the country as a vital link between the East and West and the North and South.
We have covered the 10 principles that will be the guiding light for the Emirates’ economy in the future. The rule of law, assistance to the youth, free market trade economy, talent acquisition, and the focus on the digital economy are some of them. They all will help the UAE to achieve the status of a globally important player on the international market in the coming decades. What’s even more important is that most of these principles are already in play which can be seen by the stable economic growth of the UAE economy and, what’s even more important, its real estate market. Thus, investing in real estate in the UAE seems logical, and T.H.E. Capital can help you reap the benefits. Connect with us to get a free consultation on the best ways to invest and calculate your potential profits.