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United Arab Emirates and economic visions for the next 50 years

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More than 1,000 ministers and senior federal and local government officials gathered to discuss economic strategies and models for the next 50 years. The meetings were in implementation of the directives given by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Sovereign of Dubai, to strengthen the integration of the government to chart the future and define axes and components of the plan of global development for the next 50 years.

The consultative meetings focused on various points, the most important of which, the business environment and the stimulation of entrepreneurship, foreign trade and partnerships, the attraction of investments, on the logic of the three axes: renewable and clean energy , petroleum, petrochemical and mining industries, land and sea transport and storage.

Dr Sultan bin Ahmed Al Jaber, Cabinet Member and Minister of Industry and Advanced Technology, said: “The Ministry of Industry and Advanced Technology will work to stimulate the use of innovations and technologies, to drive the growth of the sector, strengthen the competitiveness of our national industries and increase their contribution to GDP, as well as strengthen local added value and support the growth of small and medium-sized enterprises in the private sector “.

Nasser bin Thani Al Hamli, Minister of Human Resources and Emiratisation, said his ministry has identified four main pathways to focus on over the next 50 years to achieve the goal of attracting global skills and competencies. These four paths, he explained, will create a workforce that meets the needs of the labor market in the future; focus on a knowledge-based economy; support economic sectors and ultimately provide central statistical and analytical systems for high-quality labor market data through integrated registration systems and programs to anticipate future work. He then pointed out that the transformations of the global economic landscape in the light of geopolitical changes, the rapid development of technology, communication mechanisms, market dynamics and the effects of the Covid-19 pandemic are all factors that have contributed to the need to review various government plans and work mechanisms to ensure the continuation of national successes achieved in recent decades.

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Teleworking Applications, said that the digital economy is a key driver for the implementation of the UAE government’s future strategies and a key pillar of preparations for the next 50 years.

Saeed Alahmadi, Governor of the UAE Central Bank, points out that the bank’s plan for the next 50 years is based on the adoption of artificial intelligence, big data analytics, use of digital identity and management the repercussions of climate change on the banking and insurance sector. These axes represent the most important topics on the agendas of global central banks, he noted.

Edited by IICUAE on source Khaleej Times

 

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