Today's Edition
Mouza Hasan Ali Hasan Almarzooqi
Aspirational nations strive to overcome all obstacles on the path to enhancing quality of life and ensuring a better future. In this regard, the UAE’s ambitions are not restricted to a particular industry or field, but rather, encompass a variety of globally competitive development endeavours based on science, technology, and artificial intelligence for the benefit of the next generation.
Since its foundation, the UAE has been on a trajectory of construction and development. With this commitment to progress and innovation, it has achieved great success in various fields. Prominently among the country’s sectors of success is the nation’s steadily growing and globally open economy, which serves as a reflection of the UAE’s development ambitions.
The country has always sought to elevate its economic structure to new levels of excellence and success. As UAE’s GDP continues to grow, its economy has become the second largest Arab economy, among the most globally competitive and sustainable, transforming the country into a strategic business-friendly hub.
The country is also an important supplier of traditional energy, and a top country in terms of investing in and developing renewable energy.
The country’s economic policies and plans are based on carefully studied standards that serve to develop a diversified economy based on knowledge and innovation. In 2022, GDP rose to nearly Dh1.62 trillion at constant prices, achieving a growth rate of 7.6%.
Economic indicators reflect progress towards diversifying and sustaining the economy, as the country heads steadily towards achieving its economic targets.
Today, the UAE aspires to double the size of its national economy to reach Dh3 trillion ($820 billion) in 2031, largely through developing digital economy strategies. The UAE government is committed to supporting digital facets of all government strategies, enhancing flexibility and digital compatibility in government services, and relying on data as a basis for decision-making.
The UAE also supports the Fourth Industrial Revolution by accelerating the integration of creative digitisation applications into the industrial sector and promoting the country’s industrial competitiveness by reducing costs, increasing productivity, raising efficiency, improving quality and safety, and creating job opportunities. In order to fulfil its goals, the UAE is working to become more open to new regional and international markets and attract the best international talents to work in the country.
The country attracts talented and experienced professionals from around the world to work in several strategic sectors, placing it among the top countries in the world in terms of this vital development indicator. To this end, it seeks to enhance competitiveness, maximise the country’s share in global markets, and employ international agreements.
As part of its efforts to transform the country into a global centre for new technology and double the size of its economy, the UAE supports national professionals in developing scientific research and creativity by investing in people, science, and technology.
As oil and gas are no longer the only engine of the national economy, the country’s cornerstone of its ambitious growth plans now depends on other diversified sectors, with a focus on pioneering projects to drive progress towards the future.
The writer is a researcher at TRENDS Research and Advisory
