One of the Middle East territories swiftest and smartest expanding economies, the UAE is in the pursuit to emerge as the swiftest-recovering economies globally as well as to be adjudged as the best stabilized and expanded economies in longer term-period as quoted by none other than His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
UAEs VP and his highness, ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has also expressed a high sense of optimism post evaluation of “The fifty economic plans” that proves as a powerful framework for bolstering the nation’s fiscal policy for next decade.
He also declares that he and his core committee members have a huge sense of confidence amongst nation’s powerful economic structure and its collective decision-making skills, futuristic goal-oriented belief that moves it on amidst the twin strikes of an economic downturn and oil rate slump amidst the rising COVID-19 Pandemic.
This remark came in the wake post the chairing up of a meeting alongside Ministry of Economy’s task force to review the ministry’s post Covid-19 pandemic initiatives for strengthening and driving UAE back to be leader amongst global nations. The core dignitaries who accompanied the meeting included none other than: –
- His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council.
- His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
- Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs.
The comprehensive planning was presented alongside pivotal aspects of ‘The fifty economic plan’ with the support rendered from Abdullah bin Touq Al Marri, Minister of Economy, Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises (SMEs) and Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
Sheikh Mohammed was provided an exclusive report about the ministry’s proposal to build the future economy of the UAE, entitled ‘The fifty economic plan’, that also signifies the ministry’s vision for the next decade, as well as the core upshots for the national economy within 2030.
The ambitious fifty economic plan is a strategic initiative revolving around the five core pillars as well as 33 best initiatives identify the framework and mechanism of the economic system within the next decade. It was launched by none other than His Highness himself during the close of the previous year in December 2019, wherein he declared 2020 as the year ‘Towards the next 50’.
The core strategic initiative also includes involvement for all the core segments of UAEs society determining life in the UAE for the subsequent 50 years as well as formulating for the country’s Golden Jubilee celebrations of 2021.
This latest economic reform or model is an artwork joining comprehensive work plan, with the involvement of a number of definite government agencies working in tandem alongside five core pillars focussing primarily upon
- Integrated economy.
- SMEs and entrepreneurship.
- Tourism as the core pillar
- FDI as well as doubling exports.
- Attracting best talents
His Highness Sheikh Mohammed was truly keen and satisfied as he expressed that “We require and strive harder towards building up of a very economical, competing national economy that is truly integrated, known for proactive actions as well as making up huge quality strides.” He further elaborated that the UAE government is keeping no stone unturned for promoting an expansion drive towards an economy post-Covid-19 pandemic period which is cornered round on knowledge, smart technology and advanced sciences.
His Highness also emphasized that the foundation of this pioneering economy is based primarily upon the budding passionate talent. “The economic equation of the next phase consists of a conducive business and legal environment, along with efficient logistics services.”