Minister of Economy reviews role of proactive initiatives in enhancing UAE economy’s competitiveness at regional, global levels

Abdullah bin Touq Al Marri, Minister of Economy, participated in a session titled ‘Global Competitive Edge in an Ever-changing World’ at the 55th World Economic Forum's annual meeting - Davos 2025 - taking place from January 20 to 24 under the theme ‘Collaboration for the Intelligent Age.’

The UAE delegation at Davos 2025, led by H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture, includes more than 100 members including private sector representatives and government officials.

The session focused on the dynamic global competitiveness landscape in the face of rapid technological advancements, environmental challenges, and evolving economic models. It explored strategies for countries to adopt and preserve their competitive edge, highlighting the significance of innovation, sustainable practices, and comprehensive policies in fostering resilience and long-term prosperity in an interconnected world.

Bin Touq said, “The UAE's participation in the World Economic Forum's annual meeting confirms its key role in fostering inclusive and sustainable economic development at both regional and global levels. It also supports collaboration to find effective solutions to address global economic challenges.”

“Thanks to the guidance of its wise leadership, the UAE has adopted several national initiatives and strategies that have enhanced its competitive edge at regional and global levels. These efforts have also enhanced its ability to adapt to global changes and prepare for the future by localising advanced technologies in the services offered to the society. This continued progress across various sectors and the creation of a top-notch quality of life ecosystem in the UAE reflect the high level of security and stability experienced by citizens and residents,” he added.

In this context, Bin Touq highlighted the progress achieved by the UAE in global competitiveness indicators, including top rankings in 223 global indicators in 2024. Furthermore, it climbed three positions from that of 2023 to rank the 7th globally in the World Competitiveness Report 2024 published by the World Competitiveness Centre. Additionally, the UAE ranked first globally in 20 indicators of Future Possibilities Index (FPI), as highlighted in the Global Future Possibilities Index 2024.

He added, “The UAE has achieved remarkable and pioneering outcomes in global competitiveness in recent years, which sends a clear message regarding the robustness of its national economy. By showcasing its resilience and adaptability to global shifts, the UAE has exceeded the expectations set by international institutions and has demonstrated robust growth. Already home to over 1.1 million companies and economic institutions, the UAE's business environment continues to attract companies, investors, and entrepreneurs from across the world.”
Diversification of UAE's Economy

Bin Touq said, “The UAE remained committed to promoting sustainability and driving the transition towards a diversified and knowledge-based economic model in the past phase. The country presents a unique model that has effectively boosted the contribution of non-oil sectors to the economy to 75 per cent. National efforts to drive sustainable economic development are continuing, with the aim of positioning the UAE as a global hub for the new economy by the next decade, in line with the goals outlined in the 'We the UAE 2031' vision. At present, the UAE economy encompasses various sectors of the new economy, including Fintech, artificial intelligence (AI), entrepreneurship, advanced manufacturing, and food. Furthermore, the UAE’s stable economy is supported by robust banking systems and strong regional and global economic partnerships.”

Bin Touq highlighted the importance of accelerating the transition towards innovative technology and knowledge-based economic models. This is key to effectively navigating global economic shifts. Additionally, promoting adaptability and fostering economic openness are essential to address various challenges including geopolitical tensions, inflationary pressures, increasing protectionist measures, and fluctuations in oil prices.

He emphasised that enhancing the competitiveness of economies requires the adoption of innovations, research, science, and technology as essential foundations for developing a competitive, knowledge-driven economy. Equally important is the development of a business environment that encourages investment and fosters the growth of startups and promotes effective partnerships between the public and private sectors.

He also highlighted the UAE's strong commitment to digital transformation, investment in human capital, and advancement of AI technologies across various industries and sectors. These efforts contribute to achieving significant advancements in aligning innovation with economic outcomes.

The UAE is actively participating in the World Economic Forum - Davos 2025 - engaging in key sessions, meetings, and other events. The UAE seeks to strengthen its position as an influential global player, driving sustainable economic development, and leading the way in innovation within key sectors such as technology, energy, trade and environmental sustainability.

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