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Development and Economic Projects in the UAE 50 items The plan is to make the Gulf countries a global hub over the next 50 years.
The initiative aims to prepare the UAE for the challenges ahead, Ohood Khalfan Al Roumi, UAE Minister of State for Development and Future, told an Al-Monitor webinar on Tuesday.
“We are seeing continued growth in emerging markets, rapid urbanization and hyperconnectivity between societies, governments and political systems,” Roumi said.
The minister identified three key elements of the UAE’s future economic strategy: trade agreements, advanced industries and the creation of new sectors.
Regarding trade agreements, Roumi pointed to the recent Comprehensive Economic Partnership UAE has signed This year is India, Israel and Indonesia. Rumi said five new such agreements will be signed soon.
In the nascent cryptocurrency space, Roumi touted the UAE Virtual Assets Regulatory Authority, which began in March.This provides a framework for cryptocurrencies and other digital assets with Help the UAE Attract crypto companies. “We know the future is going to be digital, so it’s important that we double down on our digital efforts,” she said.
Roumi also said that education is important for the UAE to become a global hub across multiple sectors, especially for UAE citizens and residents.She emphasized a Model Public schools in the UAE are managed by a private education group that aims to improve the quality of public education.
The UAE will also continue to seek talent from abroad, Roumi added, pointing to the UAE’s new visa regime aimed at attracting entrepreneurs, influencers and others.
On a related note, the UAE has recently introduced several measures Attract digital companiesincluding visa programs.
Danny Sebright, chairman of the US-UAE Business Council, told the conference that a comprehensive free trade agreement would help businesses connect with the world – not just the Gulf region – through the UAE.
“With these amazing new free trade agreements, there is an opportunity to access markets across the wider region,” Sebright said, adding that the UAE has an opportunity to become a global hub for Singapore or London.
The agreements are already having an impact on UAE trade. E.g, Trade between Israel and the UAE By July this year, it had surpassed last year.
Outside the Middle East, the UAE has recently roll out Negotiations with Kenya on signing the Comprehensive Economic Partnership Agreement.
Afshin Molavi, a senior fellow at the Johns Hopkins School of Advanced International Studies, also told the meeting that he was optimistic about the UAE’s global trade capabilities.
“The UAE, which accounts for 0.13 percent of the world’s population, already accounts for around 1.5 percent of world trade,” he said, citing his own research. “Anyone would say this is an overloaded country.”
The UAE launched the 50-person project this year as the country marks its 50th anniversary.
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