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UAE Minister of Economy Abdullah bin Touq Al Marri held a meeting with GCC Secretary-General Jassim Muhammad Al Budaiwi, focusing on plans to accelerate the transformation of the Gulf economies into new sectors.
Held at the headquarters of the Ministry of Economy in Dubai, the meeting discussed how to strengthen the economic and developmental efforts of the GCC countries and witnessed the exchange of experiences in priority areas.
Bin Touq said the UAE is keen to foster cooperation among the bloc’s members and has made accelerating the transformation of the GCC into a new economic sector a top priority to achieve the Sustainable Development Goals.
Non-oil trade between the UAE and the rest of the GCC will exceed AED281 billion in 2022, an increase of 14% over 2021 and 23% over 2019.
The UAE Minister of Economy said: “We look forward to creating more effective ways to further promote economic integration in the GCC and support new business models including start-ups and family-owned businesses. The UAE is keen to provide what it needs to drive its business growth.” All enablers to maximize its contribution to GCC economies and create sustainable jobs.”
At the same time, Al Budaiwi commended the extraordinary efforts of the Ministry of Economy in supporting and strengthening the joint efforts of the GCC to further enhance cooperation and integration among member states.
Bin Touq briefed the Secretary-General on the most notable developments in the UAE’s economic environment, which have created an economic environment that is highly supportive of business growth and prosperity and attracts investment.
Most notably, these developments include the granting of 100% foreign ownership; intellectual property protection legislation; and the launch of an ambitious strategy to attract talent from all walks of life to strengthen the country’s status as a permanent hub of creativity and innovation status. These efforts are in line with the forward-looking vision of the wise leadership, in line with the principles of the 50th anniversary and the UAE Centennial 2071 goals. – TradeArabia News Service
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