UAE launches 10-principle roadmap to boost economic performance

The UAE announced an economic roadmap called the “Economic Principles Document,” which aims to further enhance economic performance and build an active economy based on the country’s flexible legislative framework and sophisticated logistical infrastructure.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said, “Today, we concluded the work of the annual meetings of the Government of the United Arab Emirates, during which we decided to focus heavily on the economic agenda in the coming period with the aim of enhancing the country’s development momentum, consolidating it, and achieving it to new levels of development.”

“The Government of the United Arab Emirates has today endorsed the state’s economic principles over the next 10 years as the general framework within which we focus on achieving our economic objectives,” he added.

“We want to see the United Arab Emirates at the forefront of global economies, with strong digital architecture, secure systems, a flexible legislative framework, and renewed future thinking, and we ask everyone to act on these principles, commit themselves to their provisions, and guide them in all new economic policies, legislation, and initiatives,” he said.

Miscellaneous base

Sheikh Mohammed bin Rashid Al Maktoum stressed during the annual meetings of the UAE Government, which saw discussions and specialized sessions to support and accelerate the pace of various economic sectors, put forward new policies and programs to continue to raise levels of foreign trade, and consolidate the role of the creative economy and financial services sectors, that the UAE economy stands on a solid floor and a diverse base that qualifies it to achieve further successes and achievements regionally and globally.

One investment destination

According to the information released, the “UAE Economic Principles Document” promotes the country’s growing role and position at the regional and global levels as an economic and trade destination, accelerating economic performance and foreign trade successes and indices.

Open Economy

The roadmap included the first principle as an unrestricted world-open economy, the second as attracting the best economic competencies, the third as investing in the digital economy, the fourth as providing diverse opportunities for young people, and the fifth as building a sustainable and balanced economy to conserve resources for future generations.

The sixth principle is to protect the stability of the state’s financial systems, and the seventh is to continuously develop economic legislation, transparency, credibility, and the rule of law; build the best banking system to enhance the momentum of economic growth; and finally, build the best logistical infrastructure in the world.

The UAE said initial estimates of the country’s gross domestic product (GDP) rose during 2022 at constant prices to 1.62 trillion dirhams ($440 billion), generating positive growth of 7.9 percent, while current prices reached 1.86 trillion dirhams ($506 billion), an increase of more than 337 billion dirhams ($91.7 billion) over the year 2021, generating growth of 22.1 percent.