UAE launches 10-principle roadmap to boost economic performance

The UAE announced an economic roadmap called the “Economic Principles Document”, aimed at further enhancing economic performance and building an active economy based on the country’s flexible legislative framework and sophisticated logistical infrastructure, as announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE.

“Today we concluded the work of the annual meetings of the Government of the United Arab Emirates, during which we decided to focus significantly over the coming period on the economic agenda with a view to enhancing the development momentum of the state, consolidating it, and reaching new levels of development,” Sheikh Mohammed bin Rashid Al Maktoum said.

“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 added.

Miscellaneous base

Sheikh Mohammed bin Rashid Al Maktoum affirmed that the UAE’s economy stands on solid ground and has a diverse base that qualifies it for further successes and achievements regionally and globally.

The Vice President of the United Arab Emirates spoke during the annual meetings of the Government of the UAE, which witnessed discussions and specialized sessions to support and accelerate the pace of various economic sectors, introduce new policies and programs to continue to raise levels of foreign trade, and strengthen the role of the sectors of the creative economy and financial services.

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 commercial destination. Accelerating economic performance and foreign trade successes and indices based on the “fiftieth principles”, which have been confirmed as a single economic destination’s best and most active economy, and that the state’s economic development was of the highest national interest

Open Economy

The roadmap included the first principle of an economy open to the world without constraints, the second principle of attracting the best economic competencies, the third investment in the digital economy, the fourth providing diverse opportunities for young people, and the fifth, 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.