UAE Minister Of Economy Discusses Competitive Advantages And Private Sector Role At Davos 2025

The UAE's Minister of Economy, Abdulla bin Touq Al Marri, highlighted the private sector's crucial role in enhancing national economic growth and competitiveness. Speaking at the World Economic Forum's 55th Annual Meeting in Davos 2025, he noted that the UAE has consistently engaged the private sector in national strategies, creating a successful model of public-private partnerships.

Al Marri shared that 200,000 new economic licences were issued in UAE markets in 2024. This reflects the country's commitment to involving businesses in its growth plans. The session titled "Hard Power: A Wake-Up Call for Businesses Amid Global Economic Shifts" examined how global tensions impact the private sector and how businesses are adapting their strategies.

The discussion also focused on enhancing profitability across various sectors and providing incentives for entrepreneurs to expand into sustainable areas. Al Marri stated, "The UAE has pioneered a visionary approach to developing a dynamic and competitive economic legislative framework based on global best practices." Over 30 key economic laws have been updated or introduced in recent years.

These legislative efforts have made the UAE an attractive destination for global businesses and entrepreneurs. The country offers 100 percent foreign ownership of companies, advanced technological infrastructure, and streamlined business setup processes through digital platforms. Additionally, over 40 free zones provide attractive incentives for investors.

Bin Touq addressed global economic risks such as protectionist policies and supply chain disruptions. These challenges can limit investment opportunities and reduce productivity. He emphasised the need for flexible economic strategies focusing on emerging sectors and supporting a multilateral global economic system.

The UAE is investing heavily in technology to overcome future challenges. It promotes sectors like artificial intelligence, fintech, and digital infrastructure while developing innovative solutions to support economic growth. This aligns with the "We the UAE 2031" vision to strengthen its position as a trusted global partner.

Strategic Partnerships

Over the past four years, the UAE has established more than 25 joint economic committees with countries worldwide. These partnerships aim to enhance its status as an attractive economic hub. Long-term residency options of five to ten years are available for investors, entrepreneurs, and skilled professionals.

The country also offers over 2,000 economic activities with reduced customs duties. Bin Touq noted that emerging markets are expected to outperform advanced economies, highlighting the importance of inclusive growth strategies.

The Minister concluded by stating that technology is seen as a key tool for overcoming future challenges. The UAE actively promotes investment in new sectors while developing policies to support its economy's growth and competitiveness.

With inputs from WAM