UAE Economy Minister Discusses Proactive Initiatives For Global Competitiveness At Davos 2025

Abdullah bin Touq Al Marri, the Minister of Economy, took part in a session at the 55th World Economic Forum's annual meeting in Davos 2025. The event, held from January 20 to 24, focused on 'Collaboration for the Intelligent Age.' The UAE delegation was led by H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum and included over 100 members from both the private sector and government.

The session addressed how countries can maintain their competitive edge amid rapid technological changes, environmental issues, and shifting economic models. It emphasised the importance of innovation, sustainable practices, and comprehensive policies to foster resilience and long-term prosperity in an interconnected world.

Bin Touq stated, "The UAE's participation in the World Economic Forum's annual meeting confirms its key role in fostering inclusive and sustainable economic development at both regional and global levels. It also supports collaboration to find effective solutions to address global economic challenges." He highlighted that under wise leadership, the UAE has launched national initiatives enhancing its competitive edge regionally and globally.

He further noted that these efforts have improved the UAE's adaptability to global changes by integrating advanced technologies into services provided to society. This progress across sectors contributes to a high quality of life for citizens and residents, reflecting security and stability.

The UAE has made significant strides in global competitiveness indicators. In 2024, it ranked first globally in 20 indicators of the Future Possibilities Index (FPI) as per the Global Future Possibilities Index 2024. Additionally, it climbed three positions from 2023 to rank seventh globally in the World Competitiveness Report 2024 by the World Competitiveness Centre.

Bin Touq added that these achievements demonstrate the robustness of the UAE's national economy. With over 1.1 million companies operating within its borders, the UAE continues to attract businesses, investors, and entrepreneurs worldwide due to its resilient business environment.

Diversification of Economy

The UAE remains committed to sustainability and transitioning towards a diversified knowledge-based economy. Bin Touq mentioned that non-oil sectors now contribute 75% to the economy. National efforts aim to position the UAE as a global hub for new economies by next decade under 'We the UAE 2031' vision.

The current economy includes various sectors such as Fintech, AI, entrepreneurship, advanced manufacturing, and food. A stable economy is supported by strong banking systems alongside robust regional and global partnerships.

Focus on Innovation

Accelerating transition towards innovative technology is crucial for navigating global economic shifts effectively. Bin Touq stressed promoting adaptability while addressing challenges like geopolitical tensions or inflationary pressures through openness economically.

Enhancing competitiveness requires adopting innovations alongside research-driven approaches within knowledge-based models; developing business environments encouraging investments; fostering growth among startups; promoting public-private partnerships effectively are essential steps forward according him.

Commitment to Digital Transformation

The UAE is committed strongly towards digital transformation investing heavily into human capital advancement along with AI technologies across industries contributing significantly aligning innovation with economic outcomes positively impacting overall growth trajectory moving ahead confidently into future endeavors globally speaking too!

The nation actively participates at Davos engaging key sessions meetings other events seeking strengthen position influential player driving sustainable development leading way innovation key sectors technology energy trade environmental sustainability alike ensuring continued success long term basis assuredly so indeed!

With inputs from WAM