UAE’s new economic model offers investment & business success opportunities to equestrian industry at regional & global levels
Average yearly spending of equestrian clubs in the UAE total AED 367 million
HE Abdulla bin Touq Al Marri, Minister of Economy, attended the 3rd edition of the Dubai Equestrian Forum, organized by the Dubai Racing Club and the Dubai Equestrian Club at the Meydan Racecourse. Addressing the Forum, the Minister affirmed that the UAE is moving forward in establishing the pillars of its new economic model, which is based on flexibility, innovation, and leadership. This will contribute to empowering all vital sectors and enhancing their competitiveness, in addition to enhancing the attraction of and investments in talents, thus consolidating the UAE’s position as a global hub for trade and investment as per the goals and projects of the 50.
HE briefed the participants, which included investors, businessmen, and the equestrian industry stakeholders, on the most notable incentives and opportunities offered by the UAE’s business and investment environment. The equestrian industry is one of the most promising industries in the UAE that underwent notable development in the last period. This has in turn consolidated the UAE’s position as a key hub in this sector at the regional and global levels, in line with the wise leadership’s vision and future foresight.
HE stated: “Under the vision and directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the UAE currently boasts a competitive and flexible investment environment and a strong and advanced infrastructure in various economic and trade sectors, including the equestrian industry. Nearly AED 2.1 billion were spent on training race horses, and the average yearly spending of equestrian clubs in the country total AED 367 million. In addition, the market size of high-performance horse feed has reached more than AED 128 million, solidifying the UAE’s global position in this regard.
Furthermore, HE highlighted the developments in the country's economic and legislative environment, including the granting of 100% foreign ownership of companies, flexible tax policies, facilitation of business establishment procedures, and the introduction of golden residency and green residency visas to attract investors, entrepreneurs, and creative and talented individuals from all over the world. These changes had a positive impact on FDI inflows into the country, which reached USD 20.7 billion in 2021, strengthening the UAE's position as an ideal destination for living, working, and investing in.
HE also underlined a number of economic projects and initiatives recently launched by the UAE, most notably the Comprehensive Economic Partnership Agreements that are currently strengthening the UAE’s partnerships with target foreign markets; Investopia, which plays an integral role in strengthening the UAE’s position as a global hub for trade and investment; and The Entrepreneurial Nation, the comprehensive national project launched to enhance the UAE’s SME and startup environment.
Moreover, H.E. Bin Touq invited the investors, businessmen, and companies participating in the forum to capitalize on the features of the UAE’s new economic model and updated economic legislation, in order to increase their investments and achieve business success in various economic and trade sectors.