UAE keen to share its experience in the development of new economy tools with fellow Arab countries to help drive sustainable development in Arab world

H.E. Al Kait: Under the directives of its wise leadership, the UAE is committed to support joint Arabic action for development

 The UAE participated in the extraordinary ministerial meeting of the Economic and Social Council of the Arab League held in Algeria, which also served as the preparatory meeting ahead of the 31st session of the Arab Summit, which is scheduled to be held on 1 November.

HE Juma Mohammed Al Kait, Assistant Undersecretary at the UAE Ministry of Economy for Foreign Trade Affairs, led the UAE delegation to the meeting. In his speech addressing the Council, he underlined that the UAE supports all efforts aimed at strengthening joint Arab action to address various economic and social issues, in line with its keenness to support the sustainable development of Arab countries and ensure the welfare of all their people. This approach follows the UAE’s wise leadership’s directives that affirm the importance of strengthening collaboration with fellow Arab countries and integrating efforts in various fields.

HE further explained that the UAE is keen to share its development experience with other Arab countries to help accelerate their development, in addition to supporting the efforts to develop coordination mechanisms in the matter of the Greater Arab Free Trade Area (GAFTA) and address the challenges impeding the free flow of goods and commodities, which in turn will contribute to boosting intra Arab trade.

In this regard, HE briefed the Council on a number of leading economic initiatives proposed by the UAE as part of the Council’s schedule, to be presented at the Arab leaders’ meeting in the upcoming Arab summit. HE stated that these initiatives form part of the UAE’s future vision as per the UAE Centennial 2071and play an integral role in empowering the new economy tools in the Arab world. Furthermore, it supports the Arab countries’ transformation towards sustainable economies based on knowledge and innovation, thus keeping pace with the requirements of the future.

Arab vision for digital economy

HE Al Kait showcased the UAE’s proposed initiatives, starting with the ‘Arab vision for the digital economy’ initiative that aims to support the transition of Arab countries towards the digital economy. It is designed to drive the technological development; widen the scope of its use in advancing economic and social development; and improve opportunities and quality of life in the Arab countries. This is in line with the global developments, and this vision will serve as a development tool in facing the national, regional, and global economic challenges. The UAE has provided full financial support for the preparation and development of all activities, research, and conferences related to the implementation of this leading project, exceeding AED 20 million so far.

HE also highlighted the UAE’s experience in supporting the growth of digital economy, as it is a vital pillar in the UAE’s future government plans. These include the development of a robust infrastructure in the ICT field, in addition to some leading initiatives that aim to enhance the innovation environment in the UAE. These factors now contribute to creating new jobs and increasing investment opportunities, thus driving the overall diversification of the national economy. Leading initiatives in this regard are the formation of the UAE Council for Digital Wellbeing, adoption of the National Policy for Quality of Digital Life, the launch of the UAE Digital Government Strategy-2025, the National Cybersecurity Strategy-2019 in addition to the UAE Blockchain Strategy 2021. Another notable initiative is the recent launch of the NextGen FDI initiative, which aims to attract 300 digital companies, especially those that focus on advanced technology applications in various sectors. Besides, the initiative will provide these companies with support for market entry and will enable them to launch and expand from the UAE to various global markets, injecting the national economy with approximately USD 500 million.

Arab Cooperation in Space sector

Moreover, H.E. Al Kait discussed the UAE's efforts to support Arab cooperation in the field of space, pointing out that the UAE launched a set of leading programs to prepare Arabs to lead the space sector. These include the ‘Arabs to Space’ initiatives, the Arab Space Cooperation Group, and the 813 Arab Satellite project, which aims to support and strengthen cooperation in the field of space science and use it to drive the progress of Arab countries.

H.E. reviewed the historical achievements made by the UAE in the field of space under the guidance and support of the wise leadership and with the help of its people, including the entry into the global space club through the development of advanced infrastructure and institutions in the field of space. Hazza Al Mansouri became the first Emirati astronaut to enter into outer space and the third Arab to reach space, and the first Arab to reach the International Space Station. The success of ‘Hope Probe,’ one of the most leading projects, strengthened the UAE's leadership in space and helped to achieve a distinguished global reputation in this field, after its success in entering its orbit around Mars. Besides, Emirati astronaut Sultan Al Neyadi became the first Arab astronaut to be selected to spend six months on the International Space Station as part of the NASA mission, which will launch in 2023.

The UAE's investments in the space sector to date have amounted to more than AED 22 billion.

Specialized Regulation Lab

At the meeting, H.E. also presented the ‘Regulation Lab’, which introduces an innovative approach to the development of legislation surrounding emerging technologies and their application. It brings together legislators, the private sector, innovators and business leaders to participate in the development of legislation that helps keep pace with the speed of innovations, and ensures harmonization between the speed of legislation and the speed of innovation, in addition to attracting entrepreneurs, talents and creative minds in all strategic sectors.

Promotion of cultural diversity and preservation of family values

A social and cultural topic was also reviewed at the meeting, in coordination with the Ministry of Foreign Affairs and International Cooperation. The topic discussed the importance of cultural diversity in enriching our civilization and the development of nations, and building bridges of communication between different peoples. It noted the importance of protecting and preserving the concept of family as it represents the basic pillar of societies and the foundation on which the development of a society is based on.

H.E. Al Kait called on the Arab countries to take advantage of the tremendous opportunities provided by the UAE’s initiatives and programs that were put forward on the agenda of the meeting, in a way that supports the process of Arab integration and cooperation in all strategic sectors, especially the economic and social ones. He indicated that the meetings of the Arab Economic and Social Council are important opportunities to enhance shared Arab visions on pressing economic and social issues and promote constructive cooperation.

He then emphasized the importance of the issues discussed by the Council and the UAE’s commitment to supporting the outcomes of the meeting to drive the progress of Arab economies.

The Council discussed several other topics as well, most notably the progress made in addressing the requirements of the Greater Arab Free Trade Area and the establishment of the Arab Customs Union, ways to enhance cooperation and coordination in areas related to the sectors of the digital economy, and the promotion of Arab economic growth in the post-pandemic stage. In addition, mechanisms to support Arab space cooperation, the Arab strategy for the advancement of women as part of the 2030 Sustainable Development Goals, as well as the Arab Program for Sustaining Food Security, and the Arab Strategy for Peaceful Uses of Atomic Energy (2021-2030) were also reviewed.

The non-oil trade exchanges between the UAE and the Arab countries amounted to USD 111.5 billion in 2021, reflecting a growth of 23.8 per cent compared to 2020, and by 11.5 per cent compared to 2019.