Minister of Economy highlights advancements in UAE’s business landscape at Gateway Gulf 2024 forum

Participants apprised of the UAE’s vision for fostering global economic openness, building strategic partnerships with key regional and international markets, and facilitating global trade

H.E. Abdulla bin Touq Al Marri, the Minister of Economy, took part in a panel discussion at the second Gateway Gulf 2024 forum, hosted by Bahrain’s Economic Development Board on November 3-4, under the theme ‘Investing in a Rapidly Transforming Region.’ During the session, the Minister of Economy highlighted the UAE’s dynamic business environment and investment opportunities in the country’s emerging economy sectors, along with recent amendments to the legislation governing them.

H.E. Bin Touq emphasized that, under the guidance of its wise leadership, the UAE has made significant strides in diversifying its economy and transitioning to a knowledge- and innovation-driven model. Today, non-oil sectors contribute 74 per cent to the national GDP, attracting investors and entrepreneurs to expand within these fields. This aligns with the UAE’s ambition to establish itself as a global hub for the new economy by the next decade, in line with the ‘We the UAE 2031’ vision.

H.E. added: “Today, GCC has become a formidable economic force with substantial influence on the global investment landscape. Boasting strategic geographic locations, world-class infrastructure, and diverse investments across the globe, these countries have emerged as international hubs for business and investment and home to some of the largest global companies. We are committed to furthering cooperation among our GCC partners in various sectors, particularly in economy and investment, and exploring opportunities that enhance our economic integration, driving the resilience and growth of GCC economies.”

The Minister of Economy highlighted the deep-rooted fraternal ties between the UAE and Bahrain, which continue to flourish across all sectors, driven by the visionary leadership of both nations.

He also shed light on the transformative developments within the UAE’s business and investment landscape. Recent updates include groundbreaking legal reforms, such as the family business law, cooperative law, commercial agencies law, trading by modern technology means and arbitration regulations, as well as the introduction of 100 per cent foreign ownership across sectors - all of which support the expansion of new economic activities.

H.E. highlighted that the developments concerning economic legislation have significantly improved the UAE's appeal for businesses and the establishment of companies. There are currently 1.5 million commercial licenses registered in the country. In 2023, the UAE economy witnessed an influx of FDI projects worth over USD 30.6 billion, reflecting a remarkable 35 per cent growth compared to that of 2022. Moreover, in 2024, the UAE secured the top spot globally as the most favourable destination for setting up new businesses, in addition to being ranked second globally in attracting new project investments in 2023.

Furthermore, H.E. discussed the UAE's efforts in digital transformation and the development of state-of-the-art technology infrastructure in line with international best practices. This aligns with the country's vision of becoming a hub for emerging industries, new economic sectors, and regional as well as global entrepreneurship. Also emphasized were various national strategies aimed at bolstering the role of different economic sectors in promoting diversity and sustainability, particularly in areas such as renewable energy, green solutions, artificial intelligence (AI), advanced technology, digital finance, and biotechnology.

Additionally, H.E. Bin Touq underlined the UAE's commitment to strengthening collaboration, forging global partnerships, and expanding them by embracing an economic openness policy and streamlining trade operations through the development of extensive logistics and technology solutions that facilitate the movement of goods. H.E. Bin Touq stated that the UAE's engagement in the Belt and Road Initiative reflects its dedication to fostering stronger economic connections with global partners and exploring new avenues for trade and investment, thereby driving the growth and sustainability of the global economy.

The UAE has successfully established over 25 joint economic committees with 25 countries at regional and global levels over the past four years. Furthermore, the UAE has entered into comprehensive economic partnership agreements with 14 countries. Through these initiatives and agreements, the UAE is strengthening its role as a prominent global partner and a leading economic hub, thereby positively influencing trade and investment flows.

On the sidelines of the forum, the panel discussion explored the significant role played by the UAE in the expansion and sustainability of supply chains and global trade. The country's capabilities, global infrastructure, and strategic geographic location enable it to facilitate trade and link the East with the West.

The latest edition of the Gateway Gulf forum focused on promoting sustainable economic growth, exploring the influence of AI on global market dynamics, and preparing and equipping the workforce for future demands and expectations. The event attracted 250 high-level government officials and businessmen including senior executives and investors from key markets across America, Europe, Asia, the GCC, and the Middle East region.