Mohammed bin Rashid explained the Fifty Economy Plan
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, briefed on the Fifty Economy Plan, and affirmed that “the UAE is strong in its economy… confident in its decisions… a bet on its children… believing in its future.” “To be the fastest recovering economy in the world … and the most stable and diversified in the long term.”
This came during the meeting chaired by His Highness with the team of the economic system in the UAE government for the post-“COVID-19” phase, in the presence of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister The Minister of Presidential Affairs and His Excellency Mohammed bin Abdullah Al Gergawi, Minister of Cabinet Affairs, as part of the recent ministerial formation, which witnessed the creation of files and the merging of others within the framework of a comprehensive integrated development vision about the “The Fifty Economy Plan”.
Fifty Economy Plan formulation
His Highness reviewed the Ministry of Economy’s plan to build the future economy in the UAE under the title “The Fifty Economy Plan”, which represents the ministry’s vision for the economic work system over the next ten years and the formulation of the main determinants and outputs of the national economy by 2030, through a comprehensive presentation of the plan’s most important data. Each of His Excellency Abdullah bin Touq Al Marri, Minister of Economy, His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Dr. Ahmed bin Abdullah Hamid Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises.
His Highness Sheikh Mohammed bin Rashid Al Maktoum said, “We want a competitive, integrated, national economy that implements proactive ideas and achieves qualitative leaps.” His Highness pointed out that the government of the UAE after ‘COVID-19’ strengthens the orientation towards the new existing economy. “On knowledge, smart technology, advanced science … and the capital of the new economy, passionate talents, ambitious competencies and innovative minds.”
His Highness added, “The economy equation for the next stage consists of an attractive business environment, a developed legislative environment, and effective and efficient logistical services for The Fifty Economy Plan.”
His Highness said in a blog post on the Twitter site: “During my meeting with the country’s economy ministers and reviewing their Fifty Economy Plan, our priorities are the fastest country in recovery in the foreseeable future and the most diversified and economically stable in the long run. The UAE is strong in its economy .. and is confident of its decisions .. A bet on her children … and a believer in the superiority of her future.
The UAE Fifty Economy Plan
The largest national business strategy
The Fifty Economy Plan falls under the umbrella of the “Year of Preparation for the Fifty” strategy, the largest national strategy of its kind launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum in December 2019 to prepare for the next fifty years at all levels of the federal and local state.
The UAE future economy
The Fifty Economy Plan includes the ambitious economic outputs of the future economy, and it consists of five main axes that define the frameworks and mechanisms of the economic system’s work during the next decade, as well as the determinants of the state’s new economic model based on an integrated work approach in which a group of concerned governmental institutions participate.
Fifty Economy Plan Aims
In this regard, His Excellency Abdullah bin Touq Al Marri, Minister of Economy, started a review of the most prominent features of the Fifty Economy Plan, stressing that the plan aims to achieve a qualitative leap in the growth of the national economy of the UAE by the year 2030 as a first stage, in line with the determinants of the UAE Centennial 2071 and represents one of the courses of action to achieve many of its economic targets.
The Fifty Economy Plan also sets out a set of ambitious goals and outputs by 2030 related to the growth of GDP, the prosperity of the local business environment and the global superiority of Emirati companies.
His Excellency explained that the plan consists of 33 initiatives, which constitute a flexible package to support the economic sectors … indicating that this package, which was approved by the Council of Ministers and implemented by the Ministry of Economy in cooperation with the concerned authorities, constitutes an important stage that paves the way for building a more flexible and competitive economic model that would provide long support with the duration of the objectives of the fiftieth economy plan.
He added that the Ministry is working to intensify cooperation efforts and strengthen channels of communication and partnership with all relevant authorities at the level of the government and private sectors, to introduce this package and accelerate its implementation due to its pivotal role in the development and support of the business environment and the advancement of various vital non-oil sectors in the country.
His Excellency Dr. Abdulla bin Touq said that The Fifty Economy Plan is based on a solid economic base that the UAE possesses today, and is distinguished by a long record of accomplishments at the regional and global level, most notably the recent establishment of the Mohammed bin Rashid Solar Energy Complex and the Emirates Nuclear Energy Corporation and the operation of the Barakah Power Plant. Nuclear for peaceful purposes, and the launch of the probe of Hope to explore Mars.
As such great achievements and others place the UAE in an advanced position globally in the fields of the new economy based on knowledge, advanced technology, innovation, research and development.
His Excellency stated that the fifty economy plan consists of five main axes that constitute a road map for economic activity over the next ten years, namely: the integrative economy, entrepreneurship and small and medium enterprises, tourism, foreign direct investment and doubling exports, and attracting and retaining talent and competencies. His Excellency explained that the determinants of the integrated economy during the next decade are based on three pillars:
Leading economic sectors, such as space technology, and the digital entertainment industry; Opening new markets by keeping abreast of developments and developments in global markets; And the formulation of an advanced legislative environment that serves economic aspirations, and is based on ease of doing business, supporting family businesses, and protecting and stimulating investment.