March 2, 2023
2 mins read

Al Marri touts UAE’s attractive labour market

Al Marri noted that the ambitious economic initiatives and programmes launched in the past few years aim to enhance the country’s capacity to address new economic concepts…reports Asian Lite News

UAE boasts one of the world’s most active business environments supported by a national and foreign private sector, as well as several developmental initiatives, and an attractive labour market for international talents, Minister of Economy Abdullah bin Touq Al Marri has said.

The country is implementing comprehensive economic initiatives to increase the capacity of the national business environment to attract capital.

In a statement prior to Investopia 2023 in Abu Dhabi, Al Marri mentioned that the global economy’s current international challenges have led to changing priorities and investment trends, with a focus on five key sectors: healthcare, transport and logistics, agriculture and food security, technology, and green energy.

The UAE has utilised advanced technologies to develop capacities and meet the growing demand in these sectors. Additionally, the country aims to adopt a new and more open development model in line with the leadership’s future vision and the UAE Centennial 2071.

Al Marri noted that the ambitious economic initiatives and programmes launched by the UAE in the past few years aim to enhance the country’s capacity to address new economic concepts, such as virtual reality, data revolution, and artificial intelligence, and to create significant commercial and investment opportunities in priority areas.

He explained that Investopia was launched as part of the UAE’s efforts to create investment opportunities in new economic sectors by setting an ambitious goal to attract AED550 billion in foreign direct investments (FDI) to the country by 2031 and AED1 trillion by 2051.

The UAE has adopted economic diversification policies that move away from oil, providing sufficient flexibility to address current economic challenges. However, the country’s future growth prospects require focusing on the ‘New Economy’ concept and taking opportunities created by advanced technologies in vital sectors such as space, agriculture, medicine, and engineering.

Al Marri noted that in 2022, the UAE economy recorded its fastest growth rate in over a decade despite the global economic slowdown, with the first half of 2022 witnessing unprecedented growth of nearly 8.5%.

The country’s foreign trade also totalled AED2 trillion, and it maintained its position as one of the 12 best tourism destinations in the world by attracting over 10 million tourists annually. FDIs rose from US$10 billion in 2018 to nearly US$21 billion by 2021, he further added.

Al Marri also mentioned positive investment indicators from 2022, indicating confidence in continuing rapid growth to achieve the goals of doubling the national economy and creating a new economic model based on knowledge, innovation, and creative talents.

ALSO READ: Resilient UAE economy defies headwinds

Previous Story

Ukraine war looms over crucial G20 meet

Next Story

Hamdan approves policies on sustainability

Latest from -Top News

Trump Warns Musk: ‘Close Shop or Go Home’

Trump’s warning on his Truth Social platform late on Tuesday (US time) came amid the feud between him and Musk over the ‘One Big Beautiful Bill’….reports Asian Lite News Former US President

India-US Trade Deal Likely This Week

The interim trade deal would be an initial step towards a comprehensive bilateral free trade agreement between Indian and the US….reports Asian Lite News India is expected to finalise an interim trade

One Year Later, Hasina’s Son Raises Red Flag

Hasina’s abrupt exit last August after violent student protests was widely seen as a blow to democracy in the Muslim-majority nation of 170 million….reports Asian Lite News Sajeeb Wazed, son of former

Global South Finds Its Campus in India

The question is no longer if India can attract global talent, but whether it can build the conditions to do so at scale—with care and vision. Done right, India could emerge as

Jaishankar Gets Real on India-US Ties

The EAM underlined the structural drivers of the bilateral relationship, saying, “The trend line over the last 25 years has actually been very strong….reports Asian Lite News External Affairs Minister S. Jaishankar
Go toTop

Don't Miss

UAE, Turkey renew Business Council Agreement

The two sides agreed on growing coordination between their business

UAE, India To Tackle Key Issues

The meeting between foreign ministers of UAE and India touched