Minister of Economy Highlights UAE’s Strategic Initiatives to Boost Global Competitiveness
Abu Dhabi: Abdullah bin Touq Al Marri, Minister of Economy, engaged in a session titled ‘Global Competitive Edge in an Ever-changing World’ during the 55th World Economic Forum’s annual meeting in Davos 2025. The event, occurring from January 20 to 24, is themed ‘Collaboration for the Intelligent Age.’
According to Emirates News Agency, the UAE delegation at Davos 2025, led by H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture, comprises over 100 members, including representatives from the private sector and government officials. The session delved into the shifting landscape of global competitiveness amid rapid technological changes, environmental challenges, and evolving economic models. It emphasized the importance of innovation, sustainable practices, and comprehensive policies in maintaining resilience and long-term prosperity.
Bin Touq stated, “The UAE’s participation in the World Economic Forum’s annual meeting confirms its key role in fostering inclusive and sustainable economic development at both regional and global levels. It also supports collaboration to find effective solutions to address global economic challenges.” He highlighted the UAE’s national initiatives and strategies that have enhanced its competitive edge, emphasizing the role of advanced technologies in improving services for society.
The minister pointed out the UAE’s achievements in global competitiveness indicators, with top rankings in 223 global indicators in 2024. The country improved its global standing by three positions from 2023, securing the 7th rank globally in the World Competitiveness Report 2024. Additionally, the UAE ranked first globally in 20 indicators of the Future Possibilities Index (FPI) in the Global Future Possibilities Index 2024.
Bin Touq underscored the UAE’s commitment to a diversified and knowledge-based economy, with non-oil sectors contributing 75% to the economy. The nation aims to become a global hub for the new economy by the next decade, in line with the ‘We the UAE 2031’ vision. The UAE’s economy includes sectors like Fintech, AI, entrepreneurship, advanced manufacturing, and food, supported by strong banking systems and economic partnerships.
He stressed the importance of transitioning to innovative technology and knowledge-based economic models, promoting adaptability, and fostering economic openness to tackle challenges such as geopolitical tensions and oil price fluctuations. Enhancing competitiveness requires investments in innovation, research, science, and technology, along with a business environment conducive to startups and public-private partnerships.
The UAE’s commitment to digital transformation, investment in human capital, and advancement in AI technologies is pivotal in aligning innovation with economic outcomes. The UAE remains actively involved in the World Economic Forum, seeking to bolster its position as a global leader in sustainable economic development and innovation across key sectors such as technology, energy, trade, and environmental sustainability.