The UAE has ranked first globally and regionally in terms of investing in infrastructure projects. And increasing investment in facilities in recent years. Less than 50 years after its formation, the UAE transformed. Its oasis economy into one of the region’s most dynamic and rapidly growing markets, based on agriculture, fishing, history and the pearl trade. .
Today, on the occasion of its Golden Jubilee, the UAE has a knowledge-based economy. That aims to become a global industry leader within the next ten years. Although oil has always been the cornerstone. The UAE’s economic growth, the country’s leaders have always tried to take advantage of new opportunities. To formulate controversial diversification plans and create a roadmap for sustainable socio-economic development.
Terms of investing in infrastructure projects
Such a vision of the future has seen the UAE evolve into a global financial. In logistics and transportation hub that serves as a regional hub for a large number of international companies. And for good reason.
The UAE benefits from a diverse mix of energy at competitive prices. It has 21 economic trade zones, including advanced transport, communication, logistics and service infrastructure. Including Abu Dhabi, Dubai, Fujairah and Sharjah. It was one of the best performing countries in 2020. In terms of economic performance and entrepreneurship. In addition, over 5 billion people around the world can get to the UAE in 8 hours.
Given its strong fundamentals, including its ideal strategic location, the UAE has become a gateway to markets reaching nearly three billion people. This is the kind of access that investors around the world want.
Promoting growth and productivity in industries
Now the UAE is turning to the industrial sector. Driven by their vision of leadership, the UAE aims to grow the industrial value chain. It will consider promoting growth and productivity in industries. Where it is already well established, including energy, petrochemicals, plastics, metals and manufacturing.
It will seek to accelerate the development of strategic industries to strengthen its resilience and reduce. Its dependence on global supply chains such as food, agriculture, water and healthcare. And it will also boost the development of future industries. Such as space, hydrogen, and medical technology, where Fourth Industrial Revolution (4IR) technologies will play an important role.
The vision is to increase global competitiveness, create value in the country and create jobs. Its citizens while diversifying their efforts.
As part of the Ministry of Industry and Advanced Technologies (MOIAT) ‘Operation 300 billion’ global strategy. The UAE will double the contribution of the industrial sector to GDP to 200 billion by 2031 and the UAE will become an industrial hub. major.
Regional economic leader
Moving forward with the times is nothing new for the UAE. Its position as a regional economic leader. The result of many years of complex planning and a productive, competitive and flexible business mindset. The key is the development of essential legislation and legislation that support innovation and business activity. And this will strengthen the country’s new era of industrial fame.
At the start of the new millennium, the United Arab Emirates ratified a federal law governing the protection. And management of industrial patents for patents and industrial designs. The relevant authorities have also issued a set of resolutions and guidelines aimed at creating a framework. For the corporate governance process, outlining general guidelines for general assemblies, administrative structures and work flow mechanisms.
The UAE government has passed bankruptcy law that balances the interests of creditors and lenders. While ensuring the rights of both parties. Meanwhile, insurance law has become a unique legal framework that mirrors UAE professional law, giving creditors time to repay their debts without loss. Locally and regionally.
Then, highlighting the country’s business landscape, a new amendment to the company’s law, released in 2020, gave 100% ownership of companies to foreign traders and investors. The UAE’s competitive business advantage goes beyond its advanced regulatory and logistical framework and flexible financing solutions.
