UAE Minister of Economy Emphasizes Private Sector's Role In Clinching Economic Competitiveness at Davos The UAE sees technology as the key tool for overcoming future challenges.
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H.E. Abdulla bin Touq Al Marri, Minister of Economy, emphasized the private sector's role as a key partner in driving national economic growth and boosting its competitiveness at both regional and international levels.
In a session titled "Hard Power: A Wake-Up Call for Businesses Amid Global Economic Shifts," held at the 55th Annual Meeting of the World Economic Forum (Davos 2025), Al Marri added that the UAE has consistently involved the private sector in numerous national strategies and plans launched over the past years, creating a unique model of successful public-private partnerships in the country.
He stated that the number of new economic licenses issued in UAE markets totaled 200,000 in 2024.
The session explored the impact of global tensions on the private sector and how businesses are rethinking strategies to strengthen their tools and adopt sustainable practices to address economic challenges regionally and internationally.
It also discussed mechanisms to enhance profitability across various economic sectors, as well as the importance of providing additional incentives and enablers to encourage entrepreneurs to achieve high growth rates and expand into vital and sustainable sectors.
Bin Touq said, "The UAE has pioneered a visionary approach to developing a dynamic and competitive economic legislative framework based on global best practices. Over the past four years, the nation has issued and updated over 30 key economic laws, policies, and resolutions, focusing on new and future-centric sectors, including e-commerce, arbitration, commercial transactions, family businesses, and cooperatives.
"These efforts have made the UAE a more attractive destination for businesses and entrepreneurs from around the world, strengthening its position as a regional and global hub for business and investment."
He added that the UAE has provided the private sector with all necessary enablers and resources to increase its contribution to non-oil sectors. These include granting 100 percent foreign ownership of companies, advanced technological infrastructure, streamlining business setup through digital platforms, and the availability of over 40 free zones with attractive incentives.
Additionally, the UAE provides long-term residency options of five to ten years for investors, entrepreneurs, and skilled professionals. The country also boasts over 2,000 economic activities and offers reduced customs duties.
Bin Touq noted that global economic risks, such as protectionist policies, rising trade tensions, and supply chain disruptions, undermine investment opportunities, limit companies' ability to operate efficiently, and reduce productivity.
Addressing these challenges calls for the adoption of flexible economic strategies, focusing on emerging sectors, boosting economic openness, and supporting a multilateral global economic system, especially as emerging markets and developing economies are expected to outperform advanced economies, underscoring the importance of inclusive growth strategies.
The Minister of Economy explained that the UAE sees technology as the key tool for overcoming future challenges. It actively promotes investment in new economic sectors like artificial intelligence, fintech, and digital infrastructure, while developing innovative solutions and policies to support the growth and competitiveness of the UAE economy.
Over the past four years, the UAE has established over 25 joint economic committees with countries at regional and global levels, strengthening its position as a global trusted partner and attractive economic hub, in line with the objectives of the "We the UAE 2031" vision.
Related: UAE Delegation in Davos; AI Less of a Risk, say Leaders
