The United Arab Emirates (UAE) continues to strengthen its position as a top global economic and investment hub. Abdulla Bin Touq Al Marri, the Minister of Economy, participated in a panel discussion titled 'Building New Economies: How to Foster Growth and Innovation' at the SALT iConnections Forum in New York City. During the discussion, Bin Touq highlighted the competitive economic environment and opportunities offered by the UAE, urging American firms and investors to take advantage of them [6f525598].
Bin Touq also held a meeting with Eric Adams, Mayor of New York City, to explore the strengthening of economic collaboration in areas of shared interest, particularly the new economy, fintech, clean energy, green economy, entrepreneurship, tourism, transportation, and circular economy. The UAE and the US enjoy robust and advanced strategic ties across various domains, particularly in the economic and investment sectors. The meeting marks a significant milestone in strengthening joint efforts to explore emerging opportunities and expand the scope of existing cooperation [3a8b1dcd].
The UAE is the largest Arab trading partner of the United States, with non-oil trade between the two countries reaching $40 billion in 2023, a 20% increase from the previous year. In 2022, the UAE achieved its highest foreign direct investment (FDI) inflows at $22.7 billion. Bin Touq emphasized the importance of the UAE's investments in the USA, which reached $38 billion in 2022 [6f525598].
The UAE's commitment to fostering innovation and supporting startups is exemplified by Hub71, Abu Dhabi's global tech ecosystem. Hub71 has recently partnered with GetFundedAfrica, a tech-enabled marketplace that connects startups with investors, including venture capitalists and angel investors. This partnership aims to provide startups with access to funding and support, further enhancing the UAE's position as a destination for innovation and entrepreneurship [6f525598].
Abu Dhabi Customs also plays a vital role in driving the national economy. The Director-General of Abu Dhabi Customs, Rashed Lahej Al Mansoori, highlighted the importance of customs in supporting economic growth and diversification. The customs department has implemented several initiatives to facilitate trade and enhance customs procedures. They have achieved significant milestones, including the implementation of the Authorized Economic Operator program and the launch of the Smart Customs Inspection System. These initiatives have improved efficiency, reduced costs, and enhanced security. Abu Dhabi Customs is committed to providing excellent services and contributing to the development of the UAE's economy [ef56952a].
The UAE's vision is to improve economic openness and forge productive partnerships with international markets. The UAE has the largest shipping line network that spans 88 ports globally and benefits from its strategic location as a link between the East and West. The UAE has implemented trade and investment initiatives under the 'Projects of the 50' and the UAE Centennial Plan 2071 to bolster its standing in the global economy. The comprehensive development of economic legislation, including 100% foreign ownership of companies, flexible tax policies, and simplified processes for establishing businesses, further cements the UAE's position as a global hub for business and investment [3a8b1dcd].
In addition to the UAE's efforts to strengthen its economic position, the Ministry of Economy in Libya is also actively engaging in discussions to support economic growth. Deputy Minister of Economy and Trade, Saad Al-Hneish, recently met with the Food and Agriculture Organization of the United Nations (FAO) to explore mechanisms for cooperation aimed at supporting and developing sectors related to economic growth, as well as activating agricultural projects. The meeting also focused on monitoring goods and services in the local market to ensure they meet health specifications, promoting investment in the industrial and agricultural sectors, and facilitating bank support for projects. The Ministry of Economy in Libya is looking to tap into African and European export markets to generate value for the national economy [d50e5472].
The UAE and Libya both recognize the importance of economic cooperation and are actively seeking opportunities to enhance their respective economies. These efforts reflect the commitment of both countries to foster growth, innovation, and collaboration in various sectors, ultimately contributing to their economic development and global standing.
The Abu Dhabi Department of Economic Development (ADDED) and the United Arab Emirates University (UAEU) have signed a Memorandum of Understanding to launch the Abu Dhabi Family Business Index, the first of its kind in the region. The index will measure and rank various metrics related to family-owned and family-controlled businesses in Abu Dhabi, including revenue, industry, employment, governance structures, leadership gender ratios, succession planning, longevity, and overall contribution to socio-economic development. The index aims to provide an understanding of the role and impact of family businesses in the economy and society, support economic diversification and growth, and shape future strategies and decisions. The collaboration between ADDED and UAEU will also involve cooperation in evidence-based economic and financial research, knowledge sharing, joint research activities, training, workshops, and sharing research publications [370326cb].