UAE Economic Principles Charter Revealed and Refined
Today marks the conclusion of the UAE government’s annual meetings, a platform where we’ve pledged an intensified commitment to our economic agenda aimed at amplifying and diversifying our nation’s developmental trajectory, tweeted His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
During the two-day event, Sheikh Mohammed announced the adoption of 10 economic principles that will guide the nation’s economic framework for the next decade. These principles are designed to bolster the country’s developmental momentum and propel it to unprecedented levels of progress. These principles, known as the “UAE Economic Principles Charter,” are inspired by the fifty principles of the UAE and envision the UAE as a singular economic and investment powerhouse, emphasizing the supreme national interest of economic development.
The ratified economic principles serve as the cornerstone for the nation’s economic strategy over the coming decade, with the ultimate goal of positioning the UAE at the forefront of the global economic landscape. The 2023 session of the Annual Meetings discussed the government’s main directions, the outcomes of implemented national initiatives and programs, as well as the recent updates on the UAE hosting the 28th Conference of the Parties of the UNFCCC (COP 28), from November 30 to December 12, 2023.
Notably, the UAE Economic Principles Charter outlines the following key principles:
1. An Open Economy Welcoming Global Trade
2. Attracting Top Economic Talents
3. Investing in the Digital Economy
4. Empowering Youth with Diverse Opportunities
5. Building a Sustainable and Resource-Responsible Economy
6. Ensuring Financial System Stability
7. Continuous Development of Economic Legislation
8. Transparency, Credibility, and the Rule of Law
9. A Strong and Trustworthy Banking System
10. World-Class Logistics Infrastructure
Sheikh Mohammed called upon all sectors to align with these principles, ensuring they are at the heart of new policies, legislation, and economic initiatives, guiding the nation towards unprecedented levels of development. The UAE adopts a free-market economic model, open to the entire world, maintaining its appeal to global talent through various programs and initiatives that streamline transportation, living, and working in the UAE. Additionally, the UAE prioritizes the sustainability of its economy through advanced legislation and policies that preserve resources and the environment for future generations. Lastly, the UAE boasts a robust and internationally aligned banking system that prioritizes the safeguarding of personal savings and financial transactions, contributing positively to economic stability.
The refined and revealed UAE Economic Principles Charter sets the stage for an ambitious economic future, solidifying the UAE’s position as a global economic powerhouse.
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