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Tactics for a Future-Based Economy in UAE

By Sakshi Srivastava - 23 Apr 2022 Last Updated: 26 Apr 2022
Tactics for a Future-Based Economy in UAE

Table of Contents 

  1. 1. Top 7 Plans for the Future-based Economy
  2. 2. Conclusion

The UAE is laying the groundwork for the growth and prosperity of knowledge-based, future-oriented business sectors. At the same time, it is working to strengthen its position as a global hub for businesses focused on innovation, artificial intelligence, and entrepreneurship. To that end, the UAE has launched a number of strategies aimed at achieving long-term economic growth through the application of science and advanced technologies, as well as by leveraging exceptional talent, skills, and competencies.

The UAE's Strategies seeks to strengthen the UAE's position as a global hub. It also increases the UAE's contribution to the national economy through advancements in innovation and future technologies. It also seeks to establish the UAE as a global model for the use of cutting-edge technologies to benefit society and achieve happiness and sustainability. In this blog, we will discuss what are the plans UAE has planned for the Future-Based Economy.

Top 7 Plans for the Future-based Economy

Here are the following strategies which is made by UAE Government for the future:

UAE Centennial 2071

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched 'UAE Centennial 2071' in 2017 as an action plan to make the UAE the greatest place in the world by 2071, when the UAE celebrates its centennial. The Centennial is built on four pillars: forward-thinking government, excellent education, a diverse knowledge-based economy, and a happy and cohesive society. The UAE seeks to become a global hub for attracting talented minds, ideas, and talent, as well as offering great business opportunities, a supportive environment, and advanced infrastructure, under the axis 'the finest economy in the world.'Investments in artificial intelligence, biotechnology, nanotechnology, cognitive sciences, and multi-dimensional cumulative manufacturing are steadily increasing, boosting the UAE's position as a global leader in a variety of fields.

The Fifty Economic Plan ? Roadmap to the Future

In December 2019, the Ministry of Economy revealed the Fifty Economic Plan for constructing a future-oriented economy in the UAE. This serves as a roadmap for economic initiatives in the coming decades as part of the 'Towards the Next 50' strategy. The strategy is built on five pillars: integrated economy, entrepreneurship and small and medium-sized enterprises (SMEs), tourism, foreign direct investment and exports, and attracting and retaining talent. The plan seeks to achieve a massive leap in the national economy by 2030, thereby supporting GDP growth by creating a booming economic environment and facilitating UAE companies to excel and lead globally.

Sectors such as space technologies and digital entertainment are pillars of this future-focused economy, as are opening new markets and forming a progressive legislative landscape that serves economic aspirations. At the same time, the Ministry is making it easier to do business, supporting family businesses, and protecting and incentivizing investment.

The Emirates Blockchain Strategy

In 2018, the Emirates Blockchain Strategy was launched with the goal of harnessing, utilizing, and capitalizing on advanced technologies for the betterment of society. Furthermore, by transferring all UAE government transactions to blockchain platforms, the efficiency of government performance is being improved. The strategy is built around four key themes: citizen and resident happiness, improved government efficiency, advanced legislation that qualitatively transforms federal government operations, and the UAE's international leadership in information systems and transfer. This will strengthen the capacity of individuals, institutions, and government leaders, save time, effort, and resources, and position the UAE as one of the most worldwide advanced nations willing to embrace transformation.

The UAE?s Green Growth Strategy

Rather than relying on oil resources, the UAE's Green Growth Strategy seeks to achieve sustainability in the economic, social, and environmental sectors. The UAE aspires to be a global leader in the green economy, a hub for the export and re-export of green products and technologies, and a center for the creation of a sustainable environment that promotes long-term economic growth. The strategy includes a variety of programs and policies in the fields of energy, agriculture, investment, and sustainable transportation, as well as new environmental and urban policies aimed at improving the country's quality of life.

Green energy, government policies encouraging investment in a green economy, green cities, dealing with the effects of climate change, green lives, and green technologies are the six main streams of this strategy.

UAE Strategy for the Fourth Industrial Revolution

The UAE Strategy for the Fourth Industrial Revolution seeks to strengthen the country's position as a global hub for the next industrial revolution, as well as to make a contribution to a competitive national economic system based on futuristic applications that combine material, digital, and biological technologies. This is in addition to using technology and tools to better serve community members and achieve public happiness. The adoption of various plans, as well as genomic medicine and medical genomic tourism, are key pillars of this strategy, as is strengthening economic security by embracing a digital economy. To support economic growth, the strategy also includes the development of advanced technologies ranging from artificial intelligence and nanotechnology to the internet of things and 3D printing.

UAE Circular Economy Policy

The Circular Economy Policy directs the economy's long-term management and the most efficient and productive use of environmental and natural resources through the implementation of the ideal methods and technologies for sustainable consumption and production. This is to ensure the high lifestyle for present and future generations, enhance natural resource efficiency, and reduce waste. The policy also focuses on improving environmental health and encouraging the private sector to implement cleaner industrial production techniques and technologies, as well as to help the UAE achieve its vision of becoming a leader in green development.

National Program for Artificial Intelligence 2031

The UAE is one of the best-prepared nations to deal with technological change, thanks to its extensive efforts to build a future-focused, cutting-edge infrastructure capable of raising the standard of living for individuals and communities. In accordance with the aims of the UAE Centennial 2071, this strategy is considered a first of its kind on a global scale, and it consists of eight strategic objectives, five themes, and a set of initiatives aimed at utilizing artificial intelligence in developing the country's vital sectors such as education and economy.

It also focuses on improving government performance, increasing social happiness, creating a new and promising regional market with high economic value, supporting private-sector initiatives, and incrincreasingease productivity. Transportation, health, space, renewable energy, water, technology, education, the environment, and traffic are among the sectors targeted.

UAE Energy Strategy 2050

In 2017, the UAE unveiled its 'Energy Strategy 2050,' a unified energy plan that tries to balance production and consumption with massive environmental commitments. The strategy fosters an appealing and favorable economic environment that catalyzes growth across all sectors and seeks to increase individual and corporate energy consumption efficiency by 40%. It also intends to boost the share of hygienic energy in the total energy mix from 25% to 50% by 2050, saving the equivalent of AED 700 billion.

The UAE plans to invest AED 600 billion until 2050 in order to meet rising energy demands and achieve long-term economic growth. The energy mix is planned to be as follows, according to the strategy: Clean energy accounts for 44%, gas accounts for 38%, clean coal accounts for 12%, and nuclear energy accounts for 6%.

Conclusion

The DEA's flawless efficiency of three factors: economic incentive and institutional regime, innovation systems, and information and communication technology, has positioned the UAE's economy to transition to a knowledge-based economy. The UAE government should prioritize the development of high-quality researchers. For more information contact our experts at Dhanguard. We will gladly like to assist you in every manner.

Dhanguard provides the business setup and company formation services in Dubai, UAE with the guidance of our professional team of consultants. Faster and hassle-free company setup in Mainland and Freezone in UAE.

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