UAE never stops building. The last few decades prove that our country constantly aims for new highs in every sector. Recently, the UAE has been seeking to accelerate the economy, focusing on digital innovation, tourism, and finance. 

The economic growth strategy is part of a larger approach to lure investments and international businesses into the country based on economic plans such as ‘Towards the Next 50,’ ‘Operation 300bn,’ and more. With a sharp leadership vision and actual initiatives, the UAE is ready to become a leading player in international economic cooperation to attract more investments and create new partnerships.

Key Economic Strategies and Focus Sectors

The UAE’s strategy is to integrate national and regional policies and partnerships to increase economic performance. The Ministry of Economy launched the ‘Fifty Economic Plan’ in December 2019, a strategy to develop the UAE’s future economy. The approach outlines a roadmap for economic activities with five main pillars: economy, entrepreneurship and SMEs, tourism, foreign direct investment and exports, and retaining talent. 

Another transformative plan, Operation 300bn, seeks to increase industrial development’s share of GDP from AED 133 billion to AED 300 billion by 2031. This initiative is based on sustainable industrial development, the application of modern technologies, and increasing export potential, which contribute to the diversification of the UAE economy and the move away from traditional sectors.

Artificial intelligence (AI) has recently gained much attention in the UAE, with the launch of ‘UAE Strategy for Artificial Intelligence 2031’. The initiative proposes embracing AI in all departments to enhance government services, cut expenses by 50%, and improve productivity.

Tourism has been and remains one of the most important sectors for the growth of the UAE economy. The National Tourism Strategy 2031 is the framework under which the government aims to increase the tourism sector’s contribution to the GDP to AED 450 billion by 2031. In the financial sector, Dubai’s Economic Agenda D33 seeks to make Dubai one of the world’s most prosperous cities by doubling its economy over the next decade and consolidating its position as a global financial hub. The UAE’s Green Growth Strategy is another long-term vision of making the country sustainable in terms of economy, society, and environment and moving away from oil. 

These initiatives aim to improve the economy comprehensively, enhance the local business environment, and attract new foreign investment.

Embracing New Economic Trends Towards Future Achievements

Investments in the UAE are increasing, and many national companies are actively cooperating with foreign partners. In addition to the transformative approaches, Investopia has launched the Next50 initiative to create investment opportunities for the 50 most innovative companies in the UAE. Commenting on its launch, H.E. Abdulla bin Touq Al Marri, UAE’s Minister of Economy, said:

“Next50 reinforces Investopia’s vision to foster and boost the local business community’s expansion in the realms of innovation and entrepreneurship while simultaneously improving its connectivity to global markets.”

The main objective of ‘Next 50’ is to cultivate an environment that encourages knowledge exchange, explores potential partnerships, expands investments in new economic sectors, and fosters local and global market growth.