The United Arab Emirates (UAE) launched the “Economic Principles of UAE” on Wednesday, a strategy to further enhance the country’s economic performance and attract talent.

The United Arab Emirates (UAE) launched the “Economic Principles of UAE” on Wednesday, a strategy to further enhance the country’s economic performance and attract talent.

“Our aim is to place the UAE at the forefront of global economies, with a strong digital structure, secure systems, flexible legislative framework and future thinking. The UAE’s attractiveness to top talent is growing and its positive impact as a global economic hub is constant,” said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The Economic Principles of UAE are:

1. The UAE is a globally open free-market economy: The UAE is to become a model of a free economy, open to the entire world, welcoming international and regional economic and trade without constraints. 

2. The UAE attracts top talent: The country provides an environment that both attracts the world’s top talent, entrepreneurs and innovators, and nurtures home-grown talent. It offers attractive incentives for skilled professionals and creative minds and provides a climate that supports turning great ideas into commercial opportunities and helping them develop and thrive. 

3. The UAE invests in the digital economy: The country become a global hub for the digital economy, offering an international platform for digital transactions and a compelling investment environment for pioneers in big data, technology development and innovation. 

4. The UAE invests in developing and creating opportunities for its youth: By being committed to integrating young Emirati talent at the core of the country’s economic model, enabling them to discover and leverage opportunities across the economy by providing them with the skillsets and capabilities to ensure their competitiveness in global markets. 

5. The UAE manages a sustainable and balanced economy: This can take place through advanced legislation, policies that safeguard resource sustainability, environmentally friendly energy sources, and government plans and strategies aimed at preserving our natural resources for future generations

6. The UAE offers a strong and stable financial system: Embracing innovative financial instruments and models together with future-focused regulation and a strong role in the international financial system, the UAE provides an attractive environment for global banks and financial institutions to develop and prosper.

7. The UAE offers a strong and fair legislative environment: The country’s legislation serves to bolster the UAE’s status as a secure, competitive and attractive destination for businesses and provide a framework for them to develop and grow globally. 

8. The UAE upholds the principles of transparency and the rule of law: The country actively strives to facilitate access to information from reliable sources and provide accurate public data supporting business decision making and intelligence, fostering investor confidence and supporting sound opportunities for investment and economic growth.

9. The UAE’s business community is supported by a strong banking sector: The government said they are committed to the development and operation of a robust and advanced banking system, in line with the best global standards, committed to safeguarding personal savings and supporting secure financial transactions for clients, both at the individual and business level. 

10. The UAE offers the world’s finest transport and logistics infrastructure: Through building the world’s most advanced transport and logistics infrastructure, including world-leading ports, airports, airlines and shipping companies.