Mohammed bin Rashid reviews work plan of Ministry of Economy

Photo: WAM

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, said that the top priority of the UAE’s economy is to be fastest recovering economy in the world, and to be the most stable and diversified economy on the long term.

Sheikh Mohammed also said that the UAE is strong with its economy, confident about its decisions, and has strong believe about its future.

His Highness’ remarks came while chairing a meeting with Ministry of Economy’s task force to review the ministry’s post COVID-19 plans. The meeting was attended by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council; H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs.

Sheikh Mohammed was briefed about the ministry’s plan to build the future economy of the UAE, entitled "The fifty economic plan", which represents the ministry’s vision for the next decade, and key outcomes for the national economy by 2030.

Abdullah bin Touq Al Marri, Minister of Economy, Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, SMEs, and Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, presented the comprehensive plan of the ministry, along with key aspects of the "The fifty economic plan".

"We want a competitive national economy, well integrated, acting proactively, and make quality strides," Sheikh Mohammed said. Sheikh Mohammed also said that the UAE’s post COVID-19 government promotes the drive towards the new economy which is based on knowledge, smart technology and advanced sciences. His Highness also said that the capital of this new economy is passionate talent. "The economic equation of the next phase consists of a conducive business and legal environment, along with efficient logistics services," His Highness said.

The fifty economic plan is part of strategy launched by His Highness in December 2019, where the year 2020 was declared as the year Towards the next 50", and involves all segments of the UAE society in shaping life in the UAE for the next 50 years and preparing for the country’s Golden Jubilee celebrations of 2021.

The ambitious economic plan revolves around 5 main pillars that identify the framework and mechanism of economic system in the next decade. It also identifies the outcomes of the new economic model which is based on a comprehensive work plan, with the contribution of a number of specific government agencies.

The fifty economic plan includes 33 initiatives, and revolves around 5 pillars that represents the road map of the economic work during the next ten years. These pillars will focus on integrated economy, SMEs and entrepreneurship, tourism, FDI, doubling exports, and attracting talents.

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