Latest news with #Abdulla bin Touq Al Marri
Khaleej Times
2 days ago
- Business
- Khaleej Times
Towards a vision-powered future: UAE drives growth with reforms, innovation, and investment
The UAE is charging towards a transformative economic future, propelled by strategic reforms, robust public-private partnerships, and a bold vision that positions it as a global hub for innovation, trade, and investment. With a projected GDP growth of up to 6.7 per cent in 2025, the UAE is not only weathering global economic headwinds but also setting a new standard for resilience and prosperity. As the world grapples with uncertainty, the UAE's diversified, tech-forward economy is poised to accelerate through the second half of 2025 and beyond, driven by visionary leadership, global trade agreements, and a relentless focus on sustainability and digital innovation. Abdulla bin Touq Al Marri, UAE Minister of Economy, encapsulated this momentum at the 55th Annual Meeting of the World Economic Forum in Davos: "The UAE's economic model is a testament to the power of strategic foresight and collaboration. By empowering the private sector and embracing global partnerships, we are building an economy that thrives on innovation and opportunity." His remarks reflect the issuance of over 200,000 new economic licenses in 2024, a clear signal of the UAE's vibrant entrepreneurial ecosystem. The UAE's economic ascent is underpinned by sweeping reforms that have reshaped its business landscape. Over the past four years, more than 30 key economic laws have been modernised, covering e-commerce, arbitration, commercial transactions, family businesses, and cooperatives. Initiatives such as 100 per cent foreign ownership, streamlined business registration, and the expansion of over 40 free zones have solidified the UAE's appeal as a magnet for global capital and talent. 'These reforms have created a dynamic environment where businesses can scale rapidly,' Al Marri noted, emphasising long-term visas for investors and professionals, digital governance advancements, and cutting-edge infrastructure as key enablers. International institutions echo this optimism. The International Monetary Fund (IMF) projects a 5.1 per cent GDP growth for the UAE in 2025, while the World Bank estimates 4.6 per cent. The Central Bank of the UAE (CBUAE) forecasts a 4.4 per cent expansion, with the non-oil sector driving a 5.4 per cent surge. KPMG offers a more bullish outlook, predicting a 6.7 per cent growth rate, positioning the UAE as the GCC's fastest-growing economy. Oil production, while still significant, is complemented by a robust non-oil sector. The Institute of Chartered Accountants in England and Wales (ICAEW) projects oil output to average 3.8 million barrels per day by 2027, with capacity scaling to 5 million. 'This strategic increase allows the UAE to maximise returns while transitioning toward a sustainable future,' ICAEW noted. However, the non-oil sector remains the cornerstone of growth, contributing Dh1.342 trillion—75.5 per cent of the Dh1.776 trillion GDP in 2024, according to the Federal Competitiveness and Statistics Centre (FCSC). Key drivers include wholesale and retail trade (16.8 per cent), manufacturing (13.5 per cent), finance and insurance (13.2 per cent), construction (11.7 per cent), and real estate (7.8 per cent). The non-oil GDP is expected to grow by 4.7 per cent in 2025, fuelled by domestic demand and foreign investment. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, highlighted the success of diversification: 'Our non-oil foreign trade reached Dh835 billion in the first quarter of 2025, a remarkable 18.6 per cent increase year-on-year. Non-oil exports surged by 41 per cent, putting us on track to achieve our Dh4 trillion foreign trade target well before 2031.' This aligns with the UAE's 'We the UAE 2031' vision, which aims to double GDP to Dh3 trillion, boost non-oil exports to Dh800 billion, and expand tourism to Dh450 billion. Tourism, a linchpin of the non-oil economy, continues to thrive. Dubai welcomed 5.3 million international visitors in Q1 2025, a 3 per cent rise year-on-year, with tourist spending projected to reach Dh267.5 billion in 2025. This supports Dubai's D33 agenda, which seeks to double the emirate's economy and rank it among the world's top three cities by 2033. Abu Dhabi's cultural and leisure offerings, including the Louvre Abu Dhabi and Yas Island, further enhance the UAE's global appeal. 'Tourism is not just a sector; it's a catalyst for economic diversification and global connectivity,' said Helal Saeed Almarri, Director-General of Dubai's Department of Economy and Tourism. The UAE's global trade ambitions are supercharged by its pursuit of 27 Comprehensive Economic Partnership Agreements (CEPAs). Non-oil trade surpassed Dh3 trillion in 2024, a historic milestone. 'CEPAs are unlocking new markets and enhancing trade efficiency,' said Kristalina Georgieva, IMF managing director, in a recent statement praising the UAE's global integration. These agreements have bolstered trade with partners like India, Turkey, and Indonesia, with non-oil exports to these markets growing by double digits in 2024. Global rankings reflect the UAE's economic prowess. The 2024 World Competitiveness Report ranked the UAE 7th globally, ahead of Japan and Canada, excelling in employment, internet penetration, and dispute resolution. The Soft Power Index placed it 10th worldwide, while Numbeo and Gitnux reports consistently name it among the safest countries. Henley & Partners projects the UAE will attract 6,700 millionaires in 2024, the highest globally, driven by tax incentives, safety, and world-class infrastructure. 'The UAE's lifestyle and business environment are unmatched,' said Dominic Volek, Group Head of Private Clients at Henley. The UAE's commitment to sustainability, amplified by its COP28 hosting, has further elevated its global standing. Adnoc's $23 billion decarbonisation roadmap and Dubai's $8.2 trillion D33 economic plan underscore a future-focused approach. 'The UAE is not just adapting to global trends—it's shaping them,' said Fatih Birol, executive director of the International Energy Agency, commending the UAE's clean energy initiatives. Sectoral growth in 2024 paints a vibrant picture. Transport and logistics expanded by 9.6 per cent, driven by a 10 per cent increase in air passenger traffic to 147.8 million. Construction grew 8.4 per cent, fuelled by mega-projects like Dubai's Palm Jebel Ali and Abu Dhabi's infrastructure developments. The financial and insurance sector rose 7 per cent, supported by strong bank performance and capital inflows. Hospitality and food services grew 5.7 per cent, reflecting robust tourist demand. Hanan Mansour Ahli, managing director of the FCSC, stated the 2024 figures showcase the UAE's ability to balance growth with sustainability, ensuring long-term prosperity. The 'We the UAE 2031' vision provides a clear roadmap, targeting top 10 global rankings in human development, food security, and quality of life, while aiming to be the safest country and a leader in AI and clean energy. The Ministry of Finance's e-invoicing regime, leveraging the Peppol-based system, enhances VAT compliance and modernises the business environment. The 'US-UAE AI Acceleration' framework, announced during President Trump's 2025 visit, fosters collaboration in AI, cybersecurity, and digital innovation, further strengthening the tech sector. The CBUAE emphasises macroeconomic stability, with steady monetary policies and robust foreign direct investment (FDI) inflows supporting a 5.4 per cent non-oil GDP growth in 2025. 'The UAE's diversified model, backed by sovereign wealth funds and fiscal discipline, ensures resilience against global risks,' said CBUAE Governor Khaled Mohamed Balama. With inflation projected to remain below 2 per cent, according to the IMF, the UAE is well-positioned to navigate global economic challenges. The UAE's economic narrative is one of ambition and achievement. By fostering innovation, embracing global partnerships, and prioritising sustainability, the country is not only growing but redefining what a modern economy can be. As Al Marri declared in Davos, 'The UAE is evolving into a future-ready economy that sets a global benchmark.' With its sights set on Vision 2031, the UAE is poised to deliver sustained prosperity, making it a shining example of opportunity in an uncertain world.
Zawya
11-07-2025
- Business
- Zawya
H.E. Abdulla bin Touq leads economic delegation to Switzerland to explore best practices in the development of food clusters
Abu Dhabi: H.E. Abdulla bin Touq Al Marri, Minister of Economy and Tourism, led an economic delegation of leading national companies from the food and agriculture sectors to Switzerland. The visit aimed to explore global best practices in building food innovation ecosystems, developing food clusters, and promoting research, development, and the adoption of sustainable solutions in the food sector. As part of the visit, the delegation participated in an event titled 'Empowering Innovation in the Food Sector and Building Food Clusters for a Sustainable Economic Future,' held at the headquarters of Bühler Group, a global leader in industrial and food solutions based in Uzwil, Switzerland. The event brought together a distinguished group of private-sector representatives, industry experts, and decision-makers from across the Swiss food sector and related institutions. H.E. Bin Touq said: 'The UAE has adopted an ambitious, strategic vision to develop an integrated and pioneering model for food clusters, embedding it within the national economy. This forward-looking approach charts a promising path that enhances economic and industrial integration across the country. By connecting multiple sectors within the value chain - from agriculture and food manufacturing to transportation and logistics - it drives sustainable development, boosts productivity, and advances economic diversification. This broader impact reinforces the UAE's position as a leading global hub for food industries, economic activity, and advanced manufacturing.' H.E. said in his speech the event: 'The food economic cluster aims to nurture and empower new generations of highly skilled producers and farmers, equipped with world-class expertise and global knowledge of food and agricultural practices. Over the next five years, we expect this model to contribute AED 10 billion to the GDP, increase trade volumes by AED 15 billion, and create 20,000 job opportunities - all in line with the We the UAE 2031 vision to position the nation among the world's top ten countries in the Food Security Index." H.E. added: 'The UAE's food sector continues to grow steadily, with the number of registered local and international food brands reaching 40,486 by the end of the first half of this year. In 2024, the value of the UAE's trade in food products rose to AED 148.6 billion, marking a 16.8% increase compared to AED 127.2 billion in 2023. National food exports also grew by 10.9%, reaching AED 24.2 billion in 2024 compared to the previous year.' His Excellency described the event as a valuable platform to forge new paths of collaboration between UAE and Swiss food companies, particularly in developing advanced food clusters and cutting-edge digital solutions. It also provides an opportunity to examine Switzerland's food innovation ecosystem and identify its prominent stakeholders, given Uzwil's status as a key hub for innovation in the food sector. His Excellency presented the opportunities offered by the UAE's Food Economic Cluster model, along with the investment enablers and expansion potential tied to this vital sector. The event featured a series of panel discussions and presentations highlighting the importance of strengthening international partnerships and accelerating knowledge exchange to foster innovation in the food sector. The sessions showcased global initiatives aimed at building a sustainable food system and underscored Switzerland's influential role in international food innovation and its active contribution to shaping the future of food clusters around the world. The delegation also visited the Swiss Nutrition & Food Valley, a pioneering model of food clusters dedicated to developing sustainable and effective food solutions in line with the global Sustainable Development Goals. The Valley plays a vital role in cementing Switzerland's position as a global leader in sustainable nutrition, innovation, and nutritional health.
