emirates7 - Abdulla bin Touq Al Marri, the UAE's Minister of Economy, emphasized the critical role of the private sector as a key partner in driving the country's economic growth and enhancing its competitiveness on both regional and global stages.
Speaking at the session titled *"Hard Power: A Wake-Up Call for Businesses Amid Global Economic Shifts"* during the 55th Annual Meeting of the World Economic Forum in Davos (2025), Al Marri highlighted the UAE's consistent efforts to integrate the private sector into its national strategies and initiatives. This approach has created a distinctive model of successful public-private partnerships in the country.
He revealed that 200,000 new economic licenses were issued across UAE markets in 2024, reflecting the private sector's growing contribution to the economy.
The session examined how global economic tensions are prompting businesses to reevaluate strategies, adopt sustainable practices, and strengthen their tools to address challenges. Discussions also centered on enhancing profitability in various sectors, alongside mechanisms to provide incentives and support for entrepreneurs to achieve high growth and expand into critical, sustainable industries.
Al Marri stated, "The UAE has pioneered a visionary economic legislative framework grounded in global best practices. Over the past four years, we have issued and updated more than 30 key economic laws and policies, focusing on forward-looking sectors such as e-commerce, arbitration, commercial transactions, family businesses, and cooperatives."
These efforts, he explained, have made the UAE a preferred destination for global businesses and entrepreneurs, solidifying its status as a leading regional and international business hub.
To bolster the private sector's role in non-oil economic growth, the UAE has provided key enablers, including 100% foreign ownership of companies, advanced technological infrastructure, streamlined business setup processes through digital platforms, and over 40 free zones offering attractive incentives.
The UAE also supports long-term residency options ranging from five to ten years for investors, entrepreneurs, and skilled professionals. With more than 2,000 economic activities and reduced customs duties, the country continues to enhance its appeal as an investment destination.
Al Marri acknowledged global risks such as protectionist trade policies, escalating trade tensions, and supply chain disruptions, which threaten investments, operational efficiency, and productivity. Addressing these challenges requires adopting flexible economic strategies, promoting economic openness, and reinforcing multilateral cooperation.
As emerging markets are expected to outperform advanced economies, inclusive growth strategies remain essential. The UAE views technology as a pivotal tool for addressing future challenges, investing heavily in sectors like artificial intelligence, fintech, and digital infrastructure. The nation is also focused on developing innovative policies to support economic growth and global competitiveness.
In line with its *"We the UAE 2031"* vision, the country has established over 25 joint economic committees with regional and global partners in the past four years, further cementing its reputation as a trusted global partner and a thriving economic hub.
Speaking at the session titled *"Hard Power: A Wake-Up Call for Businesses Amid Global Economic Shifts"* during the 55th Annual Meeting of the World Economic Forum in Davos (2025), Al Marri highlighted the UAE's consistent efforts to integrate the private sector into its national strategies and initiatives. This approach has created a distinctive model of successful public-private partnerships in the country.
He revealed that 200,000 new economic licenses were issued across UAE markets in 2024, reflecting the private sector's growing contribution to the economy.
The session examined how global economic tensions are prompting businesses to reevaluate strategies, adopt sustainable practices, and strengthen their tools to address challenges. Discussions also centered on enhancing profitability in various sectors, alongside mechanisms to provide incentives and support for entrepreneurs to achieve high growth and expand into critical, sustainable industries.
Al Marri stated, "The UAE has pioneered a visionary economic legislative framework grounded in global best practices. Over the past four years, we have issued and updated more than 30 key economic laws and policies, focusing on forward-looking sectors such as e-commerce, arbitration, commercial transactions, family businesses, and cooperatives."
These efforts, he explained, have made the UAE a preferred destination for global businesses and entrepreneurs, solidifying its status as a leading regional and international business hub.
To bolster the private sector's role in non-oil economic growth, the UAE has provided key enablers, including 100% foreign ownership of companies, advanced technological infrastructure, streamlined business setup processes through digital platforms, and over 40 free zones offering attractive incentives.
The UAE also supports long-term residency options ranging from five to ten years for investors, entrepreneurs, and skilled professionals. With more than 2,000 economic activities and reduced customs duties, the country continues to enhance its appeal as an investment destination.
Al Marri acknowledged global risks such as protectionist trade policies, escalating trade tensions, and supply chain disruptions, which threaten investments, operational efficiency, and productivity. Addressing these challenges requires adopting flexible economic strategies, promoting economic openness, and reinforcing multilateral cooperation.
As emerging markets are expected to outperform advanced economies, inclusive growth strategies remain essential. The UAE views technology as a pivotal tool for addressing future challenges, investing heavily in sectors like artificial intelligence, fintech, and digital infrastructure. The nation is also focused on developing innovative policies to support economic growth and global competitiveness.
In line with its *"We the UAE 2031"* vision, the country has established over 25 joint economic committees with regional and global partners in the past four years, further cementing its reputation as a trusted global partner and a thriving economic hub.