UAE Ministry of Economy looks to focus on implementing 33 initiatives to boost growth

The role of the private sector is essential in building a competitive economy, Thani Al Zeyoudi, Minister of State for Foreign Trade says

Dubai is geared up to be a major winter attraction despite the challenges of the Covid-19 pandemic. AFP    

The UAE's Ministry of Economy will continue to focus on implementing a “flexible package" and its plan of 33 initiatives to support the country’s economy and boost its business competitiveness.

“By introducing the 33-initiative plan, we aim to enhance our partnerships with stakeholders, further develop the economic sectors, support the private sector and create solutions to existing and potential challenges,” Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade, said in a statement on Thursday.

The 33 initiatives announced earlier this month, focus on the development of trade, green economy and food security, as well as finance, energy and health sectors, among others.

“The role of the private sector is essential to building a competitive economy," he said.

Supporting small and medium-sized enterprises (SMEs) is also a key pillar of new economic initiative.

“We seek to enhance the entrepreneurs’ ability to overcome challenges brought about by the Covid-19 pandemic, as well as encourage them to adopt a sustainable business model characterised by technological innovations and digitisation,” Ahmad Belhoul Al Falasi, minister of state for entrepreneurship and SMEs, said.

The pandemic has disrupted global trade and tipped the world economy into the deepest recession since the Great Depression. The International Monetary Fund is projecting a 4.9 per cent contraction this year and a sluggish recovery in 2021.

The UAE has rolled out several measures to support its economy and now the country aims to be the fastest recovered economy in the world from Covid-19 crisis, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said this week.

Sheikh Mohammed said recovery was the top priority for the country’s economy in the short term, but long-term plans will make it the most stable and diversified.

“We want a competitive national economy, well integrated, acting proactively, and make quality strides,” he said at the time.

The UAE was the first in the Middle East and North Africa region region to introduce economic stimulus measures, including zero interest funding to banks to boost lending growth. It also unveiled initiatives such as discounted utility bills and fee waivers.