SOURCE: MEDIANET – Embassy of the United Arab Emirates – Canberra
UAE Launches New Economic Plan With Opportunities for Australian Businesses
As the United Arab Emirates (UAE) approaches its Golden Jubilee and emerges from the COVID-19 pandemic, the country will embark on a new phase in its history and a new cycle of economic, political and social growth.
On Sunday, the UAE unveiled the ten ‘Principles of the 50’, the guiding principles of the UAE Government for the next 50 years. The principles commit the UAE to build the best and most dynamic economy in the world, committing to digital, technical, and scientific excellence, developing its human capital, and calling for the values of peace, harmony, tolerance, and openness.
The UAE launched the ‘Projects of the 50’ as part of a new economic campaign to secure the UAE’s position as a world-leading economy over the next 50 years. On Sunday the first ten of 50 projects were made public and included a range of domestic and international economic initiatives that will promote economic growth:
- Increasing UAE exports to Australia, New Zealand, Indonesia, the United Kingdom, China, the Netherlands, Italy, Russia, Poland and Luxembourg by 10% annually
- Attracting 550 billion dirhams (AUD$200 billion) in foreign direct investment in the next nine years
- Signing eight Strategic Economic Agreements with the top world economies in the next 9 years
- Investing 5 billion dirhams (AUD$1.83 billion) to transform the manufacturing sector for the 4th Industrial Revolution
- Investing 30 billion dirhams (AUD$11 billion) to help accelerate industrial development, adopt advanced technology, and support entrepreneurship and innovation by 2025
- Committing 5 billion dirhams (AUD$1.83 billion) to support Emirati projects with priority given to young citizens in the business environment
- Creating two new visa regimes, one for freelancers and the other “Green Visa” for skilled workers with more flexibility for sponsoring family members.
- Drafting a new Data Law. A first-of-its-kind law written in partnership with major technology companies designed to give individuals and companies the freedom to choose the way their personal data is used and guaranteeing privacy.
These economic initiatives are expected to create opportunities for Australian businesses and skilled workers for greater partnership with the UAE. Particularly in the sectors of investment and startups; agricultural technology (AgriTech); manufacturing; entertainment; supply chain and logistics; healthcare; fin-tech, ICT & e-commerce; renewable energy; and, education.
Visit the Unity Arab Emirates Ministry of Foreign Affairs & International Cooperation www.mofaic.gov.ae/en