H.E. Bin Touq highlights UAE's pioneering approach to investing in future economy sectors and AI’s advancements

Minister of Economy participates in forum on UAE’s new economy at GITEX Global 2024

H.E. Abdulla Bin Touq Al Marri, Minister of Economy, participated in a session titled ‘The Emergence of the UAE's New Economy: Artificial Intelligence and Emerging Industries, held at GITEX Global 2024, which took place at the Dubai World Trade Centre from October 14 to 18. The session examined the influence of innovative technologies on the UAE’s expanding economic landscape.

H.E. Bin Touq highlighted the UAE's success in fostering a forward-thinking and encouraging environment for innovation, entrepreneurship, and technology startups, which can be attributed to the implementation of a range of strategies and legislation supporting economic diversification and FDI attraction. The ultimate goal is the integration of AI into key economic sectors, bolstering its role in the national economy’s sustainable growth and expansion. These efforts solidify the UAE's position as the preferred destination for research and development investments and establish an advanced innovative environment in line with the goals of the ‘We the UAE 2031’ vision - to become a global hub for the new economy.

H.E. Bin Touq said: "The global economy is experiencing a notable transition towards technology-driven, innovative industries. This shift has catalysed the emergence of numerous new technologies in the trade and investment sectors. Recognising the significance of these transformations in driving national economic growth and sustainability, the UAE government has adopted proactive measures including the launch of tailored initiatives for the business community. Investopia is one of them, aimed at attracting international investments and fostering business incubators, enhancing activities linked to investment, education and training. The primary objective is to develop a skilled workforce that is well-equipped to meet the demands of a technology-driven economy."

H.E. emphasised that the UAE has adopted a progressive approach to increasing economic openness to the world. It is characterized by diverse collaborations between Western countries and the Middle East, with a special focus on technology, innovation, and AI sectors. The objective is to enhance opportunities for startups by leveraging digital advancements and drawing upon the expertise of major technology companies.

Furthermore, H.E. urged entrepreneurs, technology industry leaders, and academic institutions participating in the 44th edition of the GITEX Global to capitalise on the incentives and technological infrastructure offered by the UAE, along with the advantages provided by the country's business ecosystem. Thanks to its leading legislative and regulatory structure for establishing businesses, the UAE today has become as a favoured destination for technology investments. H.E. stressed the significance of collaborating with the private sector to accelerate and facilitate the integration of AI applications in economic fields.

During the session, H.E. Bin Touq reviewed several initiatives and legislation implemented by the country to optimise AI’s applications in various economic sectors, including healthcare, finance, logistics, education, research and development. These efforts strengthen the UAE's competitive capabilities and emphasise its role as a prominent global hub for the new economy. One of the key initiatives is ‘Future 100,’ which focuses on businesses operating in sectors such as space, fintech, renewable energy, educational technology, advanced and creative industries, agricultural technology, biotechnology, and cybersecurity. Additionally, the Ministry of Economy has introduced the National Economic Registry, 'Growth,' to support commercial companies and enterprises in understanding market trends and digitally managing economic activities using cutting-edge AI technologies.