Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, recently chaired a meeting with the task force of the Ministry of Economy to review its post-pandemic action plan. Addressing the meeting, Sheikh Mohammed stressed that the top priority of the UAE's economy is to be the fastest recovering economy in the world in the aftermath of Coronavirus pandemic. In addition, he maintained that the UAE's economy should be the most stable and diversified economy in the long term, noting that the country is strong and confident about its economy and decision-making and has a profound belief in its future.

The meeting was also attended by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council; Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; and Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs.

The ministry briefed Sheikh Mohammed about its plan titled "The fifty economic plan" aiming to fully build the future economy of the UAE. In the comprehensive plan, the ministry has enlisted all its visions and key outcomes for the national economy until 2030.

The plan was presented to the meeting by Minister of Economy Abdullah bin Touq Al Marri, Minister of State for Entrepreneurship and Small and Medium Enterprises (SMEs) Dr Ahmad Belhoul Al Falasi, and Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi.

In his remarks, Sheikh Mohammed said that the country needs a competitive national economy which is well-integrated, acts proactively, and makes quality strides. In addition, he also stated that the post-COVID-19 plan of the UAE government promotes a push towards a new economy which will be based on knowledge, smart technology, and advanced sciences, with passionate talent as its main capital.

"The economic equation of the next phase consists of a conducive business and legal environment, along with efficient logistics services," Sheikh Mohammed said.

Launched by His Highness in December 2019, the fifty economic plan is part of the strategy under which the year 2020 was declared as the year "Towards the next 50". It entails all sections of the UAE society for the betterment of life in the country in the next 50 years as well as preparing the country for its Golden Jubilee celebrations in 2021.

The ambitious economic plan consists of 5 main pillars relating to the framework and mechanism of the economic system of the UAE in the next decade. These pillars revolve around an integrated economy, SMEs and entrepreneurship, tourism, FDI, doubling exports, and attracting talents in the country. In addition, it also identifies the expected results of the new economic model which will be based on a comprehensive work plan with the efforts of certain specific government agencies.

With 33 initiatives, around 5 pillars, the fifty economic plan represents the road map of the economic work of the UAE administration in the next ten years. 

WAM