• | 11:00 am

UAE delegation reaffirms the nation’s vision to be a global economic hub at Davos

The leaders said the vision can be achieved through dialogues and agreements

UAE delegation reaffirms the nation’s vision to be a global economic hub at Davos
[Source photo: Anvita Gupta/Fast Company Middle East]

The official delegation of the UAE to The World Economic Forum Davos 2022 shed light on the continuous efforts made by the country to bolster global economic trade efforts, future-proofing food security, advancing space cooperation while preparing for the fourth industrial revolution. 

These initiatives and announcements seek to improve the UAE’s standing as an economic hub supporting the SME sector while reaffirming its competitiveness as an international trade hub. 

Boosted global trade efforts

During Closing the Trade Finance Gap session, Dr. Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade, stressed how the UAE is keen to scale global economic growth. The minister said that the country is committed to supporting efforts to promote global trade and fill funding gaps in trade and export business to stimulate innovation and the digital economy’s growth and create new opportunities based on modern technology to advance the overall global development process and improve people’s lives and communities. Reinforcing the country’s position in the future labor market to enhance the national economy’s competitiveness, the minister discussed the government’s ambitious strategy to strengthen its foreign trade given rapid global changes. 

Future-proofing food security

During her session, Averting a Global Food Crisis, Maryam Almheiri, minister of climate change and environment, highlighted that the UAE government is committed to supporting international efforts to enhance global food security and sustainable food systems. 

Almheiri spoke about strengthening international cooperation and global partnerships and coordinating efforts to enhance food security and avoid a food crisis. The minister said that the need of the hour was the adoption of broader concepts and practices of sustainability. Governments, states, and the private sector must collaborate to share successful experiences in innovative and effective solutions to provide new sources of food based on modern technology.

Advancing space efforts 

Sarah bint Yousef Al Amiri, the UAE’s minister of state for advanced technology, emphasized the importance of constructive cooperation by sharing the results and outputs of scientific research, which contributes to developing solutions to current and future challenges. In the Safeguarding Global Scientific Collaboration session, Al Amiri, also chairwoman of the UAE Council of Scientists, stressed the UAE’s keenness to strengthen partnerships and constructive global cooperation in scientific research of its positive implications for societies. The minister pointed to the role of the UAE in sharing the data of the Emirates Mars Mission’ Hope Probe’ with more than 200 scientific institutions and research centers around the world.

Markets of Tomorrow Initiative 

The UAE government also launched the Markets of Tomorrow in partnership with the WEF. The initiative aims to develop new business accelerators that will prepare the UAE’s national economy to embrace business activities focused on the new economy and enhance its readiness to enter tomorrow’s markets, utilizing the latest technological means.

The initiative is part of a comprehensive strategic partnership agreement between the UAE Ministry of Economy and the WEF’s New Economic and Society Center. The agreement signed by Abdulla Bin Touq Al Marri, UAE minister of economy, and Saadia Zahidi, managing director at the WEF, will focus on launching new accelerators in the UAE government and allocating them to support new business models in the UAE. 

Al Marri said that the UAE is entering a new era of development and sustainable progress with a clear vision and integrated strategies to attract startups from regional and international markets, especially those focused on innovation, knowledge, and modern technology. 

Agreement to develop 4IR applications

In another announcement, the UAE government announced the signing of an agreement with the WEF in the development of applications of the Fourth Industrial Revolution, in the presence of Omar bin Sultan Al Olama, minister of state for artificial intelligence, digital economy, and remote work applications, and Jeremy Jurgens, managing director & head of the Forum’s Centre for the Fourth Industrial Revolution. 

Al Olama stressed that the strategic partnership between the UAE government and the WEF aims “to serve communities by employing artificial intelligence, blockchain and various technologies of the future, and sharing innovative experiences and practices to provide supportive environments for developing new ideas and projects.” 

More Top Stories: