An Address from the UAE Minister of Economy

[Music] your excellencies ladies and gentlemen it's a great privilege to be here to address you today at the abudhabi finance week 2023 an event that really centers the world around the theme of investing in the transition era As We Gather here we are united in our pursuit of understanding the Dynamics of influence of capital flow of monetary systems of services facilities and the broader industrial and social sectors that shape the Global Financial landscape we share a common objective that is a collaborative on maximizing the opportunities and minimizing the challenges presented by this transformative era before we dellve into the heart of the matter i' would like to express my sincere appreciation to the organizers of this remarkable event for their dedication and hardworking in bringing us all together as we look forward I wish to share my insights on the economic policies of the United arment and the key components that would derive our future growth particularly as we embrace the rising tide of what has become known of the Falcon economy in less than three decades our cities such as our city such as the capital of abudhabi has transformed in creating self fisticated Urban spaces fast growing population and economies and macroeconomic stability despite Global and region and stability ladies and gentlemen we are at the crucial juncture here in the global economic landscape the world is undergoing a profound transformation driven by multitude of factors including technological advancement climate change geopolitical shifts and the evolv in of Demands of our interconnected societies diverging economic outlooks add to the uncertainty surrounding the monetary policy and interest rate decisions the US maintains a positive growth and around potential while the Euro Zone faces Rising risk of Stack inflation with high inflation and sluggish growth in some economies China too is slowing down after Decades of robust growth coupled with these challenges is the presence of a substantial public and private debt reminding us of the persistent possibility of financial instability this complex and mixed landscape points to the fact that the world is well going through a transition era as the conference theme suggests indeed this transition era is marked by both challenges but also opportunities it calls for adaptability Innovation and forward-looking approach to navigate complexities that lie ahead it requires a comprehensive understanding of an evolving monetary system Capital flows and diverse array of services and facility that underpin the Global Financial system the UAE is blessed by Visionary leadership that understood and embraced these Dynamics under the leadership of his Hest sh Muhammad bin Z the president of the U the U has positioned itself at the Forefront of this transitional era ready to embrace the opportunities confront the challenges and we continue to drive policy following our principle of flexibility adaptability and optionality and international cooperation hence our participation in major international organization and forums such as the UN the G20 and the brics plus allow me to share some of the key economic policy that are guiding the UA journey in the transition era there are three of them first economic diversification our commitment to diversify our economy away from the Reliance on oil has been a fundamental pillar of our economic policy for decades the strategy has B substantial dividends making our economy more resilient to external shocks and today the non oil sector accounts for More than 70% of our GDP and continues to grow further contributing to the stability and sustainability of our economic growth the UA recent economic performance has surpassed expectation in 2022 the GDP growth was among the highest globally with the economy expanding by 7.9% in real terms this performs this performance aligns with our vision we the UA 2031 to double the size of our economy the economy grew by 3.7% in real terms in the first half of 2023 a testament to our resilience against the backdrop of global and Regional uncertainty and this rate of growth is a higher figure than any of the other GCC countries moreover the non oil sector registered a remarkable growth of 5.9% and we anticipate this growth momentum to continue for the rest of the year driven by multiple factors including cup 28 a continuous influx of human capital supporting domestic consumption new comprehensive economic partnership agreements boosting exports and increase foreign direct Investments and high business confidence in our policies number two sustainable finance and climate stewardship the UAE is a Forefront of sustainable Finance we're among the first countries in the world to acknowledge the imperative of addressing climate crisis while ensuring economic growth in line with our commitment under the Paris agreement we aim to reduce carbon emission by 40% by 2030 compared to the business as usual projections we put the final touches on hosting cup 28 and we continue working diligently to reduce carbon emission and invest in re rable energy sources we aim to create not just wealth but wealth built upon a foundation of sustainability and environmental stewardship and our plan to invest more than $60 billion doar in the next three decades in areas such as Renewables circular economy smart transport sustainable Aviation and shipping hydrogen and Energy Efficiency is a testament to our commitment in this regard last but not least number three which is a resilient tourism the UAE tourism sector has shown remark resilience thanks to our Visionary leadership and our effective management of the pandemic we have not only safely reopened our International tourist but have introduced Innovative initiatives to enhance the tourism experience and the UAE has played a pivotal role in Revival of tourism in the Middle East after the pandemic our focus on tourism has translated into substantial revenues and impre impressive Hotel occupancy rates in the first seven months of 2023 the welcom 16 million Hotel guests translating into 7 billion in revenues a 24% surge compared to 2022 and our hotel occupancy reached an impressive 75% establishing our leadership not only regionally but also on a global stage now let me turn my attention to the key components that will shape the future growth and the three of them number one new economies investment in New Economic sectors and emerging industry is a Paramount to the UA's economic sustainable economic growth and diversification we recognize the transformative power of innovation technology and Forward Thinking Industries in shaping our nation's future the UAE has made significant strides in the direction our investments in sectors such as renewable artificial intelligence biotechnology advanc manufacturing have been robust for instance renewable energy initiative has been has been has been used and become a global leader with projects like Muhammad barash Al Mak solar Park and Baraka nuclear energy plant contributing to a sustainable future for our population we focused on developing our industrial cap capabilities and Manufacturing sector through initiatives such as the manufactur strategy Operation 300 billion and the abudhabi industri strategy number two sustainable finance and responsible Investments as we see from the discussion the conference sustainable is no longer a niche concept it is the new kid on the Block and I think our government truly believes in it and we are committed to creating an conducive environment for responsible investment in the UAE and we have the ambition of becoming a global hub for green Finance we understand that sustainable finance and responsible Investments are essential components of the Global Financial landscape we're fully committed to fostering an environment that encourag sustainable practices and responsible investing and our country has already taken significant strides in this direction we launched the various initiatives and Partnerships aimed at promoting green finance and environmental social and governance principles our goal is to promote responsible investment and sustainable practices our vision for a n zero future and our significant significant investments in renewable energy and environmental initiative underscore our commitment to this cause last but not least number three the carbon trading Hub we are building on our Legacy as a strategic Crossroad for trade to establish ourself as a key player in modern global trading carbon trading is an instrumental and addressing climate change we aim to play a leading role in The crucial Market our goal is to for an environment that encourage sustainable practices responsible investment and we aim to create wealth not just for the sake of it but on a foundation for sustainability and environment stewardship and our EnV Vision Encompass traditional trade in Goods digital assets carbon trading aligning with global imperative to address climate change in conclusion the UAE economic growth is a testament to our resilience diversification commitment to openness International cooperation and looking ahead we are more determined than ever to build a sustainable and inclusive economy anchored in prosperity for our people and thriving business involment and Leadership role in global Affairs as is Hest sh Muhammad B Rashid the vice president the Prime Minister the ru of Dubai has said the UA government in the UA government annual meeting two weeks ago the current Regional situation requires double efforts to maintain our development and economic momentum and our priorities during the next stage will be based on three main pillars maintain the US economic development momentum focus on youth education and empowerment and promote sustainable investment and development projects thank you for your attention and I look forward to engage in a fruitful discussion