H.E. Abdulla bin Touq Al Marri, UAE minister of Economy, highlighted the issuance of 200,000 new economic licenses in UAE markets for 2024 during his participation in the session titled “Hard Power: A Wake-Up Call for Businesses Amid Global Economic Shifts” at the 55th Annual Meeting of the World Economic Forum (WEF/Davos 2025).
In his remarks, H.E. underscored the vital role of the private sector as a key partner in promoting national economic growth and enhancing competitiveness on both regional and international fronts. He noted that the UAE has consistently integrated the private sector into various national strategies and initiatives over the years, establishing a distinctive model of successful public-private partnerships within the country.
Global tensions and their impact on the private sector
The session examined how global tensions are affecting the private sector, prompting businesses to reevaluate strategies to enhance their tools and implement sustainable practices in response to economic challenges both regionally and internationally. It also addressed methods to boost profitability across various economic sectors and emphasized the need for additional incentives and support to encourage entrepreneurs to achieve significant growth and expand into essential and sustainable sectors.
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UAE’s competitive economic legislative framework
H.E. Bin Touq remarked, “The UAE has adopted a forward-thinking approach to developing a dynamic and competitive economic legislative framework grounded in global best practices. Over the past four years, the nation has issued and updated more than 30 crucial economic laws, policies, and resolutions that focus on new and future-oriented sectors, including e-commerce, arbitration, commercial transactions, family businesses, and cooperatives. These initiatives have positioned the UAE as a more appealing destination for businesses and entrepreneurs worldwide, reinforcing its status as a regional and global hub for business and investment.”
Enhancing private sector contribution to non-oil sectors
H.E. further noted, “The UAE has equipped the private sector with essential enablers and resources to boost its contribution to non-oil sectors. This includes allowing 100 percent foreign ownership of companies, providing advanced technological infrastructure, streamlining business setups through digital platforms, and offering over 40 free zones with attractive incentives. Additionally, the UAE grants long-term residency options of five to ten years for investors, entrepreneurs, and skilled professionals, and boasts more than 2,000 economic activities with reduced customs duties.”
Economic risks impact investment opportunities
H.E. Bin Touq highlighted in WEF 2025 that global economic risks—such as protectionist policies, escalating trade tensions, and supply chain disruptions—are diminishing investment opportunities, hindering companies’ operational efficiency, and lowering productivity. To tackle these challenges, he called for the adoption of flexible economic strategies that focus on emerging sectors, enhance economic openness, and support a multilateral global economic system, particularly as emerging markets and developing economies are projected to outpace advanced economies, emphasizing the need for inclusive growth strategies.
Stimulating investment in new economic sectors
The Minister of Economy explained that the UAE views technology as a crucial tool for overcoming future challenges. The country actively encourages investment in new economic sectors such as artificial intelligence, fintech, and digital infrastructure, while developing innovative solutions and policies to drive the growth and competitiveness of the UAE economy. Over the past four years, the UAE has formed more than 25 joint economic committees with countries at both regional and global levels, solidifying its role as a trusted global partner and an attractive economic hub, in alignment with the “We the UAE 2031” vision.
