Minister of Economy and GCC Secretary General explore mechanisms to accelerate Gulf economies’ transition to new sectors

H.E. Abdullah bin Touq Al Marri, Minister of Economy, held a meeting with GCC Secretary General Jassim Muhammad Al Budaiwi at the Ministry of Economy headquarter in Dubai. The meeting discussed ways to enhance GCC countries’ efforts on the economic and development fronts and witnessed the exchange of experiences in priority sectors.

H.E. Bin Touq said that the UAE is keen to promote cooperation among the bloc’s members and accelerate GCC’s transition into new economy sectors as an urgent priority to achieve sustainable development goals.

The Minister of Economy said: “We look forward to creating more effective paths to further GCC’s economic integration and supporting new business models including startups and family businesses. The UAE is keen to provide all enablers needed to drive the growth of their operations to maximize their contribution to GCC economies and create sustainable job opportunities.”

Meanwhile, Al Budaiwi praised the Ministry of Economy’s exceptional efforts in supporting and strengthening GCC’s joint efforts, further enhancing cooperation and integration among the member states.

H.E. Bin Touq briefed the Secretary General on the most prominent developments in the UAE’s economic environment, which have created an economic climate that is highly supportive of business growth and prosperity and attracts investments. Most notably, these developments include the granting of 100 per cent foreign ownership; legislation for IP protection; and the launch of an ambitious strategy to attract talent to all sectors to enhance the country’s position as a permanent hub for creativity and innovation. These efforts fall in line with the wise leadership’s forward-looking vision in light of the principles of the 50 and the UAE Centennial 2071 goals.

The non-oil trade between the UAE and the rest of GCC exceeded AED 281 billion in 2022, up 14 per cent from 2021 and 23 per cent from 2019.