08/10/2015 07:09 AST
His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, on Wednesday inaugurated the second edition of the UAE Economic Planning Forum in the Emirate of Ras Al Khaimah.
Organised this year by the Ras al-Khaimah Department of Economic Development with the support of the Ministry of Economy, the forum is themed, ‘Creativity and Innovation for Building a Sustainable and Diversified Economy’.
An initiative of the Abu Dhabi Department of Economic Development, the two-day forum, held at the Al Hamra Convention Centre, has drawn the participation of the departments of economic development across the country and a number of prominent government bodies. Several senior federal and local government officials and experts in innovation and economic affairs are headlining the two-day deliberations.
Sultan Bin Saeed Al Mansouri, Minister of Economy, Suhail Mohamed Al Mazrouei, Minister of Energy, Sheikh Mohamed bin Kayed Al Qasimi, Chairman of the Department of Economic Development in RAK and Ali Majid Al Mansouri, Chairman of the Department of Economic Development in Abu Dhabi, graced the inaugural event.
A host of top officials from federal and local government entities, as well as ambassadors and key representatives from diplomatic missions in the UAE, also attended the opening session.
In his address at the inaugural session, Sultan Bin Saeed Al Mansouri, Ministry of Economy, said, “Within just 44 years, our economy has taken tremendous leaps compared to other global economies, thanks to the federal government’s dynamic approach that focuses on economic diversification with the view to achieving long-term sustainable development. In 2014, the UAE’s GDP amounted to Dhs1.47 trillion compared to only Dhs6.5 billion in 1971.” “The UAE economy has maintained positive growth levels despite a decline in oil prices and a slow global economic performance. This has come about as a result of our resilient economic policies that aim to increase diversification and decrease reliance on oil.”
Pointing out that non-oil sector contribution to the UAE’s GDP now stood at 69 per cent, leaving only about a third to the oil sector, Al Mansouri said, “Despite such positive transformations, we are still aiming to lower the oil sector’s contribution to the GDP to around 20 per cent in the next few years. At the same time, the financial reserves in the UAE’s foreign accounts have largely limited and cushioned the economy from market fluctuations. Consequently, our national economy achieved a 4.6 per cent GDP growth in 2014, and we expect to register a 3 per cent – 3.5% GDP growth in 2015 despite prevailing challenges.”
Pointing to the role of investments in knowledge and technology transfer, which the forum was slated to discuss, Al Mansouri said that the UAE has emerged as a very important hub in the Middle East, connecting the East with the West by both sea and air. “The country came first regionally and 22nd globally in the Global Investment Index 2015. Over 500 international companies have chosen the UAE as a regional headquarters for their MENA operations. The total volume of foreign investments in the UAE exceeded $100 billion in the last decade.
“With 34 multi-specialty free zones in the country, full foreign ownership has now been made possible with zero tax rates and a 100% profit transfer. All of these factors have significantly helped develop our infrastructure, attract greater foreign investment flows, transfer knowledge and technology to the UAE, and build a sustainable knowledge economy,” he added.
In his address, Suhail Mohamed Al Mazrouei, Minister of Energy, noted that the country now has the responsibility of actualising the visionary leadership’s orientation since the announcement of 2015 as the ‘UAE Year of Innovation’.
Al Mazrouei said, “The Year of Innovation has significantly helped strength
The Gulf Today
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