Economy Minister highlights UAE's business ecosystem at Davos 2025

The UAE's Minister of Economy, Abdulla bin Touq Al Marri, has spotlighted the country's competitive advantages and vibrant business ecosystem at the World Economic Forum in Davos.

The Minister participated in a session titled Hard Power: A Wake-Up Call for Businesses Amid Global Economic Shifts, held at the 55th Annual Meeting of the World Economic Forum (Davos 2025).

At the session, Al Marri emphasised the private sector’s role as a key partner in driving national economic growth and boosting its competitiveness at both regional and international levels.

The UAE has consistently involved the private sector in numerous national strategies and plans launched over the past years, creating a unique model of successful public-private partnerships in the country. Remarkably, the number of new economic licenses issued in UAE markets totalled 200,000 in 2024, he added.

Global tensions and their impact on the private sector

The session explored the impact of global tensions on the private sector, how businesses are rethinking strategies to strengthen their tools and adopt sustainable practices to address economic challenges regionally and internationally. It also discussed mechanisms to enhance profitability across various economic sectors, as well as the importance of providing additional incentives and enablers to encourage entrepreneurs to achieve high growth rates and expand into vital and sustainable sectors.

UAE’s competitive economic legislative framework

Bin Touq said, “The UAE has pioneered a visionary approach to developing a dynamic and competitive economic legislative framework based on global best practices. Over the past four years, the nation has issued and updated over 30 key economic laws, policies, and resolutions, focusing on new and future-centric sectors, including e-commerce, arbitration, commercial transactions, family businesses, and cooperatives. These efforts have made the UAE a more attractive destination for businesses and entrepreneurs from around the world, strengthening its position as a regional and global hub for business and investment.”

Enhancing private sector contribution to non-oil Sectors

 “The UAE has provided the private sector with all necessary enablers and resources to increase its contribution to non-oil sectors. These include the granting of 100 per cent foreign ownership of companies, advanced technological infrastructure, the streamlining of business setup through digital platforms, and the availability of over 40 free zones with attractive incentives. Additionally, the UAE provides long-term residency options of five to ten years for investors, entrepreneurs, and skilled professionals. The country also boasts over 2,000 economic activities and offers reduced customs duties,” the Minister said.

Economic risks impact investment opportunities

Bin Touq noted that global economic risks, such as protectionist policies, rising trade tensions, and supply chain disruptions, are undermining investment opportunities, limiting companies' ability to operate efficiently, and reducing productivity. Addressing these challenges calls for the adoption of flexible economic strategies, focusing on emerging sectors, boosting economic openness, and supporting a multilateral global economic system, especially as emerging markets and developing economies are expected to outperform advanced economies, underscoring the importance of inclusive growth strategies.

Stimulating investment in new economic sectors

The Minister of Economy explained that the UAE sees technology as the key tool for overcoming future challenges. It actively promotes investment in new economic sectors like artificial intelligence, fintech, and digital infrastructure, while developing innovative solutions and policies to support the growth and competitiveness of the UAE economy. Over the past four years, the UAE has established over 25 joint economic committees with countries at regional and global levels, strengthening its position as a global trusted partner and attractive economic hub, in line with the objectives of the We the UAE 2031 vision.