His Majesty Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, asserted on Monday that the vision, proactive policy, and dedicated efforts of the UAE's federal and local team members have enabled the UAE economy to be progressive, resilient, and stable, and also maintain the highest level of readiness to cope with any type of incident or challenge.

According to him, the UAE is continuously refining its economic model and strategic initiatives to guarantee that this can capitalize on new possibilities brought about by the developing regional and global environment.

“In the UAE, we are continuously focusing on fixing our economic model in novel ways to achieve our core objectives of recruiting the best people from across the globe, supporting advanced technology, and establishing a genuinely knowledge-based economy,” Sheikh Mohammed said.

While reviewing the Ministry of Economy's goals and program, Sheikh Mohammed stated this.

“Today, we inaugurated several economic proposals, including a family-owned business accelerator that assists them in entering new markets; an economic research institute founded in partnership with leading universities (UAE Growth Lab); and a global investment conference (Investopia) to be conducted in March 2022 to discuss strategies for capitalizing on the possibilities provided by the new economy,” Sheikh Mohammed said.

“In addition, we have created an entrepreneurial academy (Skill-Up Academy) and a new platform to promote the growth of businesses (Scale-Up Platform), and a web page (Grow in UAE) to give complete information on UAE policies and investment possibilities.

“We would continue to work tirelessly to provide new value to the economy and boost its growth momentum. We completed a thorough restructuring of the government the previous summer so that all ministries, internal and external institutions, and legislative entities could concentrate on a particular goal - the UAE's economic growth over the next 50 years,” Sheikh Mohammed stated.

Sheikh Mohammed unveiled numerous Ministry of Economy projects that combined form a new development blueprint for the UAE and an innovative growth-oriented economic model in keeping with the UAE's future vision.

Sheikh Mohammed was updated on the status of the economic initiatives authorized in the last ministerial retreat to develop a comprehensive strategy for the next 50 years, and the Ministry of Economy's attempts to develop a new economic development agenda for the UAE and improve its preparedness to address challenges and capitalize on opportunities in the coming phase.

“The world after COVID-19 has brought about various new developments and an altered environment. We have to think outside the box and devise new policies. His Highness emphasized the need for federal and local teams working together to capitalize on the possibilities that the newly developing global economy has to offer.

Sheikh Mohammed's initiatives and projects have included an accelerator platform for family-owned firms, which aim to enhance their performance, assist them in entering new markets, and grow their brands. The latest accelerator also assists start-up initiatives by improving their capacity to seek funding possibilities, accelerate growth, and develop competencies and skills.

Sheikh Mohammed also announced the inauguration of the UAE Growth Lab project, which had been created in partnership with four prominent universities: UAE University, Zayed University, American University of Sharjah, and New York University Abu Dhabi. The Lab is envisioned as a prominent research centre that would use the information and advanced economic models to produce policies that will help the UAE maintain its competitiveness and leadership in the global economy, particularly in trade, investment, SMEs, and fourth industrial revolution domains.

Sheikh Mohammed also inaugurated the Skill-Up Academy, an effort to foster entrepreneurship, and the Scale-Up Platform, a new platform aimed at assisting firms in their expansion. The Skill-Up Academy aims to improve citizens' and residents' entrepreneurial abilities through educational policies and programs which also stimulate the diversification and the competence of the local economy. The Scale-Up Platform helps small and medium-sized businesses develop by providing services and solutions that help them expand faster.

Sheikh Mohammed further announced the Investopia Investment Summit, a fresh conference that will happen in March 2022 and would bring together key global investors to explore possibilities in many areas of the modern economy. Sheikh Mohammed was also informed on the ‘Grow in UAE' project, which is a smart web platform that offers potential investors with data on rules and processes, and investment possibilities in the UAE, to ease their investment journey.

The event was attended by Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai;  Sheikh Ahmed Bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Media Council;  Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Abdulla bin Touq Al Marri, Minister of Economy; Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; and  Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.