The UAE: An International Center for Prospective Industry and Investment

The UAE has been termed as the third largest economic country in the Middle East and secured the 7th position in the IMD World Competitiveness Ranking of 2024. The major reason for their prosperous progress is the futuristic plans and strategies, oil resources, business friendly policies, alluring infrastructure, tourism & hospitality policies, and technologies which are ahead of the present world.

These visionary schemes are led by the ‘Father of the Nation’ of UAE, Sheikh Zayed bin Sultan Al Nahyan and his aspiring goals to make his country a global hub of futuristic industries among the other nations.

AI Technology

The UAE has collaborated with the technically honed companies including Amazon, Google, IBM, Microsoft and Cisco. This has aided them to achieve their goal as a leading country in Artificial Technology (AI) before 2031. This AI technology has also been implemented in the smart city plans of UAE to elevate the standard of urban living.   

Healthcare Sector

One of the important sectors in any country is healthcare. In the UAE the government has implemented schemes to assist the people and to enhance their economy simultaneously. The mandatory health insurance (Thiqa program, ISAHD), involving private sectors for healthcare activities and insurances, medical tourism that is they intend to attract international patients to catalyse the economy through the healthcare, and the advanced telemedicine projects – Cleveland Clinic Abu Dhabi, Mubadala Healthcare speciality care providers with highly equipped AI technologies in Medicine. 

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Other Sectors & their Contribution to economy

The UAE’s Vision 2031 aims at,

• New trade routes and financial inclusion.
• Transformative projects in the sectors which contribute majorly in the economy like energy, tourism, hospitality, food, machinery, manufacturing and more.
• Enhance the industrial sector to 300 billion AED by 2031
• Net-zero carbon emissions by 2050
• Solar Parks, similar to Mohammed bin Rashid Al Maktoum Solar Park which helps to sell the power under Power Purchase Agreements.
• National Food Security Strategy 2051 aims to develop AgriTech, water conservation and vertical farming. It also focuses on increasing the local productivity by deducting imports.
• Centennial 2071 Education Vision – advancing the students with futuristic skills in AI, robotics, and coding. They also aim to attract international students with the global standard education.
• DMCC, Jebel Ali Free Zone, Kezad are the prosperous business hubs available in Abu Dhabi and Dubai.
• Revised Tax Rates, Golden Visa Scheme, UAE Free zones, Dubai’s FDI (Foreign Direct Investment) scheme which offers the investor a business-friendly environment.
• UAE Green Visa for freelancers, skilled workers and investors.
• KIZAD (Khalifa Industrial Zone Abu Dhabi)is an advanced industrial zone which was developed for the benefits of FDI investors.
• Tax free repatriation of profits and capital

The initiatives of the UAE government like ‘Make it in the Emirates’ and the ‘National ICV Program’ played a major role in turning the country as an attractive country for investment. All these powerful and impactful combinations of futuristic strategies in all the sectors framed by the visionary leadership makes the UAE, a global hub of industries in the world.