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April 19, 2024

Mohamed bin Zayed: Ambitious economic vision for UAE Centennial 2071

Under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE will unswervingly continue to implement its comprehensive strategy and vision to build a sustainable knowledge-based economy that ensures a prosperous future for generations to come.

In this report, the Emirates News Agency (WAM) sheds lights on the economic vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan that is based on accelerating the implementation and development of an ambitious economic vision for the next 50 years and the Centennial 2071, which keeps pace with the fast-paced and multifaceted changes of the global economy.

His Highness’ vision is focused on relying on knowledge, innovation and investment in people, enhancing the role of the private sector as an active partner in the economic landscape, promoting investment incentives, and ensuring more economic diversification, while continuing to maximise utilisation of oil and gas resources and enhancing the nation’s ability to produce more renewable and clean energy in the coming decades.

His Highness Sheikh Mohamed’s vision stems from the efforts and determination of the late Sheikh Zayed bin Sultan, and the late Sheikh Khalifa bin Zayed Al Nahyan, to tap into new resources and utilising potential. Within this context, His Highness said during the opening of the 2015 World Governments Summit, “We think and plan for the next fifty years, and for the benefit of next generations, by building a diversified, solid and sustainable economy that does not depend only on traditional resources and opens promising prospects that contribute to strengthening the foundations and capabilities of the nation.”

His Highness’ vision and directives were the main driver behind advancing ADNOC’s global position, developing the energy sector and keeping pace with global shifts by focusing on flexibility, elasticity and evolution.

The UAE Retreat on Post-Oil Phase in 2016, in which His Highness Sheikh Mohammed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, took part, was a key pillar in the UAE’s plans for the next decades. The retreat tackled the then-current state of the UAE economy, and opportunities to develop the vital non-oil sectors in the country and enhance their efficiency to help advance the UAE’s global position, as well as explored future forecasts of the UAE economy, through which best government strategies were adopted to transform and create positive change across vital sectors.

In September 2021, His Highness Sheikh Mohamed said in a tweet, “The UAE has succeeded in establishing its status as an economic capital in the region and an ideal business landscape with world-class digital infrastructure, services, security and competitive investment benefits.

“The launch of our new economic campaign aims to secure the UAE’s position as one of the strongest global economics over the next 50 years.”

His Highness’ vision bolsters continuity in growth to ensure a safe and stable future for the UAE’s next generations by enabling them to keep pace with technological advancements and to utilise their capabilities and creativity in the new branches of industry, advanced manufacturing, Artificial Intelligence, space, energy, pharmaceuticals, food industries, and other vital sectors.