Tuesday, 02 January 2024 12:17 GMT

UAE Approves New Economic Clusters Policy To Expand Country's Access To Global Markets


(MENAFN- Khaleej Times)

The UAE Cabinet approved on Wednesday the creation of a National Policy for Economic Clusters to boost sectoral capabilities, expand the country's access to global markets, and contribute more than Dh30 billion annually to the national GDP (gross domestic product).

The economic clusters policy - that is also expected to increase the value of the country's foreign trade by Dh15 billion over the next seven years - will cover key sectors, including financial services, tourism and hospitality, space, communications and data analytics, and food.

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Clusters of industries, services, and institutions with shared characteristics across the UAE will be developed at both the macro and sectoral levels in specific geographic areas while leveraging the unique strengths of each emirate. The policy will also tap into the country's natural resources, geographic location, business environment, integrated links, leading companies, and advanced economic sectors.

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During the Cabinet meeting at Qasr Al Watan in Abu Dhabi chaired Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the UAE Cabinet also approved the agenda for the UAE Government Annual Meeting. It is scheduled to take place from November 4–6 in Abu Dhabi with the participation of 500 senior government officials.

“This year's agenda will focus on education, healthcare, family and national identity, economy, and applications of artificial intelligence. The objective is to strengthen a unified national team spirit and further enhance the competitiveness of government services, institutions, and strategies,” Sheikh Mohammed said.

The UAE Cabinet also approved a comprehensive package of national cybersecurity policies aimed at strengthening the country's digital infrastructure. The updated framework introduces a unified approach to information security, aligning with international best practices and effective protection against emerging cyber threats.

It focuses on strengthening risk management, enhancing workforce readiness, improving system resilience, and establishing advanced mechanisms for monitoring, prevention, and rapid response.

The UAE Cabinet also approved the restructuring of several federal councils and committees, including the UAE Digital Economy Council, chaired by Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications; the National Committee to Combat Human Trafficking, chaired by Abdullah Sultan Al Nuaimi, Minister of Justice; the Economic Integration Committee, chaired by Abdulla bin Touq Al Marri, Minister of Economy and Tourism; and the Industry Development Council, chaired by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology.

The UAE Cabinet likewise approved the ratification and signing of 85 international agreements and memoranda of understanding with governments, global organisations, and international entities. These agreements cover investment protection, trade facilitation, aviation services, financial cooperation, food safety, AI applications, digital transformation, and regulatory collaboration across key sectors.

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Khaleej Times

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