The UAE Pavilion at the 55th Annual Meeting of the World Economic Forum (WEF) hosted a dialogue session entitled “Global Competitiveness in a Changing World,” in which Abdullah bin Touq Al Marri, UAE Minister of Economy, addressed the rapid transformations that are reshaping the rules of global competitiveness.
The session, in which Arturo Bris, professor of finance and director of the Center for Global Competitiveness at the Institute for Management Development (IMD), participated, focused on the challenges and opportunities facing the world in light of rapid technological developments, increasing climate changes, and accelerating economic transformations. The speakers stressed that these transformations require adopting flexible and innovative strategies to ensure competitive superiority. The importance of innovation, sustainability, and inclusive policies were also highlighted as pivotal factors for promoting economic growth and long-term resilience.
The session focused on the evolving landscape of global competitiveness in the face of rapid technological progress, environmental challenges and changing economic models, how countries can adapt to maintain their superiority, and the role of innovation, sustainable practices and inclusive policies in promoting resilience and long-term prosperity in an interconnected world.
– Proactive Emirati initiatives and strategies
Abdullah bin Touq said: “The country’s participation in the annual meeting of the World Economic Forum confirms the UAE’s vital role in promoting comprehensive and sustainable economic development at the regional and international levels, and supporting joint cooperation to find solutions that contribute to confronting global economic challenges.”
Bin Touq added: “Thanks to the vision and directives of its wise leadership, the UAE has adopted national initiatives and strategies that have strengthened its competitive capabilities regionally and globally, increased its flexibility in the face of global changes, and supported its readiness for the future through the localization of technology and advanced technologies in the services it provides to society, and the continuous development of various sectors. And creating a distinguished system for the quality of life in the country, characterized by a high level of security and stability for citizens and residents of its lands.”
– Strengthening the UAE’s position in global competitiveness indicators
In this context, Bin Touq reviewed the most prominent results of strengthening the UAE’s position in global competitiveness indicators, the most notable of which is that the UAE ranked first globally in 223 indicators during the year 2024. It also ranked seventh globally in the Global Competitiveness Yearbook 2024 report issued by the Global Competitiveness Center, ahead of 3 places for the year 2023, and the country also achieved first place in the world in 20 indicators of readiness capabilities for future opportunities, within the “Global Opportunities Index” report. future” for the year 2024.
Bin Touq added during his participation in the session: “The advanced and pioneering results achieved by the UAE in the global competitiveness race over the past years are a clear message to the world about the strength of the national economy, which has proven its efficiency and ability to keep pace with global changes, and recorded strong growth indicators that exceeded “The expectations of international institutions, as well as the attractiveness of the UAE’s business environment for companies, investors and entrepreneurs from all over the world, which currently embraces more than 1.1 million companies and economic institutions.”
– Diversifying the UAE economy
Bin Touq said: “The state has been keen to consolidate sustainability and promote the shift towards a knowledge-based and diversified economic model over the past stage, and has succeeded in providing a unique model in this regard, by raising the percentage of non-oil sectors’ contribution to the UAE economy to 75%, and national efforts are working to complete The country’s sustainable economic development journey, with the UAE becoming the global center for the new economy by the next decade in light of the objectives of the “We Are the Emirates 2031” vision, as the country today is home to many sectors of the new economy such as financial technology, artificial intelligence, and entrepreneurship. And advanced manufacturing and food. The UAE also has a stable economy characterized by strong banking systems and economic partnerships at the regional and global levels.”
– A competitive economy supports confronting global challenges
Bin Touq stressed that accelerating the shift towards innovative economic models based on knowledge and technology is one of the solutions to adapt to global economic changes, as well as flexibility and enhancing economic openness to confront emerging challenges such as geopolitical tensions, inflation pressures, the rise in protectionist policies, and fluctuations in oil prices.
Innovation is an essential pillar for building the knowledge economic model
Bin Touq explained that enhancing the competitiveness of countries requires relying on innovations, research, science and technology as basic pillars for building a competitive knowledge economy characterized by a business environment that stimulates investment and accelerating the growth of emerging companies, as well as encouraging effective partnerships between the government and private sectors. His Excellency pointed out that the UAE is focusing greatly on continuing digital transformation, investing in human capital, and enhancing artificial intelligence technologies in many industries and sectors, in a way that supports achieving strong progress in aligning innovation with economic results.
Arturo Press: Global expertise in competitiveness
For his part, Arturo Bris, Director of the Center for Global Competitiveness at IMD, provided in-depth insights into global trends in competitiveness. He stressed the importance of quickly adapting to technological innovations and exploiting national strengths to achieve progress. He also called on governments and companies to cooperate to ensure sustainable economic growth and promote innovation.
The UAE Pavilion in Davos continues to strengthen its position as a major platform for international dialogue and innovation, reflecting the country’s commitment to supporting global cooperation and facing future challenges. The “Global Competitiveness in a Changing World” session came as part of the UAE’s efforts to enhance strategic discussions that contribute to shaping the future of the global economy.
The session concluded by calling on government and corporate leaders to invest in innovation and sustainability as key tools to achieve resilience and growth in a world witnessing rapid change. Through its pioneering vision, the UAE continues to provide an inspiring model for countries seeking to achieve sustainable competitiveness and global prosperity.
It is noteworthy that the UAE is participating in the 55th session of the World Economic Forum, with a high-level delegation that includes more than 100 leaders of companies, the private sector, and government officials.
The country enjoys prominent participation in the work of the World Economic Forum “Davos 2025”, including many key sessions, special meetings and other events. Through this participation, the country seeks to strengthen its position as a center for international cooperation, advance sustainable development paths, and pioneer innovation in vital sectors including Technology, energy and trade, and the country’s firm commitment to sustainability.
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