Policy exports. While Most of the other emirates remained

Policy objectives taken by the UAE
government to promote economic growth within the country

 

 

UAE

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The United Arab Emirates (UAE) is a
Federation of seven states that has grown from a quiet backwater to one of the
Middle East’s Most Important Economic Centres.

The UAE occupies an area of 83,600 sq.km
along the south-eastern tip of the Arabian peninsula. Qatar lies to the west,
Saudi Arabia to the south and west, and Oman to the north and east. The capital
and the largest city of the federation, Abu Dhabi, is located in the Emirate of
the same name. The UAE has a well defined political system with specific areas
of authority constitutionally assigned to the UAE Federal Government and other
powers reserved for member emirates.

More than 85% of the UAE’s economy was based
on the oil exports. While Most of the other emirates remained relatively
conservative in their approach to diversification, Dubai, Which has far smaller
oil reserves, was bolder in its diversification policy. The UAE, one of the
world’s fastest growing tourist destinations, has all the right ingredients for
an unforgettable holiday, sun, sand, sea, sports, unbeatable shopping,
top-class hotels and restaurants, an intriguing traditional culture, and a safe
and welcoming environment.

The UAE has diversified and has become a
regional trading and tourism hub.

 

 

 

 

 

 

UAE Economy

 

The
GDP value of the United Arab Emirates represents 0.56 percent of the world
economy. GDP in the United Arab Emirates averaged 125.51 USD Billion from 1973
until 2016, reaching an all time high of 403.20 USD Billion in 2014 and a
record low of 2.85 USD Billion in 1973.

Year

GDP (Billion $)

2011

348.5

2012

373.4

2013

388.5

2014

401.9

2015

370.2

2016

375

 

UAE’s good
economic performance is also supported by the developments like continuing to
work on important strategic projects; such as infrastructure projects, the
projects related to UAE’s hosting Expo 2020, the union railway and air and land
transport means, the touristic roads, transports and facilities, electronic
infrastructure, real-estate and financial and industrial services, supporting
the activities based on knowledge economy that is based on research and
innovations and founding new sectors like Islamic economy.

Also, the
Ministry of Economy is currently preparing a new strategy for the industrial
sector including administration, finance and marketing facilitations and
overcoming the obstacles hindering the growth of small and medium enterprises,
being a basic pillar for achieving the knowledge economy based on research and
innovation. The ministry is also working on finishing three laws that would contribute
to developing the industrial sectors: the federal draft law on fighting dumping
and the preventive compensatory procedures, the federal draft law on organizing
and protecting industrial property of patents, drawings and industrial models
and finally the federal draft law for amending some provisions of the federal
law on industry organization.

 

 

 

 

 

Vision 2021

 

 

 

Vision 2021
states : (By the year 2021) The UAE will benefit from a sustainable and
diversified economy, flexible in adopting new economic models, and capitalizing
on global economic partnerships to guarantee long-term property for current and
future generations of Emiratis.

The Government
is focusing on the UAE becoming the economic, touristic and commercial capital
for more than two billion people. To achieve this, the Government has set 12
Key Performance indicators (KPI’s). They are:

Non-oil
real GDP growth
Gross
National Income (GNI) per capita
Net
Inflow of Foreign Direct Investment as a percentage of GDP
Global
Competitiveness Index
Share
of UAE nationals in the workforce
Ease
of Doing Business Index
Emiratisation
Rate in the private sector
SME’s
contribution to non-oil GDP
Global
Entrepreneurship and Development Index (GEDI)
Global
Innovation Index
Share
of ‘knowledge workers’ in the labour force
Research
and development expenditure as a percentage of GDP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UAE Government’s Strategies and Plans For
Overall Economic Growth

 

1.      Education
Strategy 2020

The UAE’s Ministry of Education developed
Education 2020 Strategy, which is a series of ambitious five-year plans
designed to bring significant qualitative improvement in the education system, especially
in the way teachers teach and students learn.

Smart learning programmes, New teacher’s
Codes, licensing and evaluations systems, as well as curriculum revision,
including teaching math and science through English, are all part of the
strategy. A Key area of focus has been to transform K-12 programmes, to ensure
that students are fully prepared to attend universities around the world and
compete in the global marketplace.

First of all, the new educational strategy
aims to encourage students to participate in extra-curricular activities in
order to improve personal and leadership skills and their ability to work as
part of a team. Secondly, it involves students in the decision making process
when it comes to the school’s environment. Thirdly, the strategy aims to ensure
equal opportunities for students to obtain helpful career guidance. Finally,
the new educational strategy calls for sustained communication between schools
and parents.

2.     
Dubai Health Strategy 2021

In January 2016, Sheikh Mohammed Launched
Dubai Health Strategy 2021. The strategy development process involved a broad
range of stakeholders from Dubai health 
ecosystem including both the public and private sectors. Additionally it
has been informed by the views of a number of different community sector 10000+
from Dubai Health Authority employees voiced their opinions and ideas relating
to the health sector in Dubai. The Strategy features 4 main approaches, 6
objectives, 15 programmes and 93 initiatives, all of which are set to achieve a
leap over the next 5 years. The aim is to provide the highest Quality of
Medical care to patients.

The 6 objectives include:

·        
Ensuring a Healthy and Safe environment for the people.

·        
Ensuring the provision of a high quality comprehensive and
integrated health system.

·        
Achieving Innovation.

·        
Improving efficiency in providing Healthcare.

·        
Creating an Integrated database to be used for the Smart government
policy.

·        
Creating an effective ecological system for the healthcare
sector.

 

3.     
Youth Empowerment Strategy

In March 2015,
Ministry of Culture and knowledge development and General authority of youth
and sports welfare initiated the Youth  Empowerment
Strategy (YES) to enable the Government and young emiratis to work together to
help deliver Vision 2021. UAE youth will be invited to answer questions and
provide feedback related to a range of important matters affecting their
development and empowerment.

Youth
Empowerment Index

The youth
Empowerment Index is a composite indicator that will be constructed using key youth
related data collected in each emirate. The youth empowerment index will be
able to indicate the extent to which young people in the country are engaged
with and contributing to their Emirate and their country and are achieving
their fullest potential.

The Strategy
aims to:

·        
Strengthen Cooperation,
Collaboration and communication between all youth development stakeholders.

·        
Monitor youth empowerment
Progress using key performance Indicators

·        
Provide a Common Vision and
framework for young Emiratis based on opportunities.

 

4.     
Dubai Autonomous transportation Strategy

 

Dubai Autonomous Transportation
Strategy aims to transform 25 percent of the total transportation in Dubai to
autonomous mode by 2030. The Strategy is expected to bring AED 22 billion in
annual economic revenues in several sectors by reducing transportation costs.

The Strategy will help to cut
transportation costs by 44 per cent, resulting in savings of upto AED 900
million a year. It will also help save AED 1.5 billion a year by reducing
environmental pollution by 12 per cent, as well as generate AED 18 billion in
annual economic returns by increasing the efficiency of the transportation
sector in Dubai by 2030.

Dubai Autonomous Transportation
Strategy Also aims to reduce traffic accidents and losses by 12 per cent,
equivalent to savings of AED 2 billion annually, and increase the productivity
of individuals by 13 per cent, it will save 396 million hours on transportation
trips yearly. It will also reduce the spaces allocated for parking.

The Strategy features four main
pillars: Individuals, Technology, Legislative structure and infrastructure.

 

5.     
Sharjah Tourism Vision 2021

Sharjah tourism Vision 2021 aims to
attract more than 10 million tourists by the year 2021, when the UAE would
celebrate 50th year of her founding.
The 4 Strategic Pillars of Sharjah tourism Vision 2021 are:

·        
Promoting Sharjah as an ideal
family tourism destination by offering distinct packages and offers specially
designed for families.

·        
Adopting an innovative tourism
approach to improve the tourist experience through the provision of innovative
solutions.

·        
Enhancing efficiencies in tourism
sector through partnership and collaborative action to provide world class
tourism facilities and capabilities.

·        
Promoting the cultural and
heritage elements among families to build Sharjah as an international cultural
hub.

 

 

 

 

 

 

 

 

Conclusion

The UAE Government aims to make
the UAE among the best countries in the world by the Golden Jubilee of the
Union. In Order to translate the Vision into reality, the government has
launched many initiatives and plans as mentioned above. The Strength of the Economy
is determined by the overall development of the country and clearly UAE is on
the right track for sustainable development. UAE’s Future depends on
Innovation. From the above given information we can clearly say that there will
be a drastic growth in the UAE’s Economy in the Future.