UAE initiates International Advisory Council to build future economy

By Rahul Vaimal, Associate Editor
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The UAE Ministry of Economy (MoE) has launched the ‘International Advisory Council on the New Economy’, a novel initiative by including international experts, advisors and economic policymakers and national figures in the formulation of many economic development programs.

The new council will tackle different tasks of the new economy like formulating ideas and proposals, giving valuable advice to decision-makers, conducting research and studies and creating new models for regional and international partnerships to build the future economy.

Abdullah bin Touq Al Marri, Cabinet Member and Minister of Economy stated that ”the Council is a new initiative that the UAE is developing, through which we will work to develop ideas, proposals and formulate new economic policies.”

The Council will bring coordination with the efforts of research centers and academic institutions to secure the country’s position as a global hub for innovative ideas and thus to share its economy’s experience with external partners.

Commenting on this initiative Bin Touq stated the pandemic has created several changes in different aspects of lives, but the current circumstances do not limit the UAE’s ambitions. In fact, it motivates the country to change these obstacles into opportunities and utilize them for long-term development goals and objectives.

Abdulla bin Touq Al Marri
Abdulla bin Touq Al Marri
UAE Minister of Economy

“The government of the UAE was the most prepared one to deal with most of the challenges that emerged as a result of COVID-19 and were also the most capable in adapting to changes compared to many other countries. Moreover, today, the country is working according to an ambitious development vision for the next fifty years. Following an accurate and realistic understanding of the current economic scene, analyzing indicators and extracting possibilities are essential to developing plans and initiatives in support of the country’s strategic directions.”

The International Advisory Council on the New Economy is a new initiative that combines 15 prominent leaders and influencers from around the globe to address the existing economic issues. It will further study their implications for the country, exploring the big changes and creating new ideas and preparing for the future.

Bin Touq said, “The UAE, since its establishment, has been a futuristic country, as reflected by its development vision since its early beginnings, characterized by the reliance on the oil sector. In less than just 49 years, the country has entered the industries of space, aircraft, renewable energy and communication and information technology.”

The Council held its first meeting under the chairmanship of Abdulla Bin Touq Al Marri, with the participation of Dr. Ahmad Belhoul Al Falasi (Minister of State for Entrepreneurship and SMEs) Dr. Thani bin Ahmed Al Zeyoudi ( Minister of State for Foreign Trade), Mohammed Ali Al Shorafa Al Hammadi (Chairman of Abu Dhabi Global Market), Ahmad Bin Byat (Former Secretary-General of the Executive Council of the Government of Dubai), Khalfan Belhoul (Chief Executive Officer of Dubai Future Foundation), Rashed Abdulkarim Al Blooshi Undersecretary (Abu Dhabi Department of Economic Development), Dr. Tariq Bin Hendi (Director General, Abu Dhabi Investment Office) and other experts from American, Chinese, Indian, Singapore, Latin American, EU and African markets.

During the meeting, the Council discussed various issues that have arisen in the current situation and potential shifts in the global economy due to the pandemic.