The UAE President, His Highness Sheikh Mohammed bin Zayed Al Nahyan, meant it when he stated a few years ago that the country will celebrate when the last cask of oil is shipped.
During his first year as President of the country, Sheikh Mohammed focused on increasing the role of Emiratis in the different scopes of life, strengthening human capital, signing Comprehensive Economic Partnership Agreements ( CEPAs) to diversify the economy of the country from petrodollars, and improving food security by making it an economic powerhouse not just in the region but globally.
After including citizens in the workforce, especially in leadership roles, firms that have 50 employees are required to increase the number of Emirates in their skilled workforce by one percent every six months. This will accelerate the country’s transition towards human capital by creating more opportunities for the citizens in the higher grade of leadership in public and private sectors, thereby improving the country’s rank in the Global Human Capital Index.
Besides, Sheikh Mohammed stated during the CEPA signing with Turkey that ” The signing of the Comprehensive Economic Partnership Agreement with my friend Tayyip Erdogan strengthens the partnership between the UAE and Turkey. UAE- Turkey CEPA builds on our longstanding ties for delivering further growth, opportunity, and stability for our people and our countries.
The country is already bearing the fruit of this first CEPA deal signed with India, which is one of the harvest partners of the UAE.
On the eve of the first anniversary of the UAE – India CEPA, Dr. Thank bin Ahmed Al Zeyoudi, UAE Minister for Foreign Trade, revealed that the bilateral non-oil trade has increased by 7 percent to reach $ 45.5 million in 11 months after CEPA came into force on May 1, 2022.
In addition, a new initiative focusing on strengthening economic cooperation has been started by leaders of the UAE, the UA, India, and Israel, also known as I2U2.
During the G20 Summit in Bali, Indonesia, Sheikh Mohammed said, ” The UAE looks forward to engaging in constructive dialogue to support sustainable growth for all the countries and their people.”
Sheikh Mohammed also stated after
UAE was declared the host country for the prestigious conference,” We look ahead to facilitating constructive dialogue between WTO nations and strengthening international cooperation for a sustainable economic future.”
The local economy of Abu Dhabi became the fastest growing economy in the Middle East and North Africa region, rising around 9.3 percent in 2022 and the GDP exceeding Dh1.1 trillion, with the non-oil sector contributing half of it.
With all the indicators growing upward and strong GDP growth launched by the global institutions, the UAE is on track to make a mark on the international economic stage by strengthening its position as a major economic powerhouse.
