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In his New Year poem, HH Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, wrote that 2022 would be a “year of distinction and precedence”, where “we begin to seek the next 50 years and continue our path with diligence.”
With the global situation continually evolving amidst challenges, the UAE is leading by example in building a better and brighter future for all. The country was founded on a resolute vision to keep evolving. Our visionary leadership does not rest, encouraging the Emirates and its people to grow and develop with robust plans and strategies to remain ahead of the curve for the next 50 years and beyond.
Central to this forward-focused outlook is a strategy for clean energy and economic diversification. As certain geographies become inhospitable because of climate change, the UAE has plans in place to target net-zero emissions by 2050. We are setting our own standards to affect change on a global level by committing to a
more sustainable world. Efforts to diversify the economy and to invest AED 600 billion in clean and renewable energy sources are part of the equitable energy transition our country is undertaking. Crucially for a country that will host the world for the 2023 UN Climate Change Conference (UNFCCC COP 28), the UAE is walking the walk.
Aside from renewables, our country is now a hub of innovation in an array of sectors, from technology, health, education, transportation and more. Continuous efforts are being made to mould today’s youth into a future-ready workforce, equipping the next generation of changemakers with new skills and talents to thrive.
Empowerment initiatives such as the UAE Youth Programme and Sandooq Al Watan, the national fund dedicated to boosting entrepreneurship within the country, are creating pathways for all. From teaching Emirati children how to code, to supporting tech startups through regulatory sandboxes and encouraging the growth of small and mid-sized enterprises focused on positive social impact, the fund is ensuring that transformation translates into action.
These changes are also generating interest from major global industry players and disruptors who recognise positive actions by the UAE and want to be a part of it. Foreign direct investment is rising in support of digitalisation and economic diversification. In the first half of 2020, over 50% of FDI in Dubai went towards tech projects. This in turn is inspiring local businesses, who are embracing change. From technology to our workplace culture, we are witnessing a great evolution.
Further evidence of transformation includes the wide-ranging reforms of our country’s legal system last year, the largest in its history and the announcement of public listings of DEWA and Empower on the Dubai Financial Market. These reforms will further strengthen economic, investment and commercial opportunities in the UAE.
Living in the UAE, we are used to change. Let us all continue embracing this period of transformation as the country cements its status as a forward-thinking global business hub.