The UAE is laying the groundwork for the development and profitability of knowledge-based, forward-looking corporate sectors. At the same time, it works to strengthen its status as a hub for enterprises focused on innovation, artificial intelligence, and entrepreneurship on a worldwide scale. To do this, the UAE has introduced several methods based on science and cutting-edge technologies and maximizing extraordinary talent, skills, and competence.
The UAE's long-term goals
Dubai stands out as a forward-thinking metropolis with a quick pace thanks to its audacious vision for the future. Dubai is setting the pace in the region's fintech and regtech industries as technology changes the nature of financial transactions.
Making Dubai a smart city is the goal of the Dubai government. By December 2021, people will do all transactions digitally. It is creating app-based services and smart, sustainable cities. Additionally, it promotes the collection and exchange of data to create and modify services that will make customers happy. Dubai already uses RFID to collect road tolls (Salik) and uses Nol smart cards to collect payment for transportation services. Read about the Dubai government's additional initiatives to transform Dubai into a smart city.
The UAE Centennial 2071
The UAE Centennial 2071 initiative was introduced in 2017 by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, as a plan to make the UAE the best nation in the world by the time it celebrates its 100th anniversary. A future-focused government, excellent education, a diversified knowledge-based economy, and a contented and united community are the four main pillars of the Centennial. The UAE seeks to become a global hub for attracting the best minds, ideas, and talent while providing the best business prospects, a stable environment, and cutting-edge infrastructure. This project is done under the axis of "the best economy in the world." Increasing investments in artificial intelligence, biotechnology, nanotechnology, cognitive sciences, and multi-dimensional cumulative manufacturing are helping the UAE maintain its position as a world leader in several industries.
Future Roadmap: The Fifty Economic Plan
In December 2019, the UAE's Ministry of Economy unveiled the Fifty Economic Plan to create a future-oriented economy. This acts as a road map for economic endeavors during the ensuing decades as part of the "Towards the Next 50" strategy.
The five main pillars of the plan are:
- The integrated economy.
- Small and medium-sized enterprises (SMEs).
- Foreign direct investment and exports.
- Luring and keeping talent.
By fostering a thriving local business climate and empowering UAE enterprises to succeed and lead globally, the strategy seeks to accomplish a quantum leap in the national economy by 2030 and boost GDP growth. Sectors like space technology and digital entertainment, opening new markets, and creating a progressive legal environment that supports economic objectives, are the foundation of this future-oriented economy. The Ministry is also working to make it easier for people to start businesses, help small family businesses, and protect and encourage investment.
The Emirates' Blockchain Strategy
In 2018, the Emirates Blockchain Strategy was introduced to leverage, utilize, and profit from cutting-edge technologies for the good of society. Additionally, by moving all UAE government transactions to blockchain systems, the effectiveness of government performance is being improved. The strategy is built around four central tenets:
- Enhancing government efficiency.
- Enhancing the quality of operations run by the federal government.
- Improving the happiness of citizens and residents.
- Improving the UAE's leadership position internationally in the information security and transfer field.
As a result, people, organizations, and government officials will become more capable, time, effort, and resources will be saved, and the UAE will be better prepared to become one of the most technologically advanced countries open to transformation.
The Green Growth Strategy of the UAE
Instead of relying solely on oil resources, the UAE's Green Growth Strategy seeks to achieve sustainability in the economic, social, and environmental spheres. To foster long-term economic growth, the UAE wants to establish itself as a leader in the green economy, a hub for the export and re-export of green goods and technologies, and a sustainable environment. The strategy includes several initiatives and regulations in sustainable energy, agriculture, investment, and transportation, as well as new environmental and urban rules that aim to raise the standard of living in the nation. This strategy consists of six main streams: green energy, green cities, dealing with the effects of climate change, green living, and green technology. Green energy is one of these streams.
The UAE Strategy for the Fourth Industrial Revolution
A competitive national economy built on cutting-edge applications that combine material, digital, and biological technology is the goal of the UAE Strategy for the Fourth Industrial Revolution. It also seeks to reinforce the nation's status as a global hub for the upcoming industrial revolution. This is in addition to using technology and tools to benefit the community and make everyone happy. Adopting diverse strategies, using genetic medicine and medical genomic tourism, and bolstering economic security by embracing a digital economy are the main pillars of this strategy. The plan also calls for developing cutting-edge technologies like 3D printing, nanotechnology, and artificial intelligence to help the economy grow.
The UAE Circular Economy Policy
Through adopting best practices and technologies for sustainable consumption and production, the Circular Economy Policy offers guidance for the management of the economy in a way that is both efficient and sustainable, as well as for the best possible use of natural and environmental resources. They did this strategy to guarantee a good standard of living for the present and future generations, increase resource efficiency and reduce waste. Along with realizing the UAE's ambition of becoming a leader in green development, the policy also aims to improve environmental health and encourage the private sector to embrace cleaner industrial production practices and technology. The policy's most significant results are substantial economic gains for the nation, the reduction of environmental pressures, the assurance of raw material supplies, the improvement of competitiveness, the promotion of innovation, the stimulation of economic growth, and the creation of job opportunities.
National Program for Artificial Intelligence 2031
Considering its considerable efforts to provide a future-centric and highly advanced infrastructure capable of enhancing the quality of life for individuals and communities, the UAE is one of the countries best prepared to deal with technological transformation. This plan, which follows the goals of the UAE Centennial 2071, is the first of its type globally. It consists of eight strategic objectives, five themes, and several initiatives to use artificial intelligence to strengthen the nation's critical sectors like education and the economy. Additionally, it seeks to enhance government efficiency, increase social contentment, develop a dynamic new regional market with significant economic potential, assist private sector activities, and raise productivity. Targeted industries include transportation, health, space, water, renewable energy, technology, education, and the environment.
The UAE Energy Strategy 2050
In 2017, the UAE unveiled its "Energy Strategy 2050," a comprehensive energy strategy that combines domestic production and consumption with international environmental goals. The system's goal is to cut individual and corporate energy usage by 40% while fostering an inviting and favorable economic environment that stimulates the growth of all sectors. By 2050, it aims to save the equivalent of 700 billion AED by increasing the proportion of clean energy in the total energy mix from 25 percent to 50 percent. To fulfill rising energy demands and achieve sustainable economic growth, the UAE plans to invest AED 600 billion until 2050. In the energy mix, the strategy calls for a 44 percent clean energy component, a 38 percent gas component, a 12 percent clean coal component, and a 6 percent nuclear component.
UN’s Agenda 2030
The Sustainable Development Goals (SDGs), commonly referred to as the Global Goals, are a group of 17 objectives to enhance everyone's quality of life. The Millennium Development Goals of the United Nations serve as the basis for the SDGs. The 2030 Agenda for Sustainable Development includes the SDGs. The UAE is implementing several actions to fulfill the SDGs at home and abroad.
Solar Park by Mohammed bin Rashid Al Maktoum
According to the IPP model, the Mohammed bin Rashid Al Maktoum Solar Park is the biggest single-site solar park in the world. By 2020, it will produce 1,000 megawatts (MW), and by 2030, 5,000 MW. With a 13 MW capacity, the project's first phase started running in 2013. 200 MW of the second phase's capacity was put into service in April 2017. The project's fourth phase, with a total of 5,000 MW, will start by the fourth quarter of 2020, while the third phase, with a capacity of 1,000 MW, will start in 2020. With a height of 260 meters, the project will have the tallest solar tower in the world. This initiative was formed as part of the Dubai Clean Energy Strategy 2050 to boost the proportion of clean energy in Dubai's total power output to 7% by 2020, 25% by 2030, and 75% by 2050.
Abu Dhabi's long-term vision
Surface Transport Master Plan (Abu Dhabi)
The main goal of the Surface Transport Master Plan (STMP) is to give Abu Dhabi a high-quality, eco-friendly transportation system that helps the city reach its economic, social, cultural, and environmental goals.
STMP's environmental goal is to make Abu Dhabi's environment the best in the world by being responsible with its resources, reducing pollution, and taking care of its unique environment.
STMP aims to make a transportation system that is among the best in the world and meets the needs of locals, tourists, and businesses in the most effective, beautiful, reliable, and environmentally friendly way possible.
The STMP includes a wide range of low-carbon and sustainable practices, such as:
- A strong public transportation system that is powered by cutting-edge renewable energy and alternative fuels
- Cutting-edge technologies like Personal Rapid Transit (PRT) harness the nation's ample sunshine to generate solar power.
- A commitment to reducing CO2 emissions at every stage of transportation, including design, construction, and operation
- A commitment to promoting cycling, walking, and environmental stewardship.
The Abu Dhabi Transportation Mobility Management Strategy
The key objectives of Abu Dhabi's Transportation Mobility Management Strategy (TMM) by 2030 are:
- Encourage a shift in attitude and behavior toward greater reliance on environmentally friendly modes of transportation
- By enhancing the environment for sustainable means of transportation, you can increase access to public transport for all individuals and organizations.
- Meet mobility needs by making better and more complete use of existing and planned transportation and land-use infrastructure.
- Changing from private motorized vehicle travel to a more efficient and sustainable mode of transportation may reduce traffic congestion and increase efficiency.
- Create a successful multimodal public transportation system that will make it easier for related transportation networks to connect and collaborate.
Plan Abu Dhabi 2030
The Abu Dhabi Urban Planning Council created "Plan Abu Dhabi 2030—Urban Structure Framework Plan." The plan's objectives include:
- Fostering a culture of planning.
- Introducing solid guiding principles for new development.
- Assisting the Abu Dhabi government in identifying and responding to present and future development needs.
It offers theoretical options for directing Abu Dhabi's expansion over the next 25 years. It would tackle the pressing urban problems of:
- Land usage
- A wide-open space
- A picture of the nation's capital.
Environmental Vision 2030 (Abu Dhabi)
The emirate of Abu Dhabi's Environment Vision 2030 (PDF) was created to provide integration across the three suThe UAE government created the emirate of Abu Dhabi's Environment Vision 2030 (PDF) to provide integration across the three sustainability pillars of environmental, economic, and social vision. It wants to improve everyone's standard of living by making the best use of resources and preserving Abu Dhabi's natural history.
The following five priority areas are identified by the Environment Vision 2030:
- Climate change impact: mitigating its effects
- Noise pollution and clean air both contribute to safe and healthy living circumstances.
- Water resources: management and conservation strategies that are effective.
- safeguarding cultural heritage, habitats, and biodiversity for future generations
- Waste management: increasing value creation by improving material flows and waste management.
The priority categories are further separated into environmental outcomes, which are then broken into sub-priorities. Three values are assigned to each result:
- Current deals: these are the environmental conditions as of 2010.
- Threshold value: This realistic goal should be accomplished by 2030.
- The term "sustainability value" refers to how the environment should be in the long run for it to be sustainable.
The Abu Dhabi Economic Vision 2030
The Abu Dhabi government unveiled a long-term strategy for the emirate's economic transformation. In the long run, the plan calls for less reliance on the oil industry as a source of economic activity and more attention being paid to knowledge-based sectors. The government's current financial priorities are listed in the document "Abu Dhabi Economic Vision 2030," which is entitled:
- Creating a transparent, effective, efficient, and international corporate climate
- by putting in place a strict fiscal strategy that is responsive to economic cycles
- Creating a stable financial and monetary system with long-term inflation.
- Driving a significant increase in the labor market's effectiveness.
- Constructing a solid infrastructure capable of supporting predicted economic growth
- Creating a highly productive and skilled workforce.
- Letting the financial markets lead the way in funding different projects and parts of the economy.