⬇ Download the PDF: We the UAE 2031: A game-changer for businesses looking to expand globally

We the UAE 2031: A game-changer for businesses looking to expand globally

In a world marked by rapid change and innovation, the United Arab Emirates (UAE) stands as a beacon of progress and ambition. The ‘We the UAE 2031‘ vision, unveiled during the UAE’s Government Annual Meetings in November 2022, represents a resolute commitment to further enriching the business landscape in the country.

In this inaugural blog of our new series titled ‘Beyond Borders Innovation: Visionary Initiatives in the UAE Transforming Businesses’, we delve into how this visionary government initiative is poised to not only enhance the UAE’s position as a global partner but also create an ideal environment for global businesses to thrive.

A vision of prosperity

The ‘We the UAE 2031’ vision is a comprehensive national plan that charts the UAE’s developmental course over the next decade. It encompasses critical aspects such as social development, economic growth, investment, and overall advancement. At its core, this vision seeks to bolster the UAE’s status as a global economic hub that is not only attractive but also influential on the world stage. It serves as a testament to the UAE’s commitment to fostering partnerships and creating opportunities for global stakeholders.

Building on the foundation laid by UAE Vision 2021, which prioritised healthcare, education, sustainability, and infrastructure, the ‘We the UAE 2031’ vision expands its horizons to encompass an even wider spectrum of development.

The four pillars of progress

The foundation of this ambitious vision consists of four pillars that encompass various aspects of society, the economy, diplomacy, and infrastructure:

Forward society

This facet of the vision aims to enhance the well-being of society by elevating the capabilities of its citizens and empowering them to make effective contributions across all sectors. The UAE government also aims to create an environment where individuals from diverse backgrounds can thrive and contribute to the nation’s growth. Investments in education, healthcare, and social welfare programs are prioritised to ensure the well-being of its residents.

Forward economy

Acknowledging human capital as the primary catalyst for development, the UAE places substantial emphasis on nurturing its people, ensuring their pivotal role in the forthcoming decade. The government is committed to supporting businesses by providing a business-friendly regulatory framework, reducing bureaucratic hurdles, and encouraging private sector participation.

Forward diplomacy

The vision endeavours to strengthen the UAE’s pivotal role and global influence, grounded in the principles of respecting human values and fostering international cooperation. The government actively promotes trade and investment through diplomatic channels, facilitating business growth and creating a conducive environment for entrepreneurs.

Forward ecosystem

The UAE startup ecosystem has been rapidly evolving, attracting talent and investments from around the world. The government provides various incentives, including access to funding, mentorship programs, and world-class infrastructure, to nurture startups and foster innovation. This ecosystem offers a fertile ground for businesses to thrive, collaborate, and access global markets.

Key National Objectives

The ‘We the UAE 2031’ vision outlines an array of ambitious objectives to be achieved by 2031, with the aim of propelling the nation to new heights:

Doubling economic output

With the goal of doubling the country’s Gross Domestic Product (GDP) from AED 1.49 trillion to AED 3 trillion, this reflects the vision’s dedication to fostering economic growth. The government actively promotes sectors such as technology, finance, tourism, and renewable energy, attracting investments and creating employment opportunities. This economic diversification not only ensures sustainable growth but also opens doors for businesses looking to expand their operations in the UAE.

Non-oil exports

Achieving AED 800 billion in non-oil exports underscores the UAE’s commitment to diversifying its economy. The government provides support to businesses through trade promotion initiatives, export financing, and market access facilitation. This objective presents ample opportunities for businesses to tap into international markets and increase their export potential.

Tourism sector development

Elevating the tourism sector’s contribution to GDP to AED 450 billion highlights the country’s aspiration to become a global tourism destination. The government envisions attracting 25 million tourists annually by 2031, making the UAE a global tourism hotspot. Investments in hospitality infrastructure, cultural attractions, and entertainment facilities are being made to create a vibrant tourism ecosystem. Businesses operating in the tourism industry can benefit from this thriving sector and cater to the needs of an increasing number of international visitors.

Enhancing foreign trade

Raising the value of the UAE’s foreign trade to AED 4 trillion positions the UAE as a significant player in global trade. The government focuses on streamlining trade procedures, reducing trade barriers, and improving logistics infrastructure. These initiatives make it easier for businesses to engage in international trade, import/export goods, and expand their global reach. Dubai’s strategic location, world-class ports, and free trade zones make it an ideal base for companies seeking to establish a strong presence in the Middle East and beyond.

Global standing

Striving to attain top global rankings in areas such as creating proactive legislation for emerging economic sectors, improving the Human Development Index, enhancing healthcare quality, ensuring a high quality of life, attracting global talent, ensuring safety, and fortifying cybersecurity. The UAE actively participates in international organizations, initiatives, and events, asserting its influence on the global stage. 

A collaborative journey

The ‘We the UAE 2031’ vision represents a rallying call to action for all stakeholders. Government entities, institutions, and the private sector are set to join forces, working in unison to advance the development process in line with the plan’s ten-year framework. This collaborative spirit is a testament to the UAE’s commitment to inclusive and sustainable growth. This, in turn, creates a conducive environment for businesses looking to expand globally, offering numerous benefits and opportunities. By focusing on the pillars of forward society, forward economy, forward diplomacy, and forward ecosystem, the UAE government is paving the way for a prosperous future.

Businesses seeking to capitalise on these opportunities should consider Dubai as an ideal destination for growth and expansion. The UAE’s commitment to diversifying its economy, enhancing its global standing, and fostering innovation makes it a magnet for entrepreneurs, startups, and established businesses alike.

In subsequent blogs in this series, we will explore further government initiatives in the UAE and Dubai, dissecting how they are reshaping the business landscape and positioning the region as a global economic powerhouse. The ‘We the UAE 2031’ vision sets the stage for a new era of progress and prosperity, making the UAE an irresistible destination for global businesses and investors looking to be part of an exciting future.

⬇ Download the PDF: We the UAE 2031: A game-changer for businesses looking to expand globally