Tag Archives: H.E Abdulla Bin Touq Al Marri

Ministry of Economy (MoE) launched the ‘International Advisory Council on the New Economy’, a first of its kind initiative, with the participation of international experts, advisors and economic policy makers, as well as influential national figures involved in the formulation and development of many of the UAE’s economic development programs. H.E. Abdulla Bin Touq AlMarri, UAE Minister of Economy, said: “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 undertake a set of tasks related to the structure of the new economy, including the development of ideas and proposals; providing advice to decision-makers in new economic fields, development of research papers and studies; and development of new models for regional and international partnerships in the fields of the future economy. In addition, the Council will contribute to coordination efforts with research centres and academic institutions, with the aim of strengthening the UAE’s position as a global hub for innovative ideas and sharing the UAE economy’s experience with external partners. H.E. Bin Touq added that the changes the world is currently witnessing as a result of the pandemic are being reflected across all aspects of life, ranging from our daily lives to travel, trade and other vital economic sectors. However, the current circumstances do not limit the UAE’s aspirations. Instead, they motivate us to convert challenges into opportunities and employ them in the service of long-term development goals and objectives, he said. Bin Touq continued, “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 was also …

Interim Committee responsible for the coordination and follow up with regard to the implementation of the flexible package and the general plan consisting of 33 initiatives to support the economic sectors, held a virtual meeting. The Committee approved the initiative’s implementation plan, which is divided into three main phases. The first phase aims to provide immediate support for business sectors and the economy through 15 major initiatives, while the second phase is to launch complementary support for sectors to enable rapid economic recovery. The third phase will provide integrated support to vital sectors and will open up a sustainable and flexible development path for the economy and future. The Committee approved six main work streams to implement the initiatives packages which include: empowering the new economy and developing priority sectors; opening new markets locally and internationally; providing financing support and facilitating lending; tourism promotion; attracting and retaining talent; and stimulating innovation. H.E. Abdulla Bin Touq Al Marri said, “In light of the unlimited support and the guidance from our wise leadership, since the spread of the COVID- 19 pandemic until today, we have come a long way in driving forward economic recovery efforts, working on business continuity in many vital sectors in the country and supporting the private sector and stimulating trade and investment by following up the implementation of the first phase of the package of initiatives, led by a vision to work in a way that balances public health and economy. Bin Touq added, “Through the Interim Committee, we continue to implement the 33 initiatives packages designed to enhance the growth, sustainability and competitiveness of the country’s economic sectors.” Following up on the implementation of initiatives, the Committee …

H.E Abdulla Bin Touq Al Marri, Minister of Economy, UAE reviewed a detailed report on the progress of efforts undertaken by the Interim Committee to Deal with the Impact of COVID-19 on the National Economy, during the Committee’s fifth virtual meeting, which was chaired by His Excellency. HE was briefed on the economic and financial implications of all the measures adopted by the federal and local governments over the past months since the onset of the pandemic, and the extent of their effectiveness in supporting the country’s business continuity during these times. HE Eng. Mohammed Bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy for Economic Affairs said that the Committee is continuously measuring their success in developing sustainable and practical policies and solutions that suit the needs of the business sector and contribute to its speedy recovery. He affirmed that the Ministry and its partners in the Committee will directly and periodically assess the implementation of packages and initiatives and will stand by all efforts to support business activities and develop the economy. H.E. Saif Hadef Al Shamsi, Deputy Governor of the UAE Central Bank, explained the measures introduced by the Bank in detail, which helped many of small and medium enterprises (SMEs) continue their operations during the crisis, provided facilities for real estate buyers and improved liquidity of banks to meet the requests for lending and deferred payments. In this context, HE Saif Ahmed Al Suwaidi, Undersecretary of the Ministry of Human Resources and Emiratisation for Human Resources Affairs, stated that the Ministry repaid about AED 8.3 billion of bank guarantees to employers, which represents about 50 per cent of the total bank guarantees until the …