With a slew of reforms under ‘We the UAE 2031’, the UAE government plans to increase Dubai’s GDP from AED 1,49 trillion to AED 3 trillion over the next decade.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai announced the government’s vision for the next decade, emphasizing the significance of education, legal reform, and a strong economy.
The plan aims to strengthen the UAE’s position as a global partner as well as an attractive and influential economic hub. It also aims to highlight the UAE’s successful economic model and the opportunities it offers to all global partners.
The plan is based on four main pillars that cover all sectors and fields. The initiative is an integrated program designed to shape the future of the country within the next 10 years by focusing on various developmental aspects of the country. These aspects include social issues, cultural values, health and wellness, and economic development.
Pillar 1: For A Forward Society and Demography
In order to strengthen social cohesion, the UAE government has established a vision for a forward demography through policies to achieve a high-performance society that is productive and cohesive. By enhancing social solidarity through national unity, tolerance and acceptance of others, it will also boost coexistence between members of different generations.
This pillar is concerned with supporting and strengthening the values and institutions of a forward society. It aims to encourage the UAE’s youth to build their working, social and intellectual skills in order to meet the demands of the future that will be focused on serving the community and strengthening national unity.
Furthermore, the “Forward Society” will focus on education as the main axis for developing national cadres and providing talent with training and educational materials.
The plan aims to further develop the health sector by updating services and providing the best healthcare to the UAE community.
The UAE government plans to position itself in the top 10 countries under the Human Development Index by 2031.
Pillar 2: For A Forward Economy
The Forward Economy pillar will create and develop policies and plans to achieve high economic growth in all sectors, as well as accelerate the pace of transformation in the energy sector and reliance on alternative energy sources to strengthen the country’s efforts in the green economy.
It will further strengthen the UAE’s position as a global partner and an attractive and influential economic hub.
Research and development, particularly in the IT sector, is another target of the Forward Economy pillar, along with positioning the country among top 20 countries in the world under some economic indicators.
For example, the government is focusing on developing local businesses and nurturing 20 unicorns by 2031.
Pillar 3: Forward Diplomacy
This aims to strengthen the UAE’s position in the international arena. It will enhance global trust and involvement in the country’s political system, consolidating its impact on global issues, and placing the UAE as a world model for dialogue and consensus.
The pillar emphasizes developing strong foundations for local diplomatic representation, such as monitoring global issues and positioning the UAE’s presence in various international arenas.
Pillar 4: A Forward Ecosystem
The fourth pillar of the ‘We The UAE’ 2031 plan intends to improve government performance by providing the greatest government services in the world and building the most adaptable business models in order to achieve outcomes and efficiency.
Its aim is to encourage the pursuit of high performance through providing the right materials and tools, as well as boost investment in research and development.
The UAE government wants to become a pioneer in the fields of innovation, where it has already invested US$6 billion since 2011. In addition, it aims to position itself among top 10 countries with most effective governance approaches in relation to entrepreneurship and innovation.
Lessons for Businesses: How This Plan is going to change UAE in the coming years
It is important to consider how your business will be affected by the new plan moving forward and what sort of changes you need to make.
While all the government’s efforts will certainly improve the future of the country and its people, it should not be forgotten that most of these initiatives are for UAE residents only.
That is to say, Dubai residents can make use of the new plans and programs to establish their own businesses in ways that will further develop the UAE as a global leader in different industries.
Although, to remain competitive in terms of international investment and to reduce its historic reliance on hydrocarbons while maintaining long-term economic growth, the UAE is likely to maintain a permissive immigration policy.
As a business, you are going to have to reconsider your approach to running your business in the UAE. Your focus should be on differentiating yourself from the other businesses in the country so that you can stand out and be more successful.
If you need assistance with navigating the changes that will be taking place in the Emirates, please contact us. Our team at NextGen has experience navigating the business world and providing fitting solutions to all your needs.