The UAE is considering initiatives to solidify its position as a permanent centre for global talent working in new economy sectors, from renewable energy to artificial intelligence.
The Economic Integration Committee, which is chaired by Minister of Economy Abdulla bin Touq, is working on developing economic legislation and adopting initiatives that will help the new economic sectors to increase their contribution to gross domestic product and create more job opportunities, state-run news agency Wam reported on Monday night.
“Today, the UAE is seen as a pioneer in empowering the new economy sectors, most notably renewable energy, advanced financial technology, artificial intelligence, the Fourth Industrial Revolution, entrepreneurship and space," he said.
The Emirates has made a "tremendous breakthrough" in building a knowledge-based economic model, diversifying its economy and improving its global competitiveness, Mr bin Touq said.
The committee also reviewed the policies of the country's anti-money laundering and countering-terrorism financing system and the National Strategy Development Project in co-operation with the economic clusters.
The UAE leads the Arab world in terms of attracting and retaining talent, while Switzerland is the top destination globally, according to the 2023 IMD World Talent Ranking released in September.
The Emirates is ranked 22nd among 64 economies, thanks to an increase in scores for criteria such as the quality of life, management remuneration, health infrastructure, quality of education and labour force growth, according to the index by the World Competitiveness Centre.
In recent years, the Emirates has undertaken several economic, legal and social reforms to attract skilled workers.
The government’s overhaul of visa programmes has boosted opportunities for foreign workers to live and work in the country. This includes a a revamp of the 10-year golden visa to simplify eligibility criteria and expand the categories of beneficiaries.
The UAE introduced a green visa to provide five-year residency to skilled workers without requiring them to have a sponsor or employer.
It also unveiled an unemployment insurance programme for federal government and private sector employees, to which all workers must subscribe.
The Economic Integration Committee deliberated on various topics during a meeting, which was attended by Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, and representatives of the UAE’s economic development departments.
The committee also reviewed a proposal to link data on all types of licences – issued by local registration agencies in the country and free zones – with the National Economic Record.
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Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
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Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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Nationality: Emirati
Education: Degree in emergency medical services at Higher Colleges of Technology
Favourite book: Between two hearts- Arabic novels
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
