Media ININ Economy We Trust
Media In / Riyadh 31 -01-2019 / WAM
The second Saudi-UAE Economic Forum was held this morning in Riyadh, Saudi Arabia, under the chairmanship of Sultan bin Saeed Al Mansouri, Minister of Economy, Dr. Majid bin Abdullah Al Qasabi, Minister of Trade and Investment of Saudi Arabia, and Saif Mohammed Al Hajri, Abu Dhabi.
The forum also witnessed a large presence and wide participation of a number of senior officials, businessmen, investors and private sector actors from the two brotherly countries.
In his inaugural address, Sultan bin Saeed Al Mansoori stressed that the UAE and Saudi Arabia, under the wise leadership of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, and the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud , Which is the best example of brotherhood and partnership, as well as the consolidation of positions in various fields, and beyond the limits of common interests, where these relations start from a single history, civilization and values, a common destiny, combined unity of the word and unite in the face of challenges and work together for the future.
During the past years, the two countries have made great strides in uniting energies and promoting economic integration, with unlimited support from the two wise leaderships, according to a clear vision expressed by the determinants of the Azzam strategy and the outcomes of the Saudi-Saudi Coordination Council.
He pointed out that the second forum could provide an excellent platform for discussing the prospects and mechanisms of bilateral cooperation during the coming period, focusing on the effective contribution of the private sector to the development of economic partnership, based on our confidence as a key partner of the governments of the two countries in realizing their vision for the future.
Al Mansouri said that the wise leadership of the UAE realized early on the importance of adopting flexible economic policies based on diversification and building a competitive economy based on knowledge and innovation led by national competencies.
“Today, the UAE is one of the most diversified economies in the region. The contribution of non-oil sectors to GDP is 70.5%. We continue to diversify to at least 80% in the coming years. To foster value-added sectors, stimulate technology environment, research and development, embrace future trends in development, encourage entrepreneurship, empower women to participate effectively in economic activity, implement open trade policy and build global economic partnerships. ”
He emphasized that innovation is a key focus of our economic policies emanating from the vision of the UAE 2021, and the stakeholders in the UAE continue to push this strategic direction forward. Our economic initiatives today focus on the development of the environment of advanced innovation, artificial intelligence, And the digital economy.
