The UAE continues to accelerate its transition to a new economic model based on knowledge, innovation, and digitization by encouraging investments in the new economy sectors such as renewable energy, advanced fintech, AI, 4IR, and space sector.  The launch of a series of future-oriented strategies capable of supporting this transition and driving sustainable economic growth has indeed solidified the country's position as a leading destination for businessess and activities centered around innovation, AI, and entrepreneurship.

The UAE has achieved a fundamental leap in its transformation towards a more flexible and diversified knowledge economy, by investing in new economy sectors, including renewable energy. These initiatives and projects have made a tangible impact on establishing the new economy sectors as key pillars of the national economy, in line with the principles of the 50 and the UAE Centennial 2071 goals, specifically the UAE Circular Economy Policy 2021 - 2031 and the UAE's Green Agenda 2030.

Highlighting the national economy's achievements in this regard, H.E. Abdullah Bin Touq Al Marri, Minister of Economy, underlined the need to create investment opportunities in new economy sectors to ensure global economic growth, while addressing the City Week 2023 forum in London recently. Besides, the Minister of Economy shed light on key national initiatives designed to promote the new economy sectors including renewable and clean energy, as well as mobilize foreign investments in them.

The UAE has also set ambitious goals in this regard, including the one to attract investments worth AED 160 billion over the next three decades to the country; explore more promising investment opportunities in renewable energy; and attract AED 550 billion worth of FDI in new economy sectors by 2030. The country is keen to harness state-of-the-art innovative technologies to create new economic opportunities in solar, wind, and hydrogen energy sectors, the EV sector, among others. These efforts also support the UAE's strategic plans to build a clean economy in line with its Net Zero 2050 strategic initiative.

Investment partnerships in the new economy sectors and green projects are among top priorities in the country's efforts to strengthen economic cooperation with various global partners. The country also adopts an economic strategy that consolidates its position amongst the top competitive economies globally, through its innovative strategies that target supporting the sustainable development of economy and promote the diversity of its pillars, while also focusing on new economy sectors and the developmental opportunities of advanced technology in vital sectors, most notably space, agriculture, medical, and engineering technologies.

The UAE is one of the largest investors globally in renewable energy projects, with investments worth USD 50 billion in more than 70 countries. The country has also allocated nearly USD 50 billion to accelerating clean energy transition over the next decade. In addition, a USD 100 billion strategic partnership has been signed with the USA to fund the deployment of 100 gigawatts of clean energy globally by 2035.

It is the UAE's vision for sustainable development, combined with decisive and result-oriented efforts on the ground, that makes it a lucrative destination for investments in the new economy sectors and a shining global example in this field.