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Omar Sultan Al Olama: The digital economy is an essential support for the UAE’s development journey

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His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, affirmed the UAE government’s keenness to embody the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, and the future visions of His Highness, based on Establishing the position of the UAE as a global center for the most prosperous and sustainable digital economy, and a platform for digital innovation and strengthening the national economy.

This came during his presidency of the meeting of the Emirates Council for Digital Economy at the headquarters of the Central Bank in Abu Dhabi, in the presence of members of the council, Younis Haji Al-Khoury, Undersecretary of the Ministry of Finance, Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade and Industry Affairs, Majid Sultan AlMismar, Director General of the Communications and Digital Government Regulatory Authority, and Saif Al Dhaheri, Assistant Governor of the UAE Central Bank for Strategy, Financial Infrastructure and Digital Transformation Affairs, Sameh Abdullah Al Qubaisi, Director General of the Department of Economic Development – Abu Dhabi, and Hanan Ahli, Director of the Federal Center for Competitiveness and Statistics.

Omar Sultan Al Olama said that the digital economy is an essential support for the UAE’s development journey and its direction towards complete digital transformation and the achievement of a pioneering digital economy that combines distinguished skills and the latest technologies, to establish a prosperous economy based on empowered national cadres to lead the technological fields and double the contribution of the digital economy to the non-oil GDP. This is one of the most important objectives of the national strategy for the digital economy.

The Council, which held its first meeting this year, approved the formation of seven sub-committees headed by members of the Council, each of which is concerned with achieving one of the objectives and potentials of the UAE strategy for the digital economy in the areas of technological infrastructure, digital transactions, electronic commerce, financial technologies, stimulating investment in the sectors of the digital economy, and attracting Developing digital skills, supporting emerging and medium-sized companies in the digital economy, in addition to a committee specialized in counting digital economy statistics and preparing an annual report to measure the performance of the digital economy in the UAE to follow up on indicators and ensure sustainable progress in the digital economy.

During the meeting, the Ministry of Economy team reviewed the digital trade law, the new national economic record system, and the new commercial transactions law, while the Federal Center for Competitiveness and Statistics team reviewed the measurement methodology used to measure the digital economy in the UAE, measuring its contribution to the gross domestic product, and its importance in achieving The main objective of the UAE’s strategy for the digital economy is to double the contribution of the digital economy to the non-oil GDP over the next ten years.

The council also discussed a number of strategic performance indicators for the digital economy, and discussed ways to enhance the UAE’s global position in developing the future digital economy model.

The Council is concerned with implementing the digital economy agenda, achieving its strategic indicators, drawing the future of the digital economy and its strategic directions in the UAE, directing and supporting government agencies in implementing projects that enhance the country’s digital economy, in addition to supervising the follow-up of the launch and workflow of the initiatives of the National Strategy for the Digital Economy in all government agencies, and follow-up The performance of the digital economy sector and measuring its percentage in the national economy of the country, and the country’s progress in global indicators related to the digital economy.