The UAE government has launched an innovative initiative called “Markets of Tomorrow” in collaboration with the World Economic Forum (WEF) to support the digital economy and encourage more businesses to grow in digital spheres.
What Is the Initiative About?
As part of the initiative, new business accelerators will be created to prepare the UAE for the future of the new economy. This will position the country to take advantage of the most recent technological advancements in order to enter future markets.
In conjunction with this launch, the UAE Ministry of Economy and WEF's New Economy and Society Centre have signed a comprehensive strategic partnership agreement, opening avenues for upcoming entrepreneurs and SMEs in the making.
An agreement between the UAE government and the WEF to develop applications, innovative solutions, and tech-assisted systems to power the Fourth Industrial Revolution was also announced during the event. The milestone agreement was signed by the Managing Director of WEF, Saadia Zahidi, and the UAE’s Minister of Economy, Abdulla bin Touq Al Marri.
In its official delegation to the WEF, the UAE officials showcased the nation’s ongoing efforts and vision across a range of fields. Various agreements were signed and discussed during WEF with an aim to further advance the collaborations with the WEF.
Encouraging Businesses to Move to the UAE
The UAE state news agency reported that, during one of the sessions at WEF, Al Marri said, “the UAE is entering a new era of development and sustainable progress in accordance with a clear vision and integrated strategies, to provide tools and mechanisms of action to embrace business activities based on the concepts and applications of new economies, and attract startups from regional and international markets, especially those focused on innovation, knowledge and modern technology.”
He added, “the country is committed to encouraging businesses to move to the UAE, reflecting a new economic model developed based on pillars that entrench entrepreneurial thinking in business and provide solutions, learning opportunities and incentives.”
What Is the Aim?
With this collaboration and other noteworthy steps, the UAE seeks to support businesses to contribute to the acceleration of the Fourth Industrial Revolution and to nurture a culture of entrepreneurship with an overarching aim of bolstering the digital economy in the coming years.
The aforesaid initiative will make efforts in launching new accelerators in the UAE government and empowering them to support new business models in the UAE. As an important contributor to the national vision of strengthening the role of startups in the country’s economy, the initiative will help start-ups prepare for future digital and technological work. The main agenda is to develop a new vision that will be the most important focus of market designer alliances, supporting cooperation, and integration between the government and private sectors.
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