UAE Economy Minister Abdullah bin Touq Al Marri Highlights Investment Opportunities at Gateway Gulf 2024
Manama, Bahrain – Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, participated in a panel discussion at the Gateway Gulf 2024 Investment Forum held in Manama on November 3-4. The event was organized by the Bahrain Economic Development Board.
During the discussion, Minister Al Marri emphasized the UAE’s progress in diversifying its economy and the investment opportunities available in new economy sectors. He noted that non-oil sectors now contribute 74% to the UAE’s GDP, aligning with the country’s vision to become a global hub for the new economy by 2031.
Al Marri highlighted the strategic advantages of Gulf countries, including their geographical locations and infrastructure, which have positioned them as major economic powers on the global stage. He expressed the UAE’s commitment to fostering Gulf cooperation in economic and investment sectors to enhance economic integration and resilience.
Doubts Revealed
UAE -: UAE stands for the United Arab Emirates, which is a country in the Middle East made up of seven smaller regions called emirates. It is known for its rich oil reserves and modern cities like Dubai and Abu Dhabi.
Economy Minister -: An Economy Minister is a government official responsible for managing a country’s economic policies and strategies. They work to improve the country’s financial health and create opportunities for growth.
Abdullah bin Touq Al Marri -: Abdullah bin Touq Al Marri is a government official in the UAE who serves as the Minister of Economy. He plays a key role in shaping the economic policies of the UAE.
Gateway Gulf 2024 -: Gateway Gulf 2024 is an investment forum held in Bahrain, where leaders and experts discuss economic opportunities and strategies in the Gulf region. It aims to attract investments and promote economic growth.
Economic diversification -: Economic diversification means expanding the economy to include a variety of industries, not just relying on one, like oil. This helps make the economy stronger and less affected by changes in one sector.
GDP -: GDP stands for Gross Domestic Product, which is the total value of all goods and services produced in a country. It is used to measure the economic performance of a country.
Non-oil sectors -: Non-oil sectors refer to parts of the economy that do not involve oil production, such as tourism, technology, and manufacturing. These sectors help reduce reliance on oil and create more diverse economic opportunities.
Global hub -: A global hub is a place that is a central point for business, trade, and cultural exchange. The UAE aims to become a global hub by attracting international businesses and investments.
Strategic advantages -: Strategic advantages are benefits or strengths that make a place or organization more competitive. For Gulf countries, these might include their location, resources, or economic policies.
Economic integration -: Economic integration is when countries work together to create a more connected and cooperative economy. This can involve reducing trade barriers and increasing collaboration between countries.