The UAE is all set to enter a new era of development through ‘markets of tomorrow’ initiative

The UAE is all set to enter a new era of development through ‘markets of tomorrow’ initiative

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The UAE government, in partnership with the World Economic Forum, launched the “Markets of Tomorrow” initiative, which aims to create new business accelerators that will prepare the UAE's national economy. To embrace new economy-focused business activities and improve its readiness to enter tomorrow's markets using cutting-edge technology.

The initiative's launch is part of a larger strategic collaboration agreement between the UAE Ministry of Economy and the World Economic Forum's New Economy and Society Center. The UAE government also announced the signing of an agreement with the World Economic Forum for the development of Fourth Industrial Revolution applications. The initiative focuses on launching new accelerators in the UAE government and allocating them to support new business models in the UAE, strengthening the role of startups in the national economy, enabling them to prepare for future digital and technological work that will be part of the post-oil economy, and developing a new vision that will be the most important focus of market designer alliances, supporting cooperation and integration between the government, the private sector and shaping the future markets.

The UAE's official delegation to the WEF highlighted the UAE's ongoing efforts on a global level in various fields of interest, while also announcing initiatives and agreements to strengthen collaboration with the WEF in the areas of 4IR and future business models to support start-ups and better prepare for the future digital economy. The forum focuses on six main pillars: restoring global order and regional cooperation, ensuring economic recovery and foreseeing a new era of growth, building healthy and just societies, protecting the climate and food and natural resources, leading the industrial transformation, and harnessing the Fourth Industrial Revolution's potential.

According to Omar Al Olama, Prime Minister of Artificial Intelligence, Digital Economy and Application the strategic partnership between the UAE government and the World Economic Forum aims to serve communities by employing artificial intelligence, block chain and various technologies of the future, as well as sharing innovative experiences and practices to provide supportive environments for the development of new ideas and projects that accelerate the process of scientific, technological and cognitive progress.

The UAE Government, according to the Minister of Economy, has launched numerous initiatives and programs focusing on the new economy, including the digital economy, energy, and new technologies, as well as supporting the growth and development of the SME sector, which now accounts for more than 94 % of all companies and sector institutions. The country's private sector is registered and contributes 50% of GDP, making it a significant participant in encouraging growth and developing a competitive knowledge-based economy.

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