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- An investment of $1.36 billion in the Emirates Development Bank was also announced
The UAE has introduced a range of new measures aimed at boosting its economy as it looks to achieve $150 billion in investments over the next nine years.
The strategies, announced on Sunday, include a range of investment efforts, as well as the introduction of new visa policies that will make it easier for foreign workers to work and live in the UAE.
Read more: UAE launches ‘green,’ freelance visas
Emirati Minister of Economy Abdulla bin Touq said the government planned to invest some $13.6 billion into the economy over the next year, aiming to boost development by 10 percent.
“We are confident that these projects in the support of investment will make (the UAE) one of the most competent economies in the world,” he said at the press conference, also attended by other top UAE officials.
An investment of $1.36 billion in the Emirates Development Bank was also announced. The ministers said it would be used to support the country’s industrial sector.
Other officials who spoke at the event include Minister of Cabinet Affairs Mohammad Al-Gergawi, Minister of Industry and Advanced Technology Dr Sultan Al-Jaber, Minister of State for Foreign Trade Thani Al-Zeyoudi, and Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications Omar Al-Olama.
The ministers highlighted the potential contribution of digital industries, as well as 4thindustrial revolution (4IR) technologies in achieving the country’s ambitious economic goals.
Al-Olama revealed plans to attract more programmers to the UAE – aiming at around 64,000 to 100,000 in one year.
This will help the country in solidifying its bid as the Silicon Valley of the region, the minister said.
Last week, Dubai ruler Mohammed bin Rashid and Abu Dhabi Crown Prince Mohammed bin Zayed said the UAE would announce 50 economic projects in the coming weeks to mark 50 years since unification of the emirate.