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UAE Aims to Create a Knowledge Based Economy

UAE : 17 May 2011

The government of the UAE is targeting a knowledge-based economy as their objective, according to Economy Minister Sultan Bin Saeed Al Mansouri.

Mansouri visited the Knowledge Economy Forum that was occurring in Abu Dhabi and spoke about his ministry’s commitment to increase awareness surrounding the fundamentals involved in an economy based on knowledge, touching each corner of both public and private sectors and directly lining up with the UAE Vision 2021 as well as the fed’s 2011 to 2013 strategies.

The minister added that is a major priority of the nation to strengthen the pillars of this knowledge-led economy.

Undersecretary for the Economy Minister Mohammad Ahmad Bin Abdul Aziz Al Shehi, who handled the forum’s inauguration, noted that the Ministry has three major objectives in organizing the conference: to bring the prospects and concept of this type of economy to light; to confirm the commitment of the Ministry of the Economy in building awareness of the concept, thereby moving towards the goals of UAE Vision 2021 and creating a competitive economy centering on knowledge and led by UAE nationals who are trained and backed by knowledge and creativity; and finally to encourage interaction and open a dialogue with partners within the ministry centering on the strategies they have been assigned.

Al Shehi stated that the Economy Ministry is striving at strengthening small to medium-sized businesses, confirming that they are the major contributors to the movement towards a knowledge-led economy.

The best global practices are being put into play and the UAE is benefiting from the experience and events that have occurred in other nations who have achieved success in creative and innovative SME developments, namely South Korea, Denmark, Singapore and Sweden.

Al Shehi acknowledged that this type of economy is a fresh concept and will require innovation in vital sectors of the economy, including construction, hospitality and healthcare, as well as oil and gas.

He added that this directions aims at the promotion of initiatives that will generate wealth within the economy.

Al Mansouri stated that his ministry has a commitment to draw in global expertise which will be supportive of these economic developments and focus on introducing more advanced technology. Numerous economic and industrial sectors will become more efficient. The minister added that they are focusing on the promotion of a innovative culture of research and development.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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