The initiatives and agreements announced during the World Economic Forum aid the nation in boosting its economy and improving global competence in its domestic sectors
The United Arab Emirates (UAE) successfully concluded its participation in the 54th edition of the World Economic Forum (WEF) held at Davos, Switzerland, for five days, ending on 19 January. WEF 2024 welcomed over 100 special guests ranging from business tycoons to government officials sharing stages for various speeches, conferences, panel discussions, and bilateral meetings.
This year, the Emirates utilised its participation to focus on fostering international cooperation and partnerships to strengthen trade and development. The initiatives and agreements announced during the WEF aid the nation in boosting its economy and improving global competence in its domestic sectors.
The nation is emerging as a crucial global player in framing future trends and conceiving inventions and distinctive solutions for global problems, mentioned the Minister of Cabinet Affairs, Mohammad bin Abdullah Al Gergawi.
This reinforces its reputation for its stature and the active role as mandated under the guidance by the vision of President His Highness Sheikh Mohammed bin Zayed Al Nahyan and the directions of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai.
Al Gergawi mentioned that esteemed for its unparalleled vision, extraordinary developmental and economic model, and prominent contributions to supporting global partnerships, the UAE has built its robust credibility and amassed international trust for its effective role in multiple regional and global issues.
He added that as per its importance on the podium of WEF, the UAE and its global partners have put forth a newer reference frame for sustainable solutions for the increasing global concerns through the stage of the Forum. They took part in outcome-oriented dialogues to curate ingenious economic structures to foster growth.
Private Sector Engagement
Executives of state-owned corporations, business leaders leading private sector companies, and many other senior business leaders complied to form 80% of the total participation from the UAE in this edition. For the Forum, over 3,000 participants represented more than 100 countries.
The 2024 WEF brought the largest batch of corporate executives under one angle roof ever recorded. They played a key role in cultivating relationships across different economic and development sectors, aiding sustainable development, and inventing solutions for international developmental challenges.
The UAE participated for the second time in a row with a phenomenal pavilion with a theme of “Impossible is Possible”. It organised several press conferences, public sessions, and multilateral meetings that discussed numerous agendas. The pavilion attended panel discussions for large private sector companies, CEOs of state-owned companies, and government authorities and officials.
In the 54th edition of WEF, the UAE signed several agreements focused on strengthening its role as a trustworthy partner and a focal point for global positive change in many arenas. The agreements span philanthropic assistance and engagement and promise to help programmes run by international organisations to improve the quality of life for various communities.
The directions of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Prime Minister and Vice President of UAE, the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) has announced a donation of AED 37 million (US $10 million) for the healthcare sector in Gaza. It was under the agreement between MBRGI and the World Health Organisation (WTO) at the WEF.
The MBRGI was also present at the meeting of the Food Innovation Hub, where it signed an agreement to form a Global Platform for Food Innovation Hubs with the World Economic Forum to boost innovative solutions to transition food transformation to a sustainable alternative and increase food production mechanism.
MBRGI has pledged a contribution of DHS 30 million (US 8.1 million) to aid programmes run by the United Nations Children’s Fund (UNICEF). These are focused on improving living conditions and distributing nutrition nets for vulnerable children and women across the globe.
The UAE government and the World Economic Forum (WEF) have signed a partnered agreement to build a platform named “We the UAE for Strategic Intelligence 2031”. This will be a digital representation supported by artificial intelligence, presenting global knowledge resources and international experts from diverse industries.
Jahiz, a government initiative launched by His Highness Sheikh Mohammed Bin Rashid in November 2023, was mentioned as the best global project featured in the WEF’s global report named Building a Resilient Tomorrow.
The UAE actively participated in discussions that engaged in challenges and opportunities arising from technological advancements and artificial intelligence in the education sector. They highlighted the strategies for cultivating learning skills and discussed avenues for partnerships between the private and public sectors to improve education models.
The UAE’s engagement at WEF was in events in the economic sectors, overseas trade and climate-related issues. They took part in discussions covering technological influence on international trade and investment, the future of global trade and anticipation of a new global trade order.