Connect with us

Emirates

Ministry of Economy, Harvard University partner to support UAE’s economic policy

ABU DHABI, 14th December, 2021 (WAM) — The Ministry of Economy (MoE) signed a cooperation agreement with the Harvard University’s Growth Lab to develop a two-year joint work programme.

Through this programme, the University’s leading academic expertise will be deployed to build evidence-based economic analyses and new economic models to support economic policies in the UAE, and to strengthen the economic capability in the UAE Government.

The agreement was signed during a virtual meeting attended by Abdullah bin Touq Al Marri, Minister of Economy; Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; a number of senior Ministry officials; and Professor Ricardo Hausmann, Director of Harvard Growth Lab, along with Professor Robert Lawrence and other officials from the Harvard University and several national universities in the UAE.

Bin Touq said, "The partnership with Harvard University’s Growth Lab falls in line with our efforts to develop a new model for the formulation of future economic policies according to a proactive and flexible approach, in partnership with the national universities and the global academic community."

He added, ‘The new agreement represents a major milestone that paves the way towards the establishment of the ‘UAE Growth Lab’, which was launched His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, during his visit to the Ministry's headquarters last June. The Lab is based on three main pillars, namely, the cooperation programme with four leading national universities, including the United Arab Emirates University, Zayed University, the American University of Sharjah, and New York University Abu Dhabi, in addition to the cooperation agreement between MoE and the University of Birmingham in UK to provide academic and research support for UAE’s economic development policies and initiatives. Finally, the cooperation with Harvard University’s Growth Lab will now provide experimental and theoretical models to test the proposed economic policies in the UAE and measure their long-term impact."

The Minister of Economy continued, "There is no doubt that knowledge, talent and creative minds are the main pillars of the new economy and the primary engine of future growth. The ‘Projects of the 50’ announced recently by the government of the UAE further demonstrates this trend in terms of initiatives related to the restructuring of the residence and visa system, the type of investments to be attracted, and the form of new business partnerships and the targeted global markets. All these initiatives are aimed at building and strengthening the country’s capabilities in the knowledge sectors and new economy fields."

He explained that cooperation with academic and educational institutions plays a pivotal role in building and developing human capital and knowledge economy tools. He added that the cooperation with Harvard Growth Lab represents a new experience in the formulation of the features and policies of the future economy, by linking academic research and employing data and modern economic models in the formulation of policies.

Meanwhile, Hausmann said that the UAE has highly competitive economic components that enhance its ability to deal with various global challenges. The country was therefore able to navigate them successfully with a clear vision to develop opportunities in new sectors that serve growth requirements and further enhance its position as a destination for business and finance in the region. He also underlined the importance of the agreement signed between the Lab and the Ministry of Economy in building a framework for promoting this trend in the future through the implementation of specialised research and the development of economic policies and innovative development programmes.

Hausmann added, "The economic openness policies adopted by the UAE, its capabilities in terms of infrastructure, technology, transport and logistics services, and the investor-friendly and attractive business environment, contributed to strengthening the country’s position as a preferred destination for multinational companies to open their regional headquarters in. The methodology adopted by the UAE to deal with the challenges imposed by the global pandemic provided the world with an important lesson about the ability to anticipate opportunities and transform challenges into development and a more flexible economic model. This made the UAE one of the fastest countries to overcome the recession and restrictions imposed by the pandemic, placing its national economic growth on the right track and moving towards new international partnerships."

Under the terms of the agreement, the Harvard Growth Lab will allocate the resources required to support the various functions of research development in the areas of growth, trade, investment, competition, as well as other areas related to sustainable growth. In addition, this will include the designing and implementation of policies aimed at building research skills and capabilities and strengthening the use of data in data-based research and analysis.

The Harvard Growth Lab is specialised in theoretical and empirical research on the determinants of growth and its social, political, and environmental sustainability. It focuses on 4 main pillars: economic complexity, which aims to measure the macroeconomic; the growth diagnostics, which is a methodology for identifying obstacles to the ability of countries to grow; inclusive growth which consists of measuring the ability to achieve comprehensive growth and ways to increase productivity; skills and human capital including the workforce in knowledge-producing sectors.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Emirates

Mohammed Al Sharqi appoints Ahmed Hamdan Al Zeyoudi Director of Fujairah Crown Prince’s Office

FUJAIRAH, 5th February, 2023 (WAM) — H.H. Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah, has issued Resolution No. 07 of 2023 appointing Dr. Ahmed Hamdan Al Zeyoudi as Director of the Office of H.H. Crown Prince of Fujairah.

The decision shall be effective from the date of its issuance and published at the Official Gazette.

Continue Reading

Emirates

Mohammed Al Sharqi issues resolution appointing Salem Al Zahmi advisor to Office of Crown Prince of Fujairah

FUJAIRAH, 5th February, 2023 (WAM) — H.H. Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah, has issued Resolution No. 10 of 2023 appointing Salem Al Zahmi as an advisor to the Office of H.H. Crown Prince of Fujairah.

The decision shall be effective from the date of its issuance and published at the Official Gazette.

Continue Reading

Emirates

Partners of World Government Summit affirm its important role as unique platform for building better future for humanity

DUBAI, 5th February, 2023 (WAM) – The partners of the World Government Summit (WGS) 2023, affirmed that the summit has become a unique platform for building a better future for humanity.

They stressed its importance in bringing together leaders, officials from governments and international organisations to exchange experiences and share their knowledge on the most important topics and challenges.
This came during their participation in the WGS press conference, held in the Museum of the Future, Dubai, to review the recent updates of the summit which will be held from 13th to 15th February 2023.

The WGS brings together a number of prominent national and international partners who share its visions and goals, and actively contribute to its success. This includes: Telecommunications and Digital Government Regulatory Authority, as the lead partner; Roads and Transport Authority (RTA), as the intelligent mobility partner; Dubai Electricity and Water Authority (DEWA), as the sustainable energy partner; COP 28 and Abu Dhabi Fund for Development (ADFD) as strategic partners; Dubai Municipality, the smart city partner; Abu Dhabi National Oil Company (ADNOC) and Masdar, as key partners; Emirates Group, as the official carrier; Advanced Technology Research Council (ATRC), the research and innovation partner; Emirates Transport, the supporting partner; and Al Tayer Motors, as the exclusive car partner.
Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of the Roads and Transport Authority (RTA), affirmed the global position of the World Government Summit as an international platform for government leaders, politicians and decision-makers to discuss visions and ideas and share best practices to enhance the role of governments in shaping the future.
He said: “Today, the world is witnessing many challenges in different fields, which requires immediate action and unified efforts to innovate solutions that guarantees a better future for societies.”
He stressed that sustainability and urban planning are among the most important solutions to enhance the quality of life for current and future generations.
Saeed Mohammed Al Tayer, MD & CEO of DEWA said that this edition of the WGS has a special significance as it comes during the Year of Sustainability in the UAE, where the UAE will host COP 28.
He added: “This reflects the vision of the wise leadership of the President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to contributing to global efforts to combat climate change as well as the UAE efforts in sustainability.”
He revealed that during the summit, DEWA will share what it offers to COP 28 as well as the various clean and renewable energy projects it implements continuously, as part of the transition towards clean energy to reach net-zero by 2050.
Dawood Abdul Rahman Al Hajri, Director-General of Dubai Municipality said: “One of the main themes of the World Government Summit 2023 is the sustainability of cities, which highlights the importance of providing resources towards rapid urbanisation. This aligns with the plans of Dubai Municipality in designing smart cities based on a human-centred approach, and environment friendly building through the 3D printing technology.”
He pointed out that Dubai Municipality adopts best practices and work mechanisms in all its initiatives and future projects, and that the World Government Summit represents a great opportunity to learn about the most prominent international experiences and global practices.

Majed Sultan Al Mesmar, Director General of the Telecommunications and Digital Government Regulatory Authority (TDRA) said: “Based on TDRA’s strategic role, we are concerned with shaping the future and employing emerging digital technologies to build a comprehensive and integrated digital life.”
He added: “We are looking forward to participating in the World Government Summit, which provides an opportunity to exchange experiences with the world. The UAE has a leading position in government development, and it has benefitted from the communications and information technology sector to achieve digital transformation and ensure the quality of life in the society.”
Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), said that the summit continues its prominent role as a global platform for shaping the future of governments and finding innovative solutions to meet development, economic and social challenges.
Al Suwaidi stressed the importance of the summit in strengthening communication and cooperation between the public and private sectors.
He pointed out that the summit is an added value to the ADFD, as it has contributed to strengthening the Fund’s cooperation with global partners from international financing institutions.

Ambassador Majid Al Suwaidi, Director General & Special Representative of COP28 UAE said: “In line with the UAE’s leadership vision to invest in future generations, what we’re seeing at the World Government Summit, and in the UAE’s Year of Sustainability, is that the whole of UAE society is joining together to drive forward the UAE’s mission as hosts of UN Climate Conference COP28 this year. People from all sections of society, from young students to business leaders, and scientists.”

Al Suwaidi added: “With COP28 UAE scheduled to hold the first ever Global Stocktake, this is perhaps the greatest political opportunity of the decade to assess the gaps and come together as one world to accelerate our collective progress in climate action.”
The ninth edition of the World Government Summit will discuss through more than 110 interactive sessions and dialogues, a number of topics and main themes, including the current and future global challenges, improving government performance, and harnessing technology and innovation to meet the challenges facing humanity.

Continue Reading

Trending