As the United Arab Emirates celebrates National Day, the country’s leaders and businesses have been highlighting efforts to grow the knowledge economy.
While each of the seven Emirates has set its own agenda in their respective plans for the coming decades, the theme of economic diversification and fostering innovation is the connecting thread.
In his first National Day speech as president of the UAE on Thursday (Dec. 1), Abu Dhabi’s Sheikh Mohamed bin Zayed Al Nahyan outlined a vision for the country’s future underpinned by investment in research and innovation.
He said, “The UAE will continue to focus on science and technology and capitalize on opportunities in these areas so that current and future generations can benefit.” In these efforts, education will take center stage as the country works to diversify its sources of income and build a successful knowledge-based economy, he added.
Sustainability is another pillar of the UAE’s strategy for the future. From Ajman’s goal of becoming the first “fifteen-minute city” in the region by 2030 to the smart homes under construction in Sharjah’s Sustainable City, after 51 years of fossil fuel-driven development, the UAE is banking on cleaner, greener initiatives to propel the next phase of its growth.
In the run-up to the festival, Emirati businesses have been showcasing the best of the country’s culture and vision. And although most workers have the day off, malls, amusement parks and restaurants remain open on what is one of the busiest days of the retail calendar.
Enabling the annual flourish of consumer activity, the UAE’s banks and payment service providers are some of the most important in the region.
From neobank Wio’s digital finance proposition for businesses and individuals to Jingle Pay’s expat-oriented money app catering to the country’s unbanked population, on this National Day residents of the UAE have access to a range of FinTech offerings.
And in the modern era, business hubs in Dubai and Abu Dhabi have become two of the most important centers of economic activity, not just in the Middle East, but the entire world.
With increased activity in the Dubai International Financial Center (DIFC) and Abu Dhabi Global Market (ADGM), unsurprisingly many of the region’s FinTech startups have gravitated toward the UAE, which some of the most important players in the ecosystem now call home.
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