UAE will continue to invest in human capital, and physical and legal infrastructures: Mohammed bin Rashid

Dubai: Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has underlined the human factor as the foundation of the development system in the UAE and stated that the country will continue to invest in human resources, update the legal and regulatory frameworks, and further strengthen infrastructure, pursuing new levels of development. "Our country has shown utmost flexibility in coping with surrounding variables. Due to its precise goal-bound economic strategies and solid policies, the UAE achieved outstanding progress on global economic indices," His Highness Sheikh Mohammed bin Rashid said in his foreword to The Business Year: Dubai 2013 edition produced by Dubai FDI, the Foreign Direct Investment office in the Department of Economic Development (DED), under a partnership with the international business consultancy The Business Year (TBY). "Under the leadership and directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, our country recently ranked 19th overall on the Global Competitiveness Index (GCI), which was a five-rank improvement compared to last year - an achievement of which we are proud and which gives us an incentive to work harder to obtain further progress and top the world in this and other areas," H.H. Sheikh Mohammed said. Reiterating that on-going investment in human capital enables the UAE to achieve its goal of being number one across all global indices, H.H Sheikh Mohammed said that the country has also pursued diversification of the national economy since its early stages, focusing on improvement of all economic sectors and monitoring global trends to identify opportunities. "Determined to create a healthy inviting environment attractive to investment and supportive to the private sector, we embarked on setting a comprehensive and solid framework for our relations with the local and international business community, based on the principle of partnership towards success," he said. H.H. Sheikh Mohammed added that the UAE has remarkably transformed over the last four decades to exemplify the true definition of success and has claimed its stature as a symbol of growth and prosperity. "Perhaps the UAE's barren desert climate gave birth to unequivocal will and an unparalleled sense of purpose to overcome every challenge it encountered. Hence it remarkably transformed itself in a very short time into a beacon of success and development in the region," Sheikh Mohammed said, adding that the UAE has also chosen to strategically invest in building sustainable infrastructure that would establish the country as the main gate for trade in the region and beyond. "Today, we feel proud of our world class and highly ranked sea and air ports which have strongly positioned the UAE as a main hub for trade and travel worldwide. Since the UAE possesses the necessary constituents to attract tourism, we gave this vital sector significant attention; especially in the light of emerging global trends such as the growth of the middle class in the Far East region and its remarkable increase in its travel budgets. The emergence of China as one of the new tourism exporting countries will definitely have its impact on the global tourism industry." Stating that the UAE is scrupulously monitoring the fast changes around, Sheikh Mohammed added that the country is fully equipped to handle their global implications. "Our reliable and state-of-the-art infrastructure underlines our capability to meet the growing demand for our country as a preferred tourist destination in the Middle East. The UAE fulfilled all necessary requirements, especially those catering to family tourism which we seek to lead globally." Sheikh Mohammed concluded that the UAE has placed its trust in the capabilities of its citizens and their ability to achieve further success. "As we look into the future, we do so with hope and faith. We have placed our trust in the capabilities of our citizens and their ability to achieve further success in various sectors, equipping them with all necessary tools to sail into new horizons and build a better future for the next generations." The Business Year: Dubai 2013 will be the most comprehensive English language review of the economic capabilities of Dubai available internationally. The report encapsulates the latest developments and initiatives driving economic diversification and growth in Dubai and the opportunities presented by them for businesses and investors. – Emirates News Agency, WAM