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UAE Economy Minister Discusses Opportunities in Budapest

Appointments

UAE Minister of Economy Abdulla Bin Touq Al Marri, standing, with Tamás Fellegi seated.

Photo by Gergely Herpai.

The Minister of Economy for the United Arab Emirates, Abdulla Bin Touq Al Marri, spoke about investment opportunities in the Emirates at an event in Budapest on June 19 jointly organized by the embassy and the Hungarian Export Promotion Agency.

The event was called a Majlis, a traditional gathering space that is not just a venue but a symbol of social and cultural exchanges to encourage easy interaction among guests. The embassy said the Majlis highlights the values of hospitality and open dialogue, promoting community bonding and decision-making.

Attended by numerous government officials and business representatives, on this occasion, the Majlis provided a platform for the Emirati minister to discuss the economic opportunities and benefits of doing business with his country.

The economy minister presented an overview of the UAE’s economic landscape, emphasizing the nation’s strategic initiatives to foster economic growth and diversification.

Al Marri highlighted the UAE’s focus on developing a robust non-oil sector to reduce its dependency on fossil fuel revenues. He noted that significant strides have been made in various industries, including technology, tourism, and finance.

“The UAE’s non-oil sector has shown remarkable growth, contributing significantly to our GDP and showcasing our commitment to economic diversification,” the Emirati politician said.

Advanced Infrastructure

The UAE’s strategic location as a global trade hub was another critical point in Al Marri’s presentation. He discussed the country’s advanced infrastructure, which supports efficient logistics and connectivity. This has been pivotal in attracting FDI and establishing the UAE as a preferred destination for international businesses.

“Our state-of-the-art infrastructure and strategic position make the UAE an ideal gateway for businesses looking to expand into the Middle East and beyond,” Al Marri explained.

The minister also elaborated on the UAE’s proactive approach to fostering innovation and entrepreneurship. Initiatives such as the UAE Vision 2024 and the National Innovation Strategy have created a conducive environment for startups and tech companies. Al Marri highlighted several success stories of startups that have thrived in the UAE’s dynamic ecosystem, contributing to the country’s economic resilience and adaptability.

A moderated conversation and Q&A session followed, led by Tamás Fellegi, a Hungarian politician, jurist, political scientist, and businessman. One of the key topics was the UAE’s commitment to sustainability and green growth. Al Marri mentioned that the UAE has invested heavily in renewable energy projects and is continuously working towards reducing its carbon footprint.

“Sustainability is at the core of our economic policies. We aim to balance economic growth with environmental stewardship,” he said.

Questions from the audience ranged from investment opportunities in the UAE to the country’s regulatory framework. Al Marri highlighted the Emirate’s business-friendly policies and the various incentives available to foreign investors.

This article was first published in the Budapest Business Journal print issue of June 28, 2024.

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