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UAE ‘committed to building national capacity’

Dubai: Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, on Monday said the UAE’s top priority is to build national capacity and direct its human energies towards a horizon of excellence, innovation and leadership.

“The UAE leadership historically views human development as key. It is a crucial precursor to economic growth and development,” Al Mansouri said in a speech in Abu Dhabi, on the challenges the region faces in improving economic growth and creating job opportunities.

On the importance of small to medium enterprises (SMEs), the economy minister said they represent 92 per cent of the trade sector and contribute 60 per cent to the UAE’s gross domestic product.

“SMEs are also responsible for 86 per cent of private sector employment,” he added.

Al Mansouri’s speech was the keynote address at the launch of the Centre for Economic Growth (CEG) in partnership with Insead, an international business school.

The centre will develop reliable new data resources and present recommendations based on careful analysis, with a view to enhancing decision-making and understanding of economic development in the region. It will provide a forum for discussion and input from different stakeholders including the private sector, government and academia, and will allow for the exchange of regional and global best practice and expertise. The centre will also form collaborations with other leading universities, international institutions and multinational corporations.