UAE to Launch 50-Year Development Strategy Based on Knowledge Economy

A view of Abu Dhabi, UAE. (Getty Images)
A view of Abu Dhabi, UAE. (Getty Images)
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UAE to Launch 50-Year Development Strategy Based on Knowledge Economy

A view of Abu Dhabi, UAE. (Getty Images)
A view of Abu Dhabi, UAE. (Getty Images)

The United Arab Emirates declared that 2020 will be the launchpad of preparations for the next 50 years, ahead of its milestone Golden Jubilee in 2021. The country is targeting the post-oil stage via a knowledge economy.

Sheikh Mohammed bin Rashid, the Vice President and Ruler of Dubai, and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, announced that next year will be used to deliver a roadmap for the future and make preparations for grand celebrations to mark the 50th anniversary of the nation.

They ordered forming two UAE cabinet committees.

One committee, to be headed by Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, with Mohammed al-Gergawi, Minister of Cabinet Affairs and the Future, serving as his deputy, will lay out a comprehensive development plan for the next 50 years. Its responsibilities will include developing vital sectors including health, education, housing, transport and food security across the country.

The committee will be tasked with mapping out the Emirates’ Golden Jubilee celebrations.

“The UAE approaches its Golden Jubilee in 2021, a new milestone that celebrates 50 years of our young country and begins the journey to the next 50 years. Preparations for our new journey start next year 2020. Together, we welcome 2020: Towards the next 50,” said Sheikh Mohammed bin Rashid on Saturday.

He added: “Today, we announce 2020: Towards the next 50. We shall develop our plans and projects and reinvent new ideas. 50 years ago, the founding fathers shaped our life today, and next year, we will shape the coming five decades for the future generations.”

“In 2020, we will work on making giants leaps in our economy, education, infrastructure, health and media to share the UAE’s new story with the world. Together, we will build the Emirates of the future in 2020 with the winning spirit of the union. Our development journey has no end,” he continued.

“We will work together as citizens and residents across all sectors towards the next 50. United, we can make significant changes and raise our aspirations. We want 2020, the year before our Golden Jubilee, to be similar to 1970 when a new journey was being drafted for this nation.”

The Abu Dhabi Crown Prince stated: “With the willpower and unity of our people, we will work tirelessly to achieve our goal in making the UAE among the best countries in the world by the UAE centennial in 2071.”

“Given the significant role of 2020 in preparing for an unprecedented developmental leap, the UAE's readiness for the next 50 years does not start today or next year. Rather, it goes back to the long-term developmental plans, visions and strategies established and implemented throughout different phases of the country's history,” he stressed.

“Today, we continue preparing and foreseeing the future and building a strong foundation to meet our goals with full confidence and persistence in a rapidly-changing world.”



Fitch Ratings Affirms Saudi Arabia's Credit Rating at 'A+' with Stable Outlook

The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
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Fitch Ratings Affirms Saudi Arabia's Credit Rating at 'A+' with Stable Outlook

The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)

Fitch Ratings affirmed on Friday Saudi Arabia’s credit rating at "A+" with a Stable Outlook, according to a recent report.

The agency stated that the rating reflects the strength of the Kingdom’s financial position. It noted that Saudi Arabia’s debt-to-GDP ratio and sovereign net foreign assets are significantly stronger than the "A" and "AA" rating category medians.

It also highlighted that the Kingdom holds substantial financial reserves in the form of deposits and other public sector assets.

Fitch expects sovereign net foreign assets to remain a core credit strength, reaching 35.3% of gross domestic product (GDP) in 2027 - a high ratio compared to the "A" median of 3.1% of GDP.

The agency also highlighted the Kingdom’s ongoing fiscal reforms, which aim to enhance the public budget's resilience to oil price fluctuations. These reforms, along with the continued improvement in non-oil revenues, are seen as supportive of Saudi Arabia’s credit profile.