In a rapidly evolving global economy, youth must adapt by pursuing new economic specializations. Abdullah bin Touk, the UAE’s Minister of Economy and Tourism, emphasizes the importance of studying innovative economic fields, stating that these new economic specializations will play a pivotal role in the future success of the United Arab Emirates. As the nation embraces sectors like the green economy, hydrogen, and renewable energy, young Emiratis are encouraged to harness opportunities in these emerging areas.
Embracing Emerging Economic Sectors
Addressing the significance of new economic specializations, Abdullah bin Touk highlighted that sectors such as the green economy, hydrogen, renewable energy, and space have gained substantial momentum in the UAE. “The space industry has become a vibrant economic sector,” he noted, reporting that over 50 companies have recently established operations in various fields, particularly in satellite technology.
Traditional vs. New Economic Activities
During an interview on the “100 Directions” podcast, bin Touk acknowledged the strength of traditional economic sectors that have brought prosperity to the UAE. Industries such as aviation, transportation, tourism, and oil continue to thrive, providing myriad job opportunities. However, he asserted that these sectors require a range of specializations, including engineering, law, and healthcare, which remain integral to sustaining economic growth.
Post-Pandemic Economic Landscape
Reflecting on the impact of the COVID-19 pandemic, bin Touk pointed out that many conventional economic activities faced significant challenges, which led to the rise of new sectors like e-commerce and artificial intelligence. The UAE has successfully integrated advanced healthcare solutions, boasting some of the best medical facilities globally, which aligns with the nation’s vision of building a robust economic framework in health technology.
Fostering Economic Clusters
Furthermore, the Minister revealed that the Ministry of Economy conducted a comprehensive survey of the UAE’s economy, identifying several burgeoning economic clusters to focus on over the next decade. He mentioned five key sectors: food and agriculture, space and defense, financial services, tourism, and information and communication technology. Bin Touk urged Emirati youth to engage with these economic clusters, particularly emphasizing the importance of food security and manufacturing, as 95% of the UAE’s food is imported.
A notable example provided by bin Touk highlighted a local company that produces date paste, exporting 500 tons annually to the United States for nutritional uses, rather than simply exporting raw dates. This initiative demonstrates the value of enhancing local production and creating globally demanded products, exemplifying the potential impact of studying new economic specializations.
As the UAE continues to progress, the call for youth to pursue innovative economic fields is clear. By aligning their studies with the nation’s evolving economic landscape, young Emiratis can significantly contribute to the future of the UAE’s economy.