Samaher Saif Al Yazal
160 billion dollars in the UAE investments in the new economy sectors
The circular economy generates between 205 to 306 thousand jobs
Inviting Bahraini and Emirati investors to explore promising opportunities
The Ambassador of the United Arab Emirates to the Kingdom of Bahrain, Fahd Al -Amiri, revealed that, according to the World Economic Forum, the circular economy can generate more than 6.5 trillion US dollars of economic benefits by 2030, and the UAE targets investments of $ 160 billion in the new economy sectors, including the circular economy, during the next three decades.
He stressed that the circular economy is today the focus of attention; Due to its pivotal role in the efforts to enhance sustainability, efficiency of resource exploitation, reduce waste, and recycle.
This came on the sidelines of the “Ring Economy Forum … Towards a Sustainable Economy” organized by the Embassy of the United Arab Emirates to the Kingdom of Bahrain, and with the participation of a group of officials and businessmen from the UAE and the Kingdom of Bahrain.
Al -Amiri said during his speech at the opening of the “Ring Economy Forum .. Towards a sustainable economy” that there are wide economic opportunities related to the shift towards the circular economy model, where some estimates indicate that the circular economy would increase the gross domestic product of the Gulf Cooperation Council countries by 95 to 105 billion dollars, and generates between 205 to 306 thousand job opportunities, as well as improving the quality of people’s lives and creating attractive growth opportunities For the private sector.
Al -Amiri explained that with the increasing environmental and economic challenges, the circular economy emerges as an innovative solution that reformulates the methods of production and consumption in a sustainable manner, and at the same time in line with the targets of access to carbon neutrality.
He called on investors and the private sector in the two brotherly countries to explore promising opportunities in the circular economy sector, in a way that contributes to ensuring the sustainability of resources, achieving welfare for future generations, and building a sustainable and prosperous economic future.
He stressed that joint cooperation in this promising sector represents an opportunity to support the efforts of the two brotherly countries to achieve balanced economic growth while preserving resources.
He said that «the leadership and government of the UAE’s government was concerned with the circular economy, and it was able to stand out as a pioneering model in creating an attractive environment for this investment, through a supportive environment that includes flexible legislation, investment incentives, and a distinct infrastructure that makes it move confident towards adopting the circular economy, and in line with the UAE Vision 2071 that aims to build a sustainable knowledge economy.”
The Emirati ambassador added that “in order to achieve these goals, a national policy of the circular economy was adopted, to be a framework that aims to define the state’s priorities in enhancing the concept of the circular economy in a number of priority sectors, which are green infrastructure, sustainable transport, sustainable manufacturing, and production and consumption of sustainable food.”
During the forum, a registered speech was presented by the Minister of Economy, Chairman of the Ring Economy Council in the United Arab Emirates, Abdullah Al -Marri – during which he shed light on the circular economy, which is one of the pillars of the new model of the UAE in light of the vision of “We Emirates 2031”.
Al -Marri explained that the idea of the circular economy is based on controlling resources, reducing waste of goods and energy, developing sustainable mechanisms to benefit from raw materials and recycling them in a manner that meets human needs and development requirements.
Al -Marri stressed that the UAE government realized early and the directives of its wise leadership the importance of alerting the circular economy model because of its economic and development benefits that are compatible with the country’s strategy aimed at consolidating the UAE’s position as a global economic center that carries many growth and prosperity for talent owners and entrepreneurial companies from all over the world and a major player who leads global efforts in the field of green development.
He pointed out that from this standpoint, the Council of Ministers adopted the UAE policy for the circular economy, which aims to achieve sustainable management and effective use of natural resources in a manner that guarantees the quality of life for current and future generations.
He added that during the last stage, the Council developed about 22 policies and a group of important international initiatives and partnerships, with the aim of accelerating the pace of the transformation towards the circular economy model in the UAE in four main sectors, namely manufacturing, food, infrastructure and transportation.
He stated that the Ministry of Economy, in cooperation with strategic partners at the local and international levels, worked to support this vision, and launched the “Economy turning to digital” initiative in partnership with the Italian “Intisa San Paula” group, which allocated 6 billion euros to support the transition towards the world’s circular economy in cooperation with a group of international partners.
The UAE Minister of Economy explained that this initiative is in support of innovation, re -manufacturing and providing investment opportunities for startups, small and medium in the country.
These efforts also reflect the extent of the UAE government’s commitment to enabling green development tools and adopt a circular economy model as a priority within its development agenda for the next fifty years, based on its keenness to consolidate the state’s position globally as one of the most developed circular economies.
