RIYADH: UAE city Umm Al Qaiwan, or UAQ, has signed a series of cooperation agreements in an attempt to achieve its sustainable blue economy strategy, according to WAM.
The ‘blue economy’ is a concept that encourages sustainable exploitation, innovation, and stewardship of the oceans and its resources.
UAQ’s sustainable blue economy strategy 2031 is anticipated to play a vital role in the Gulf country’s efforts to switch to a more diversified and flexible economic model in line with the requirements for sustainable development, according to the Minister of Economy, Abdulla Bin Touq Al Marri — who is also chairman of the CSR UAE Fund's Board of Trustees and one of those signed up to new agreements with UAQ Ruler’s Court.
Others involved include Mohammed bin Ahmed Al Bowardi, minister of state for Defense Affairs and chairman of the Emirates Nature Association; and Abdulfattah Sharaf, CEO, UAE and International Markets at HSBC Bank Middle East.
“We signed a number of agreements to achieve strategic objectives in the economic development sectors and attract investments through sustainable management of natural resources in accordance with the best international standards and practices,” said Sheikh Majid, head of the department of tourism and antiquities in Umm Al Qaiwain, WAM reported
UAQ is aiming to raise the blue economy’s share of the UAE’s gross domestic product to a minimum of 40 percent, Majid disclosed.
