UAQ signs agreements to support blue economy strategy

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In 2017, the world Bank defined blue economy as the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.” (Creative Commons)
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  • In 2017, the World Bank defined blue economy as the ‘sustainable use of ocean resources for economic growth, improved livelihoods, and jobs’
  • The aim of UAQ’s Sustainable Blue Economy Strategy is to enhance investment attractiveness while developing the natural, cultural, and human wealth

The emirate of Umm Al Quwain has signed a series of agreements to enhance cooperation and partnership to achieve its Sustainable Blue Economy Strategy during the World Government Summit (WGS) 2022, official sources have said.

The strategy was launched by Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and ruler of Umm Al Qaiwain, the sources said.

Sheikh Majid bin Saud bin Rashid Al Mu’alla, head of the Department of Tourism and Antiquities in UAQ, signed the agreements on behalf of the emirate.

In 2017, the World Bank defined blue economy as the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.”

The aim of UAQ’s Sustainable Blue Economy Strategy is reportedly to enhance investment attractiveness while developing the natural, cultural, and human wealth of the emirate.

Sheikh Majid signed the agreements with the UAQ Ruler’s Court and Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs and Chairman of the Emirates Nature Association; Abdullah bin Touq Al Marri, Minister of Economy and Chairman of the CSR UAE Fund’s Board of Trustees; and Abdulfattah Sharaf, Chief Executive Officer, UAE and International Markets at HSBC Bank Middle East.

Sheikh Majid said, “The Umm Al Quwain strategy for a sustainable blue economy adopts a partnership approach and enhances cooperation with all partners in the public and private sectors, contributing to accelerating the pace of achievement and achieving the desired goals in all developmental, economic and social paths.”

He added, “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. We look forward to increasing the blue economy’s share to the emirate’s GDP so that its contribution is no less than 40%.”

Al Bowardi said, “Nature is not only the greatest source of all the resources we need for life, but it is the most important ally in our fight against the climate crisis.”

He added: “We can maintain our way of life better and at the same time combat climate change by protecting, restoring and sustainably managing coastal blue carbon ecosystems, which contribute significantly to supporting the national efforts to alleviate climate change.”

Al Marri said, “Umm Al Quwain’s Sustainable Blue Economy Strategy 2031 is a pioneering initiative and will play a major role in supporting the country’s efforts to move to a more diversified, flexible and economic model capable of meeting the requirements of sustainable development.”

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