The UAE’s Ministry of Economy has signed a co-operation agreement with the Harvard University’s Growth Lab to develop a two-year joint work programme, the ministry said on Tuesday.
Under the scheme, Harvard University’s top academicians will help to build evidence-based economic analyses and new economic models in the Emirates. It aims to support economic policies in the UAE and strengthen the government’s economic capability.
The new partnership is in line with the government’s efforts to develop a new model for the formulation of future economic policies based on a proactive and flexible approach, said Abdulla bin Touq Al Marri, UAE’s Minister of Economy.
It represents a “major milestone” that paves the way towards the establishment of the “UAE Growth Lab” that was launched by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, during his visit to the ministry's headquarters last June.
“The co-operation with Harvard University’s Growth Lab will now provide experimental and theoretical models to test the proposed economic policies in the UAE and measure their long-term impact,” said Mr Al Marri.
Under the terms of the agreement, the Harvard Growth Lab will allocate the resources to support research and development in the areas of growth, trade, investment, competition and other areas related to sustainable growth.
This will also include the designing and implementation of policies aimed at building research skills and capabilities and strengthening the use of data in research and analysis.
“The economic openness policies adopted by the UAE, its capabilities in terms of infrastructure, technology, transport and logistics services and the investor-friendly and attractive business environment, contributed to strengthening the country’s position as a preferred destination for multinational companies to open their regional headquarters in,” Ricardo Hausmann, the founder and director of Harvard Growth Lab, said.
“The methodology adopted by the UAE to deal with the challenges imposed by the global pandemic provided the world with an important lesson about the ability to anticipate opportunities and transform challenges into development and a more flexible economic model,” said Mr Hausmann.
The Harvard Growth Lab specialises in theoretical and empirical research into the determinants of growth, and its social, political and environmental sustainability.
It focuses on four main pillars: economic complexity, the growth diagnostics, inclusive growth and skills, and human capital.