HE Hessa Bint Essa Buhumaid Highlights Silver Economy's Role in UAE Growth

Photo : Sharjah Govt Media Bureau

Sharjah – The 13th International Government Communication Forum (IGCF 2024) commenced on September 4 with a compelling discussion on the Silver Economy, a key global trend emphasizing the economic and social contributions of senior citizens. The session, held at IGCF’s Gov. Talks platform, featured UAE Minister HE Hessa Bint Essa Buhumaid, who is also the Director General of the Community Development Authority in Dubai.

Titled “How Does Ageing Become the Essence of the ‘Silver Economy’?” the discussion was moderated by Nancy Bahmad, a senior presenter at Forbes Middle East. Buhumaid highlighted the growing significance of the Silver Economy and its potential to foster inclusive economic growth by focusing on the contributions of seniors to both the economy and society.

Buhumaid emphasized that the Silver Economy, which encompasses products and services designed for the elderly, has the potential to significantly boost economic activity. “With global life expectancies reaching 70 years and 80 in some countries, seniors are a crucial demographic for governments and businesses to consider,” Buhumaid said. She pointed out that fostering environments where seniors can remain productive and independent is vital.

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The minister referenced the anticipated economic impact of the Silver Economy, noting that by 2025, it is expected to contribute EUR 6.4 trillion to Europe’s GDP and create 88 million jobs. She highlighted the UAE’s progress in this area, citing initiatives such as the National Strategy for Senior Citizens introduced in 2018 and the Federal Law No. (9) of 2019 on the Rights of Senior Emiratis.

Buhumaid underscored the importance of public-private partnerships, particularly in sectors like healthcare and technology, to support seniors. She urged governments to adopt best practices to address the needs of this growing demographic, including raising awareness among younger generations and ensuring that markets recognize the purchasing power of seniors.

The session also addressed the necessity of educating seniors about technological advancements and involving them in decision-making processes related to their communities. By integrating seniors into these areas, the Silver Economy can thrive and contribute to a more inclusive and dynamic society.

Overall, Buhumaid’s discussion at IGCF 2024 provided valuable insights into how leveraging the Silver Economy can drive significant economic and social benefits, underscoring the need for continued focus on this important demographic.