‘New Economy’ rebranded failed 24-Hour Economy – Amin Adam

The Minority in Parliament has accused the government of repackaging its 24-hour economy policy under the new ‘New Economy’ banner, arguing that several programmes outlined in the latest economic framework are identical to those contained in the earlier initiative.

The Ranking Member of Parliament's Finance Committee, Dr Mohammed Amin Adam, said a comparison of the 24-hour economy policy booklet published in July 2025 with Section Three of the 2027 Budget revealed significant similarities between the two policy frameworks.

Speaking at a press conference, he said the Minority had raised concerns about the apparent rebranding even before the budget was presented but was dismissed by the government.

He said the Minority had warned ahead of the budget presentation that the New Economy was merely a rebranded version of the 24-hour economy, a claim he said the government had previously dismissed.

"We said before the budget that the New Economy was the 24-hour economy rebranded, but they said we were lying. The truth is that what has been presented as the New Economy is simply a rebranding of the failed 24-hour economy," he stated.

Dr Amin Adams challenged the government to examine the two documents, insisting that the similarities extended beyond general economic objectives to specific programmes and policy interventions.

He maintained that six pillars of the New Economy corresponded directly with programmes already outlined under the 24-hour economy initiative.

According to him, the financing component of the New Economy mirrors Fund 24, while its agricultural pillar corresponds with Grow 24.

He also identified similarities between the textiles and pharmaceutical components and the Make 24 programme, while linking tourism to Show 24 and technology to 24.

On energy, he argued that the sector had already featured as an enabler under the 24-hour economy framework. He further pointed to the proposed 24-hour critical minerals processing enclave under the minerals pillar as another indication of the overlap.

"This is copy and paste, and this is why we are right to describe it as a failed new 24-hour economy. The budget admits it. The budget admits what we are saying," he said.

He maintained that the similarities between the two policy frameworks went beyond shared objectives, suggesting that the government had repackaged existing programmes and presented them as a new economic direction.

“In effect, they have simply taken the 24-hour economy and represented that as the New Economy,” he said.