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The UAE has surpassed pre-pandemic levels in many economic indicators and ranks first in the world in terms of security and infrastructure, said Sheikh Mohammed bin Rashid Al Mak, Vice President and Prime Minister of the UAE and Ruler of Dubai. Lord Toum, said.
“The UAE’s foreign trade exceeds AED1 trillion (US$272 billion), compared to AED840 billion before the pandemic, and its economy has grown by more than 22 percent this year,” His Highness said.
While chairing a meeting of the UAE Cabinet in Qasr Al Watan Abu Dhabi, Sheikh Mohammed said: “We have reviewed the UAE’s competition and development indicators. Our business and development sectors have surpassed pre-pandemic growth.”
The meeting was attended by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance; Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; will; said Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidency, Wam news agency reported.
Sheikh Mohamed noted: “Under the leadership of my brother, Mohamed bin Zayed, the UAE has successfully defeated the Covid-19 pandemic. Our country is renowned globally for its remarkable economic growth and development. “
He said: “The UAE’s top global index has increased from 121 to 156. We are in the top 10 out of 432 global indicators, compared to 314 before the pandemic. We are number one in the world for safety and security, Infrastructure, flexibility in regulations, etc.”
His Highness added: “Revenue from our tourism industry surpassed AED19 billion in the first half of 2022. Total hotel guests reached 12 million, a 42% increase, and we expect a strong tourism performance this winter.”
He said: “During the cabinet meeting, we approved a new law that strengthens the partnership between the government and the private sector … and we also approved the permit for the region’s first electric cargo aircraft powered entirely by clean energy. “
The Cabinet meeting reviewed the country’s achievements globally, with the UAE ranking first in 156 global indicators in 2022, compared to 121 in 2020. Furthermore, the UAE ranked among the top five in 288 global indicators this year. The UAE ranks among the top 10 in the world in 432 indicators compared to 189 in 2020, compared to 314 in 2020.
The Cabinet also recalled the significant growth in the UAE’s economic and trade indicators, with GDP growth at constant prices reaching 8.4 percent in the first quarter of 2022, totaling AED399 billion, compared to AED368 billion in the same period in 2021. In the first half of this year, the UAE’s foreign trade totaled AED 1.060 trillion, an increase of more than 50% year-on-year, compared to AED 702 billion in the same period in 2020.
The Cabinet approved the promulgation of a federal law to regulate partnerships between UAE federal authorities and the private sector. The law aims to organize partnerships between the two sectors, encourage private sector participation in development and strategic projects, increase investment in projects of economic and social value, and increase the competitiveness of projects in local, regional and global markets.
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