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Wednesday, October 4, 2023

Tourism to add AED167 billion to UAE economy by 2022


Abu Dhabi: Tourism’s contribution to the UAE’s gross domestic product will grow by 60.2 percent to almost AED167 billion in 2022 and will reach AED180.6 billion by the end of 2023, an increase of 8.3 percent, data released on Tuesday showed % increase over the previous year.

The Economic Integration Council meeting, chaired by Minister of Economy Abdulla bin Touq Al Marri and attended by Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, discussed a range of key economic issues, including obtaining legislation to support the growth of new economic sectors in the UAE, and issues related to the implementation of these laws Cooperation between relevant federal and local authorities.

In his opening address, the Minister of Economy reviewed the UAE’s key economic growth indicators to be achieved by 2022, including GDP growth at constant prices totaling AED 1.62 trillion, an increase of 7.6%, compared to AED 1.86 trillion in current prices , an increase of more than 337 billion dirhams, an increase of 22.1% over 2021.

According to a report by the World Tourism Council, international tourist spending will reach AED117.6 billion in 2022, a 65.3 percent increase over 2021, while domestic tourism spending will total AED46.9 billion in 2022, an increase of 35.7 percent. The minister explained that these indicators underscore the importance of tourism in promoting the growth and competitiveness of the national economy and promoting the country’s sustainable development based on the 50 principles.

“The committee, in collaboration with federal and local stakeholders, continues to work expeditiously, relying on the latest practices in this regard, to finalize the establishment of a national economic register in all emirates. This move will help ensure that a comprehensive database of companies registered in the UAE and A competitive and integrated economic ecosystem supported by sectoral economic policies based on comprehensive, accurate and up-to-date data,” he said.


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