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Sheikh Mohammed Review Report Results
The UAE Cabinet meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, reviewed the outcomes of the Covid-19 Recovery Plan (2020-2021), which included the development and Implemented 33 initiatives in partnership with federal and local entities.
These initiatives have achieved a 100% success rate in empowering the economy, developing sectors and opening new markets.
The report’s results show that real gross domestic product (GDP) will be 3.8% in 2021, exceeding the 1.7% estimated by international agencies, while non-oil GDP reached 5.3% in the same year.
The data showed that non-oil exports from the UAE increased by 47%, FDI flows increased by 16%, the number of newly registered companies increased by 126%, and revenue related to economic movements increased by 19%.
Cultural and Creative Industries Statistical Framework
The Cabinet has approved the UAE Cultural and Creative Industries Statistical Framework, which will serve as a national database.
The framework will enhance the UAE’s position in competitiveness reporting and provide comprehensive and accurate data at the federal level to monitor the cultural and creative industries sectors.
It will also provide accurate data for talent, entrepreneurs, investors and academic institutions in the field.
According to the data, the cultural and creative industries contributed 3.5% of GDP, amounting to 54.4 billion dirhams, accounting for 5% of non-oil GDP. The number of institutions operating in the industry jumped to 36,000.
Fiscal and taxation system
Cabinet approved a number of amendments to tax regulations aimed at improving the business and investment climate.
Cabinet approved amendments to the Federal Tax Procedure Act aimed at creating approximation and harmonization with corporate tax law.
UAE Cabinet meeting in Qasr Al Watan, Abu Dhabi, attended by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister, Deputy Prime Minister and Minister of Finance of Dubai; Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior Lieutenant General De Al Nahyan; Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court.
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