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Tuesday, March 21, 2023

UAE economy posts fastest growth in over a decade

UAE economy posts fastest growth in over a decade

ABU DHABI – The UAE has one of the most dynamic business environments in the world, with support from the domestic and foreign private sector, multiple development initiatives, and a workforce that is attractive to international talent, said Minister of Economy, Abdullah bin Touq Al Marri market talent. The country is implementing comprehensive economic initiatives to improve the ability of the country’s business environment to attract capital.

In a statement to the Emirates News Agency (WAM) ahead of Investopia 2023 in Abu Dhabi, Al Marri referred to current international challenges in the global economy leading to shifts in priorities and investment trends, focusing on five key areas: healthcare, Transport and logistics, agriculture and food security, technology and green energy. The UAE utilizes advanced technologies to develop capabilities and meet growing demands in these areas. In addition, the country aims to adopt a new, more open development model in line with the leadership’s future vision and the UAE’s centenary year 2071.

Al Marri noted that the UAE’s ambitious economic initiatives and plans over the past few years aim to strengthen the country’s ability to deal with new economic concepts such as virtual reality, the data revolution and artificial intelligence, and to create opportunities in important business and investment priorities .

He explained that the launch of Investopia is part of the UAE’s efforts to create investment opportunities in the new economy, setting an ambitious target to attract AED550 billion in foreign direct investment (FDI) to the country by 2031. country to attract AED1 trillion by 2051. The UAE has adopted a policy of economic diversification away from oil, providing enough flexibility to deal with the current economic challenges. However, the country’s future growth prospects need to focus on the “new economy” concept and seize the opportunities created by advanced technologies in important fields such as space, agriculture, medicine and engineering.

Al Marri pointed out that in 2022, despite the global economic slowdown, the UAE economy will still record the fastest growth in more than a decade, achieving an unprecedented growth of nearly 8.5% in the first half of 2022. The country’s foreign trade also totals AED 2 trillion and attracts more than 10 million tourists annually, maintaining its status as one of the world’s 12 best tourist destinations. He further added that by 2021, foreign direct investment will rise from US$10 billion in 2018 to nearly US$21 billion.

Al Marri also mentioned positive investment indicators starting from 2022, expressing confidence in continuing rapid growth to achieve the goal of doubling the national economy and creating a new economic model based on knowledge, innovation and creative talent.

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