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UAE has surpassed pre-pandemic levels in many economic indicators and ranks first in the world in security and infrastructure, said His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai ,Say.
“The UAE’s foreign trade volume exceeds AED 1 trillion (US$ 272 billion), compared to AED 840 billion before the pandemic, with an economic growth rate of more than 22 percent this year,” His Highness said.
“We reviewed the UAE’s competition and development indicators. Our business and development sectors have surpassed pre-pandemic growth,” Sheikh Mohammed, chairing the UAE Cabinet meeting at Qasr Al Watan Abu Dhabi, said.
The meeting was attended by His Excellency Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance; Sheikh Saif bin Rashid, Deputy Prime Minister and Minister of the Interior Lieutenant General Zayed Al Nahyan; Deputy Prime Minister and Minister of the Presidential Court Sheikh Mansour bin Zayed Al Nahyan said in a report by Wam news agency.
Sheikh Mohammed noted: “Under the leadership of my brother Mohamed bin Zayed, the UAE has successfully overcome the Covid-19 pandemic. Our country is globally renowned for its remarkable economic growth and development.”
He said: “The number of the UAE’s number one global index has risen from 121 to 156 indicators. We are in the top 10 out of 432 global indicators, compared to 314 before the pandemic. In terms of safety and security, We are a world number one, infrastructure, flexibility in regulations, etc.”
His Highness added: “Our tourism industry generated revenues of over AED19 billion in the first half of 2022. With a total of 12 million hotel guests, a 42% increase, 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… In addition, we approved the permit for the region’s first electric cargo aircraft powered entirely by clean energy. “
The Cabinet meeting reviewed the country’s achievements at the global level, with the UAE ranking first out of 156 global indicators in 2022, compared to 121 in 2020. In addition, the UAE ranks in the top five years in this year’s 288 global indicators, compared to 189 in 2020. The UAE ranks among the top 10 in the world in 432 indicators, compared to 314 in 2020.
The Cabinet also reviewed the remarkable growth in the UAE’s economic and trade indicators, with constant price GDP growth of 8.4% in the first quarter of 2022, totalling AED399 billion, compared to AED368 billion in the same period in 2021. In the first half of this year, the UAE’s total foreign trade surged by more than 50% to AED1.060 billion, compared to AED702 billion in the same period in 2020.
The Cabinet approved the promulgation of a federal law regulating the partnership between the 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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