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Sheikh Mohamed Biel Rashid Al Maktoum, UAE Vice President and Prime Minister of Dubai, chaired a cabinet meeting in Qasr Al Watan, Abu Dhabi, on Thursday.
He announced that non-oil exports from the UAE increased by 47%, foreign direct investment flows increased by 16%, and the number of newly registered companies increased by 126% compared to pre-pandemic.
“Our economy is growing,” he affirmed.
He added that he had witnessed several ministers sign performance agreements.
The agreement provides for the completion of 36 transformational short-cycle projects within 6 months to a maximum of 12 months.
They are designed to enable ministries to respond quickly to all changes with greater flexibility.
The meeting reviewed the outcomes of the COVID-19 Recovery Plan (2020-2021), which included the development and implementation of 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 the real gross domestic product (GDP) in 2021 will be 3.8%, exceeding the 1.7% estimated by international agencies, while non-oil GDP reached 5.3% in the same year.
Separately, the cabinet approved a 2.4 billion dirham ($653 million) civic housing loan for 500 beneficiaries over the next six months.
It also approved furlough rules for citizens who work in the government and want to run their own businesses.
Vacation is a full year, half pay, while keeping the job.
The government aims to encourage youth to take advantage of the enormous economic opportunities offered by the UAE national economy.
In addition, the Cabinet approved the UAE Cultural and Creative Industries Statistical Framework, which will serve as a national database.
The framework enhances the UAE’s position in competitiveness reporting and provides comprehensive and accurate data at the federal level, enabling monitoring of the cultural and creative industries sectors.
It will also provide accurate data for talent, entrepreneurs, investors and academic institutions in the field.
The figures show that the cultural and creative industries contributed 3.5% to GDP, reaching AED 54.4 billion ($14.8 billion), or 5% of non-oil GDP.
The number of institutions operating in the industry jumped to 36,000.
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