The UAE is re-engineering a more dynamic economy, the annual report of “The Business Year”:

The Business Year magazine said that the geopolitical events of 2022 had varying effects on the UAE. On the one hand, the Russian special military operation in Ukraine had a significant impact on global trade, as both Russia and Ukraine are important suppliers of grain and energy in the region. , which prompted various countries, including the UAE, to search for alternatives to compensate for these sources and harness them to promote new economic opportunities for the country.

Rising global oil prices and demand provided a short-term boost to the UAE’s revenues. In addition, the strong response to the “Covid-19” pandemic has placed the UAE in a good position to enhance its growth during 2022 and beyond.

The UAE’s economic recovery is set to continue strongly, with GDP growing by no less than 4% in 2022. Inflation still maintains its levels among the lowest in the world at about 2.5% at the end of 2021, and with the global inflationary trend, it is expected to rise. Inflation more during the fiscal year. The UAE continues to benefit from the financial stability of its Central Bank, supported by its large portfolio of foreign currency assets, which provides the country with ample liquidity.

The foreign direct investment landscape in the UAE remains strong, supported by a lenient regulatory and tax environment. The World Bank’s annual World Government Indicators highlight the UAE’s near absence of corruption and favorable regulatory and legal frameworks for business. At the same time, the Index of Economic Freedom issued by the Heritage Foundation ranks the UAE 14th in the world in economic freedom among 184 economies around the world. The Economic Freedom Report praises sound legal frameworks and regulations that support open market policies and a favorable business climate in the UAE.

Many of the efforts made by the UAE in recent years have emerged through the success of Expo 2020 Dubai, and the country is trying to take advantage of the lights that were shone on Dubai during the event to maintain the momentum that was consolidated during those months.