Media ININ Economy We Trust
Fifty years have passed since the establishment of the federation, and today we celebrate the first year in the next fifty years, in which the UAE has achieved qualitative achievements that add to the countless series of achievements, the most prominent of which are developmental and economic achievements. Thanks to its strong infrastructure, the country has become a headquarters and a gateway for thousands of companies to the region and even to the world. A year that was full of achievements in the field of attracting the most powerful international companies operating in many diverse fields, such as the tourism and real estate sectors, retail trade, IPOs and listings, in the financial markets, attracting new investors, and opening new horizons for cooperation with many manufacturers and suppliers within the country, to support local industries.
The UAE aims to double the size of the economy from 1.4 trillion dirhams to 3 trillion dirhams in 2030; Which requires new and unprecedented strategies for economic diversification, capacity-building in new economic sectors, including embracing the fourth industrial revolution, integrating and employing advanced technologies, to support the growth of the national economy, strengthening research and development capabilities, embracing future industries, and inviting foreign direct investment to invest in sectors. New projects, attracting the brightest talents in the world, developing the capabilities of the country’s business environment, enhancing its competitiveness, and rebuilding our economic and trade partnerships.
The UAE ranked 15th in the world, and first in the Middle East, North Africa and West Asia in terms of inward investment flows to the country, according to the World Investment Report 2021 – United Nations Conference on Trade and Development – UNCTAD. The country will attract foreign investments during the coming years 2030, estimated at $150 billion (550 billion dirhams).
In preparation for the country’s Golden Jubilee, the UAE launched a series of unprecedented initiatives to pave the way for the next fifty years of growth, prosperity, and sustainable prosperity.
Promote growth
Local and international institutions and credit rating agencies agreed on the strong growth of the UAE’s economy during the year 2022, despite the varying expected rates of GDP growth for the country to range between 5 and 7%, which reflects the strength of the national economy and the speed of recovery from the consequences of “Covid-19”. », thanks to the diversity of economic activities, in addition to government measures followed locally and federally, as well as the recovery in oil prices, and the increase in trade and tourism activities and business sectors of all kinds.
With the acceleration of the growth of the UAE economy, the International Monetary Fund has re-established its expectations, which it raised repeatedly. As the fund expected, according to what was stated at the conclusion of the Article IV consultations in November 2022, that the GDP growth rate would rise to more than approximately 6% in 2022, and the fund would increase, as stated in the World Economic Outlook report in October 2022. He predicted the growth of the UAE economy for the current year 2022 to 5.1% compared to the expectations of last April, estimated at 4.2%, and his expectations for growth in 2023 to 4.2%, compared to 3.8% previously.
The International Monetary Fund confirms that the UAE economy has recorded tremendous growth this year. Thanks to the strong recovery in the tourism and construction sectors, the activities related to the International Expo organized by Dubai, and the increase in oil production under the “OPEC +” agreement.
