Home » National economy records fastest growth in over a decade: Minister of Economy

National economy records fastest growth in over a decade: Minister of Economy

by Dubaiforum

ABU DHABI, 1st March, 2023 (WAM) – Abdullah bin Touq Al Marri, Minister of Economy, has said that the UAE boasts one of the world’s most active business environments supported by a national and foreign private sector, as well as several developmental initiatives, and an attractive labor market for international talents. The country is implementing comprehensive economic initiatives to increase the capacity of the national business environment to attract capital.

In a statement to Emirates News Agency (WAM) prior to Investopia 2023 in Abu Dhabi, Al Marri mentioned that the global economy’s current international challenges have led to changing priorities and investment trends, with a focus on five key sectors: healthcare, transport and logistics, agriculture and food security, technology, and green energy. The UAE has utilised advanced technologies to develop capacities and meet the growing demand in these sectors. Additionally, the country aims to adopt a new and more open development model in line with the leadership’s future vision and the UAE Centennial 2071.

Al Marri noted that the ambitious economic initiatives and programmes launched by the UAE in the past few years aim to enhance the country’s capacity to address new economic concepts, such as virtual reality, data revolution, and artificial intelligence, and to create significant commercial and investment opportunities in priority areas.

He explained that Investopia was launched as part of the UAE’s efforts to create investment opportunities in new economic sectors by setting an ambitious goal to attract AED550 billion in foreign direct investments (FDI) to the country by 2031 and AED1 trillion by 2051. The UAE has adopted economic diversification policies that move away from oil, providing sufficient flexibility to address current economic challenges. However, the country’s future growth prospects require focusing on the ‘New Economy’ concept and taking opportunities created by advanced technologies in vital sectors such as space, agriculture, medicine, and engineering.

Al Marri noted that in 2022, the UAE economy recorded its fastest growth rate in over a decade despite the global economic slowdown, with the first half of 2022 witnessing unprecedented growth of nearly 8.5%. The country’s foreign trade also totalled AED2 trillion, and it maintained its position as one of the 12 best tourism destinations in the world by attracting over 10 million tourists annually. FDIs rose from US$10 billion in 2018 to nearly US$21 billion by 2021, he further added.

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

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