Home » UAE is witnessing growing momentum across all economic sectors: Bin Touq

UAE is witnessing growing momentum across all economic sectors: Bin Touq

by Dubaiforum

DUBAI, 20th October, 2023 (WAM) — Abdullah bin Touq Al Marri, Minister of Economy, stressed that the UAE is currently witnessing a growing momentum in all economic sectors and hosting major economic conferences and events, noting that the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, aim to consolidate the country’s position as a global economic hub that brings together east and west, north and south.

On the closing day of GITEX Global 2023, Bin Touq said that the UAE has strengthened its position as one of the top destinations that host the headquarters of leading international companies and institutions, in addition to hosting many economic events all over the year.

GITEX Global

In its 43rd edition, GITEX brought together more than 6,000 exhibitors and 180,000 tech executives from 180 countries, as well as over 800 government entities from the Middle East, Africa and South Asia region, over an area of over 2.7 million square feet.

Over 43 years, GITEX Global has been an ideal platform for leading technology companies, decision-makers, and start-ups to reveal the latest developments and innovations in various pivotal and strategic economic sectors. The exhibition represents an important platform for the involvement of public-private partnerships in the fields of technology, digital economy, and artificial intelligence.

The Minister of Economy pointed out the prominent role played by hosting such international gatherings in the country, such as GITEX Technology Week, the UNCTAD 8th World Investment Forum 2023, the green economy events within the COP28, the Dubai Air Show, the Arab Health Medical Expo, the Global Future Councils, among others.

These events are vital platforms that bring together experts and specialists in various sectors and industries, providing them with opportunities to communicate, exchange opinions and experiences, and display the latest products and services. Bin Touq said, “The major economic events hosted by the UAE contribute significantly to supporting various economic sectors.”

The Minister of Economy explained that the preliminary estimates of the UAE’s gross domestic product (GDP) for 2022, reaffirm the robustness of the country’s economic performance and its achievement of positive growth rates that exceeded estimates.

The UAE’s GDP in 2022 at constant prices totalled AED1.62 trillion, achieving a positive growth of 7.9 percent, while totalling AED1.86 trillion at current prices, an increase of more than AED337 billion compared to 2021, achieving a growth of 22.1 percent.

In terms of foreign direct investment, the UAE achieved the highest FDI inflows in its history in 2022, reaching AED84 billion ($23 billion), a 10 percent increase in 2021 and the highest figure ever recorded by the country in a single year.

This puts the UAE 16th in the global rankings for FDI attraction, a climb of six places compared to 2021. The UAE ranked first regionally in attracting FDI inflows and the fourth-largest recipient of greenfield investment projects in the world, following US, UK and India.

Bin Touq added, “The United Arab Emirates has developed an economic, legislative and social environment that incubates business and investment, which was clearly reflected in the economic momentum, increased business opportunities, and the strong performance of private sector… the UAE cemented its position as an ideal destination for all types of events.”

UNCTAD Forum Abu Dhabi

Abu Dhabi hosts the UNCTAD World Investment Forum, the pre-eminent global platform for investment and development. The biennial forum gathers more than 7,000 investment stakeholders from 160 countries.

The 8th edition of the forum brought together more than 9,000 government officials, decision-makers, business leaders and investors from around the world, where they discussed key issues including climate action, clean energy, health care and food security.

Arab Health

One of the most significant events for the healthcare industry in the region, the Arab Health Medical Expo plays an instrumental role in bringing together regional and international policy drivers, thought leaders, and healthcare professionals through trade and innovation.

Over 3,000 exhibitors from 70 countries, participate in the event, in addition to procurement experts, biomedical engineers, hospital managers, distributors, doctors, and various government entities.

Dubai Airshow

Featuring over 1400 exhibitors from 95 countries, the Dubai Airshow is a global platform that brings together industry leaders and innovators to discuss and identify future trends and explore new opportunities. It also highlights the pivotal role of start-ups in achieving the sector’s objectives, and promotes collaboration and knowledge sharing among various aviation stakeholders. The total deals concluded during the 2021 edition of the show were valued at over $74 billion. Also, the show attracted more than 104 thousand visitors, with a 50 percent increase in visitors, including a number of senior executives from 148 countries.

Expand North Star Dubai

The world’s largest exhibition and conference for startups organised by the Dubai World Trade Centre, Expand North Star brings together the leading global companies in technology and AI. In its 2023 edition, the event drew participation from over 1,800 startups representing more than 100 countries and welcomed over 1,000 investors.

Arabian Travel Market

The 30th Arabian Travel Market is the market-leading international travel and tourism event unlocking business potential within the Middle East for inbound and outbound tourism professionals. The 2023 edition hosted over 2,100 exhibitors and representatives from more than 150 nations.

More than 40,000 people – including 30,000 visitors – attended the 30th edition of Arabian Travel Market (ATM). This represents a year-on-year increase of 29 percent in attendees compared to 2022, it also represents a 5 percent increase over 2019, establishing a new record for the show, demonstrating that the Middle East’s travel and tourism sector is booming.

Investopia

Abu Dhabi hosted the second edition of Investopia, the global investment platform launched by the UAE Government in 2021. The event brought together more than 2,000 investors, government officials, thought leaders and entrepreneurs from over 40 countries.

The event included 35 sessions and roundtables, where more than 100 speakers including investors, thought leaders, and decision-makers discussed topics related to institutional asset allocation, AI, emerging markets, venture investing, digital assets, mobility, biotechnology and more.

COP28

The UAE will host COP28, from November 30 to December 12, in Expo Dubai. The major global event is expected to welcome more than 140 heads of state, senior government leaders, over 80,000 participants and more than 5,000 media professionals.
The UAE is keen to strengthen joint efforts to achieve balanced and ambitious outcomes that contribute to enhancing sustainability and preserving the planet for future generations.

Global Future Councils

The Global Future Councils reflect the importance of the strategic partnership between the UAE government and the World Economic Forum (WEF). It witnesses the participation of about 600 leaders and officials from the government and private sectors, international organizations and academic institutions, including experts and futurists.

The councils aim to provide future visions to address global challenges in various areas including economy, technology, geopolitical transformations, infrastructure, health, society, the Fourth Industrial Revolution, artificial intelligence, environment and climate, governance, society and others.

Future vision

The UAE adopts a clear vision towards the future, backed by a series of comprehensive and integrated economic strategies and plans. Also, the UAE is leading the way in embracing a forward-looking approach based on economic diversification, and a flexible business environment and economic legislative system. This has been reflected in the UAE’s leading position as one of the most attractive investment and trade hubs, its openness to the world through international trade relations, and its leadership and strong competitiveness at the regional and international levels.

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