5 main pillars that formed the engines of the national economy during 2021

The UAE launches the next 50 with records, huge investments and strategic plans

The industrial strategy aims to increase the sector's contribution to the country's GDP to 300 billion dirhams over the next 10 years.

archival

Five main pillars formed the engines of the national economy during 2021, starting with the launch of the industrial strategy worth 300 billion dirhams, passing through the historic event announcing the trading of Murban crude, proceeding to the launch of the first packages of the "50 initiatives", and the launch of the world's largest event "Expo 2020 Dubai". , to announce the adoption of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State, the largest legislative development in the history of the Emirates, which included more than 40 laws in various fields aimed at achieving the aspirations and aspirations of the Emirates for the next 50 years.

exceptional dual

The year 2021 witnessed the UAE achieving many records in global competitiveness indicators, and the announcement of huge investment projects and strategic plans aimed at achieving sustainable development in various sectors according to the highest international standards, which made the “Fiftieth Year” achieve an exceptional duality by the conclusion of five decades of the state’s life, and the inauguration of five New contracts based on unique historical achievements.

double

According to a monitoring conducted by the Emirates News Agency (WAM) for the most prominent economic and investment projects for the current year, economic projects and investments have been announced aimed at doubling the investments received by the state, doubling the volume of foreign trade, achieving sustainable financial values ​​for the national economy, increasing the contribution of the industrial sector, in addition to economic returns. Many, varied and long-term in various sectors, with the launch of "Expo 2020 Dubai" last October, the most prominent and influential event around the world during 2021.

milestone

Despite the continuation of the “Corona” pandemic globally and its great repercussions on all sectors of life, the UAE continued its approach of transforming challenges into opportunities, so that the year 2021 would constitute a turning point in the country’s march in various sectors, in the forefront of the economic fields through strategic visions and accelerated and early preparations to enter the next 50 years with ambitions Check prosperity and prosperity.

It is worth noting the expectations of the Central Bank last October in its report entitled “Quarterly Review for the Second Quarter of 2021” of real GDP growth of the state by 2.1%, driven by the growth of non-oil GDP by 3.8% this year, despite the average decline in the projected oil GDP.

National carriers

During 2021, the national carriers "Emirates Airlines", "Etihad Airways", "Fly Dubai", "Air Arabia", "Wizz Air Abu Dhabi", and "Air Arabia Abu Dhabi", recorded strong growth in flight occupancy and the restart of destinations around the world, It recorded a growth in the number of passengers on its flights, as it succeeded in resuming flights to about 500 destinations in 110 countries around the world.

The General Authority of Civil Aviation announced an increase in the average number of air traffic in the country from 1,238 movements at the end of last year to 1,538 movements in September 2021, an increase of approximately 24.5%.

forefront

The UAE came first in the world in 152 indicators, and among the top five countries in the world in 274 indicators, and among the top 10 countries in 425 global indicators, according to the Yearbook of Global Competitiveness 2021, where the UAE topped the first place in a number of economic sectors, including the indicator of finance and taxes, the economy , advanced technology, and energy.

The UAE also came first in the region, and one of the highest countries in the world in the World Bank’s index of financial inclusion and coverage of diversified financial services, including banking and insurance services for the largest number of the population, and first globally in the growth index of commercial services exports, and third in the world in merchandise exports.

Notable Projects

The most prominent economic projects and plans announced in the UAE during the "fiftieth year" included the industrial strategy to work to increase the share of the industrial sector's contribution to the country's domestic product to 300 billion dirhams during the next 10 years, compared to 133 billion dirhams currently.

Also among the projects is a plan to double the volume of foreign trade to three trillion dirhams during the same period, an increase of 1.5 trillion dirhams, maintain an annual economic output exceeding 1.5 trillion dirhams, and invest nearly 600 billion dirhams in renewable energy to reach climate neutrality by 2050.

yields

The plans, projects, and economic objectives of the state included achieving economic revenues of 200 billion dirhams, as a result of operating the Etihad train, whose investments amounted to 50 billion dirhams, approving the federal budget by about 290 billion dirhams until 2026, and increasing the contribution of the value-added program from 22 billion dirhams to 55 billion dirhams by 2026. 2025, doubling the incoming investments to the state to one trillion dirhams within nine years, an increase of 550 billion dirhams, and achieving an annual increase of 45 billion dirhams with 10 foreign markets through the “10×10 program.”

Plans and goals

The UAE’s economic plans and ambitions for the next phase, announced during 2021, aim to enhance and diversify opportunities in several areas, including: “artificial intelligence, digital economy, circular economy, innovation, space, health, agriculture, advanced industries, health care, and food industries.” “In addition to adopting innovative economic models that accommodate new global trends and enhance benefit from the investment environment, especially after issuing decisions allowing full ownership of companies and projects by foreign investors in all sectors and activities, except for sectors with strategic impact, in a way that enhances the development process during the next 50 years, and contributes to in achieving the aspirations of the Emirates.

The initiatives announced by the UAE during 2021 relied on extensive studies and analyzes on the global situation to draw the strategic direction of the country, including rapid technological development and its impact on economic sectors and traditional jobs, and global social change, and the structural shifts it causes in consumer spending.

The most competitive

These initiatives coincided with the announcement of the Global Competitiveness Report 2021, where the UAE topped the countries of the Middle East and North Africa for the fifth year in a row, and ninth globally among the 10 most competitive countries in the world, as the UAE ranked first globally in 22 indicators, while it ranked among the centers The top five globally in 62 indicators, and among the top 10 globally in 120 indicators, out of a total of 335 indicators covered by the report this year. The year 2021 also witnessed the return of the exhibition and conference sector with a force that exceeded the pre-pandemic years, especially during the last quarter, and the events of "Expo 2020 Dubai" created an unprecedented momentum in the history of the sector in the country, with the application of the highest health standards and precautionary measures to ensure the safety of participants. This unprecedented momentum has fueled the growth of the travel, hospitality and shopping sectors, attracting investments from all regions of the world.

• 2021 is a milestone in the country's march in various sectors, as the UAE continued its approach of transforming challenges into opportunities.

The 5 Pillars

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Launching an industrial strategy worth 300 billion dirhams.

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Announcing the trading of Murban crude.

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Launching the first packages of the "Fifty Initiatives".

* The

launch of the world's largest event, "Expo 2020 Dubai".

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The adoption of the

largest development in the

legislative history of the

UAE to achieve the

aspirations of the

state for the

50 next.

foreign trade

The UAE's non-oil foreign trade grew by 27% during the first half of this year, compared to the first half of last year, with an increase of 6% over the same period in 2019, that is, in the period preceding the spread of the "Covid-19" pandemic around the world. the world, which proves the rapid recovery of the country's non-oil foreign trade and its return to its positive path.

According to preliminary official data, the country's non-oil foreign trade recorded an estimated 900 billion dirhams in the first half of 2021.

The country's non-oil exports increased in the same period to 170 billion dirhams, achieving a growth of 44% compared to the first half of 2020, and an increase of 41% compared to the same period in 2019.

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