The country ranks first in the Arab world and 15th globally, according to the Kearney Index of Confidence in Foreign Direct Investment

In the era of Khalifa... the UAE is a global model for economic diversification

The late Sheikh Khalifa bin Zayed Al Nahyan, may God have mercy on him, was keen to lead the economic diversification of the UAE, as he paid special attention to investing in various economic sources, engaging in new global opportunities, and consolidating the country's position as a safe economic destination for investors and senior entrepreneurs.

Over the past 18 years, the state has been able to transform into a global model in terms of economic diversification, through initiatives, strategies, and measures that have been launched and adopted, in order to enhance the contribution of all sectors to economic prosperity, in addition to the contribution of oil and its various industries.

The national economy was able to diversify its sources, which is confirmed by the figures recorded last year, as the added value of wholesale and retail trade in the domestic product at constant prices grew by 14.1% compared to 2020, and by 8.1% from 2019, and the manufacturing sector achieved a significant growth amounting to 7.5% for 2020, and 10.1% for 2019, which proves the success of the strategic plans pursued by the UAE government to develop the industrial sector and stimulate the national industry.

Real estate activities also contributed to supporting the national economy, and in 2021 it achieved a growth of 5.7% at constant prices, compared to 2020, and by 8.6% from 2019.

Financial and insurance activities also joined the list of steady growth, achieving a growth of 3.7% in 2021, while the accommodation and food services activity achieved a growth of 21.2% in 2021, achieving the highest growth rate witnessed by this tourism-related sector within one year. Health and social services activity in 2021, a growth rate of more than 13.8% compared to 2020.

The UAE has achieved a series of continuous successes as a result of the efforts in support of economic diversification policies. The country was ranked first in the Arab world and 15th globally in the Kearney Index of Confidence in Foreign Direct Investment, outperforming a number of major global economies.

According to the UNCTAD Global Foreign Direct Investment Report last year, the UAE ranked first in the Arab world and 15th globally, in terms of its ability to attract foreign direct investment. It ranked first in the West Asia region, accounting for 54.4% of the total inflows of foreign direct investment to this region, amounting to $36.5 billion. Region.

The leading sovereign wealth funds in the UAE together emerged at the forefront of the region, with total assets under management amounting to $1.4 trillion, and ranked the top five sovereign funds from the UAE, namely, the Abu Dhabi Investment Authority (ADIA), the Governmental Investment Corporation of Dubai, Mubadala Investment Company, and Mubadala Investment Company. Abu Dhabi Development Holding and the Emirates Investment Authority are among the top 20 funds in the list of the top 100 sovereign wealth funds, according to the report of the Institute of Sovereign Wealth Funds.

With the visions of the late Sheikh Khalifa bin Zayed Al Nahyan, may God have mercy on him, thanks to the economic achievements, the country has achieved advanced positions in the level of global trade witnessed by specialized international organizations, led by the World Trade Organization, which ranked the UAE in the 20th place globally for the list of countries exporting goods, and the same position in List of countries importing goods, third globally in re-export, and first in the Arab world, making the UAE the most important market for merchandise exports and imports at the level of the countries of the Middle East and North Africa and the Arab countries.

• The added value of wholesale and retail trade in GDP increased in 2022 by 14.1%, compared to 2020.

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