An exceptional renaissance of the sector and expectations of continuing the lead in the region

Large cash reserves reflect the strength of the banking system in the UAE

The UAE has achieved advanced positions in the credit rating of reputable international institutions.

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Believing that a strong economy is one of the most important pillars of nation-building, His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, was keen to consolidate the position of the UAE as one of the most competitive and advanced economies in the world, through the implementation of innovative strategies aimed at supporting economic growth and diversification. This is reflected in the results of the main economic development indicators that praise the stability of the financial system and the strength and resilience of the national economy.

During the past two decades and under the direct guidance of His Highness, the financial reserves of the UAE continued their steady growth, according to the reports of the Central Bank, which reflects the strength of the national banking system and the country's high ability to pay off debt, which has proven its ability to withstand fluctuations in the financial and economic field.

Thanks to the permanent supervision of His Highness, the gross domestic product of the UAE has witnessed a steady growth, according to the World Bank report. The report expects the national economy to achieve growth with the increase in oil prices and the improvement of the performance of the strong non-oil sector as main factors for the progress of the national economy.

The value of federal and local sovereign wealth funds has also increased to play a key role in supporting the stability of the financial sector in the UAE. Sovereign wealth funds in the country, including the Emirates Investment Authority, are among the most powerful sovereign funds in the region, according to a report by the Institute of Sovereign Wealth Funds.

The UAE has also made tremendous progress in reducing its dependence on oil and shifting towards a competitive economy based on knowledge and innovation, thanks to the unremitting and continuous efforts made by the government in terms of economic diversification, as the non-oil sectors contribute more than 70% of the GDP.

Achievements continued, and the federal budget for the five-year plan (2022-2026) was finally drawn up, totaling 290 billion dirhams, the largest in the history of the UAE. It aims to give priority to the plans of the social development sector, raise the level of government services, implement federal projects and initiatives, and economic development.

Over the past years, with the support and encouragement of His Highness, the UAE has achieved advanced positions in the credit rating of reputable international institutions, and these high credit ratings reflect the creditworthiness of the federal government institutions. Strong and broad international relations, and the formulation of innovative policies that support sustainable development plans, in addition to other strength factors that support the state’s ability and flexibility in dealing with economic and financial crises and challenges.

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