It continues its growth and objectives based on the pillars set by the Head of State

The UAE economy..a strategic position and global leadership

The UAE has consolidated its global economic position through an integrated national economic system aimed at enhancing growth levels in various sectors, and through initiatives, programs and plans that foresee the future and invest in its opportunities, which has contributed to enhancing the country's position and leadership in global competitiveness indicators.

The national economy continues its growth and its goals during the next stage, based on the pillars set by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, during his speech, and continuing to move forward towards ascending new platforms of leadership and prosperity.

Strategic importance

The speech of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, which he addressed the day before yesterday, stressed the strategic importance of the economy, as a main pillar in the plans for the next stage, as the UAE continues to enhance its economic achievements, through comprehensive economic agreements with various countries of the world. And strategic visions that are compatible with the trends of the world and the future of the sectors, and qualitative initiatives based on doubling the levels of growth, in line with the requirements of the next stage.

quality achievements

During the last period, the UAE achieved a set of qualitative achievements that consolidated economic diversification, while the non-oil sectors contributed mainly to the growth of GDP, and the contribution of extractive industries to the GDP at constant prices decreased from 29.1% in 2019 to 27.7% in The year 2021, according to the data of the Federal Competitiveness and Statistics Center, which is in line with the country’s economic policies in terms of economic diversification, consolidating the economy based on knowledge and innovation, and promoting national non-oil industries.

local production

The UAE’s domestic product increased during the past year, to achieve a growth of 3.8% at constant prices, exceeding the estimates and expectations of international institutions, while the country strengthened its strategic position in the industrial sector, after last year witnessed the registration of UAE industrial exports to a record level, rising to 116 billion dirhams. , compared to 78 billion dirhams two years ago, while the contribution of the industrial sector to the gross domestic product reached 140 billion dirhams last year.

Industrial sector

As a result of the efforts made in the industrial sector, the United Nations Industrial Development Organization (UNIDO) ranked the UAE first in the Arab world in the Competitive Industrial Performance Report for the year 2022, during which the country has made great leaps over the past years.

The UAE announced, with Egypt and Jordan, an integrated industrial partnership in order to achieve sustainable economic development in five promising industrial fields, including: agriculture, food, fertilizers, pharmaceuticals, textiles, metals, and petrochemicals.

doing business

The UAE was also able to establish its position as a preferred destination for doing business and establishing companies, attracting foreign investment, and ranked first in the Arab world, and 19 globally, in terms of its ability to attract foreign direct investment, according to the World Foreign Direct Investment Report for 2022, issued by the United Nations Conference Trade and Development (UNCTAD).

The country also ranked 17th globally in outward investment flows to countries of the world, with a total of $22.5 billion last year, with a growth rate of 19% over 2020.

Partnership Agreements

The UAE has strengthened its global economic relations by signing comprehensive economic partnership agreements with India, Israel and Indonesia, with the aim of expanding the network of global trading partners for the UAE, by concluding a series of comprehensive economic partnership agreements with a number of countries of strategic importance regionally and globally.

The UAE is building solid bases that allow the growth and prosperity of sectors of the knowledge-based future economy, and has strengthened its position as a global destination for establishing businesses based on innovation, artificial intelligence and entrepreneurship. It is sustainable based on advanced science and technology, and relies on high capabilities, competencies and distinguished talents.

circular economy

The country launched the circular economy policy, which defined its directions for achieving sustainable management of the economy and the optimal and efficient use of natural and environmental resources, by adopting the best methods and sustainable consumption and production techniques, in order to ensure a high-quality lifestyle for current and future generations, enhance the efficiency of natural resource consumption and reduce waste.

Fourth Industrial Revolution

The UAE launched the UAE Strategy for the Fourth Industrial Revolution, with the aim of strengthening the UAE’s position as a global center for the Fourth Industrial Revolution, and contributing to the achievement of a competitive national economy, based on future technological applications that integrate physical, digital and vital technologies, and harnessing the technologies and tools provided by the Fourth Industrial Revolution to serve members of society. and achieve their happiness.

The speech of the head of state emphasized the strategic importance of the economy, as a main pillar in the plans of the next stage.

Expanding the network of commercial partners of the UAE, through comprehensive economic partnership agreements.

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