The country's gross domestic product is growing at unprecedented rates, despite global challenges
2.2 trillion dirhams, the expected volume of UAE trade in 2022
The UAE's foreign trade set a new record during the 9 months of 2022, reaching 1.6 trillion dirhams.
Archive
The UAE's non-oil foreign trade achieved a new record during the first nine months of 2022, reaching a value of more than 1.6 trillion dirhams, achieving a growth of 19% compared to the same period in 2021, and 50% compared to the same period in 2020. And it increased by 29.6% compared to 2019 for the same period.
It is expected that the total volume of the country's foreign trade will reach 2.2 trillion dirhams in 2022, compared to 1.9 trillion dirhams in 2021.
The UAE's gross domestic product, at constant prices during the first half of last year, achieved positive growth of 8.5%, which are unprecedented growth rates for the gross domestic product at constant prices of the country, in light of the volatile economic conditions the world is going through.
The activation of innovative economic initiatives related to non-oil sectors and activities contributed positively to enhancing the growth of the country's GDP during the first half of 2022, which amounted to 817.1 billion dirhams at constant prices, while the non-oil GDP at constant prices amounted to 591.3 billion dirhams, achieving positive growth in All vital economic sectors in the country.
The cumulative balance of foreign investments incoming to the country amounted to 171.6 billion dollars (630 billion dirhams), while the cumulative balance of foreign investment issued by the country amounted to more than 215 billion dollars (789 billion dirhams), while the number of new companies registered in the country grew during the first quarter of last year by 18%.
The UAE won the bid to host the 13th Ministerial Conference of the World Trade Organization.
The organization's consultative body, which meets every two years, will meet in Abu Dhabi in the first quarter of 2024, placing the UAE at the center of talks that will shape the future of global trade.
Last year, the UAE succeeded in establishing its leading position as a global economic, trade and investment center, by expanding its economic partnerships and strengthening its strategic projects, based on the country's developmental achievements and its competitive economic potential, to continue moving forward in the paths of development and prosperity supported by trade and economic policies and initiatives. Innovative, embodying the right directions and visions of wise leadership.
During the past year, the country signed, within the program of global economic agreements, comprehensive economic partnership agreements with India, Indonesia, and Israel. It also signed an agreement of intent with Ukraine to start joint talks to reach the signing of a comprehensive economic partnership agreement during the next stage, in addition to reaching final negotiations on Comprehensive Economic Partnership Agreement with Turkey and Colombia, as well as preliminary negotiations on the Comprehensive Economic Partnership Agreement with Cambodia and Georgia.
The UAE is the first in the world
In the entrepreneurship index, the UAE ranked first in the world in the Global Entrepreneurship Index 2022. It also ranked first in the region in attracting venture capital investments in emerging projects, in addition to launching a group of pioneering initiatives under the umbrella of the national project “Home of Entrepreneurship”, to support the entrepreneurship sector. Businesses and small and medium enterprises, including the “scaleup export” program, in cooperation with the global “ups” company, and the “skill up Embark” program in partnership with “Google”, in addition to “Meta” joining the “home of entrepreneurship” by launching the Boost with Facebook program.
Follow our latest local and sports news and the latest political and economic developments via Google news