The "economy" is discussing with the private medical sector an increase in the contribution of "health care" to economic growth

The UAE records 2.1 billion dirhams of "medical" foreign investments within 3 years

The «Economy» discussed the contribution of the medical sector to economic growth with the «Dubai Businessmen Group for the Healthcare Sector».

From the source

The Minister of Economy, Abdullah bin Touq Al-Marri, discussed with the "Dubai Businessmen Group for the Healthcare Sector" prospects for cooperation to enhance the contribution of the medical sector in advancing economic growth.

The Ministry of Economy revealed, in a statement issued yesterday, that the medical sector in the UAE has achieved many achievements during the past stage, as the UAE ranked first in the Arab and regional levels in terms of the value of the per capita share of total health spending.

The volume of foreign investment in the country's medical sector during the period (2016-2018) amounted to more than 2.1 billion dirhams, at a time when the UAE ranks first in the world in the number of accredited health facilities.

It also ranks among the best global destinations for medical tourism in the world, recording medical tourism sales of 12.1 billion dirhams in 2018.

Medical partnership

In detail, the Minister of Economy, Abdullah bin Touq Al-Marri, discussed with the "Dubai Businessmen Group for the Healthcare Sector" yesterday, prospects for cooperation to enhance the contribution of the medical sector in advancing economic growth.

Al-Marri briefed the group on the ministry’s vision in terms of sector development opportunities, in accordance with international best practices, as it is one of the priority sectors within the leadership’s vision, and within the framework of the state’s plan for the next 50 years.

During the meeting, the two sides focused on developing aspects of partnership between the government and the private sector, to raise the competitiveness of the UAE as a leading destination regionally and globally in the field of health care, by providing economic policies and legislation to stimulate foreign investment in the sector, and thus develop its facilities and services, and encourage innovation, research and development. And technology in its development, raising the country's attractiveness in front of medical and hospital tourism activities, and enhancing its position, as a destination for expertise, minds and talents in this field.

The medical sector

Al-Marri said that the medical sector is one of the pillars of economic and social development, providing a decent life for citizens and residents of the UAE, especially as it focuses on protecting people, preserving their health and safety, and thus enabling their contribution to the production process and economic growth.

He added: “During the meeting, we focused on discussing ways to consolidate the partnership between the government and the private medical sector during the next phase, to formulate modern policies and legislation that enhance the sector’s ability to grow, increase the attractiveness of health care activities to foreign direct investments, and develop policies that stimulate investment and business opportunities in this The field, and the establishment of new medical projects in the country, especially those based on technology, research, development and innovation, which increases the sector’s contribution to the country's non-oil GDP, and thus enhances the level of diversity, competitiveness and sustainability in the national economy in general.

Advanced ranks

Al-Marri stressed that the medical sector in the UAE has achieved many achievements during the past stage, as the country ranked first in the Arab world and regionally in the value of the per capita share of total health spending, indicating that the sector demonstrated during the Corona pandemic its high capabilities to preserve the health of society. The provision of adequate health care services, and the conduct of examinations at a rate that is the first in the world in terms of the number of examinations to the total population, as well as the implementation of vaccination programs and vaccinations at a rapid pace, which strengthened global confidence in the measures taken by the UAE government, and contributed to the acceleration of economic recovery.

He added: “We will work with our partners in the private medical sector in the UAE to provide the appropriate environment to attract more investments to this sector, especially in the field of pharmaceutical production and pharmaceutical industries, developing medical facilities, strengthening the country's position as a destination for international companies specialized in health care, as well as establishing a reputation for The country is a prominent destination in the field of tourism, medical and curative services.

Foreign investment

In addition, the volume of foreign investment in the state's medical sector during the period (2016-2018) amounted to more than 2.1 billion dirhams, with investments from a number of world leaders in the field of health care, most notably: the United States, Britain, Australia, Germany, Italy, India, and South Korea.

The UAE ranks first in the world in the number of accredited health facilities, including hospitals, of which more than 85% of them have international accreditation, according to the reports of the Joint International Committee for the Accreditation of Health Facilities.

Thanks to the growing international confidence in the health sector in the country, the UAE ranks today among the best global destinations for medical tourism in the world, as medical tourism sales in the country recorded 12.1 billion dirhams in 2018, with a growth rate of 5.5%, compared to 2017. The UAE also accounts for what More than 40% of the total medicine exports in Arab countries.

56.2 billion dirhams health spending in 2019

The contribution of human health and social service activities to the GDP, at current prices for the year 2019, was about 1.3%, and more than 1.8% in the non-oil GDP, as the value of state health spending in the same year was 56.2 billion dirhams.

Sector activities achieved a growth of 3.1% in 2019, compared to 2018, and by 21.1% compared to 2015, and health care and community protection accounted for 8% of the total state federal budget for 2020.

The

country acquires 40% of the total medicine exports in Arab countries.

- The UAE is the first in the Arab world and regionally in per capita share of total spending on the health sector.

Medical tourism sales achieved 12.1 billion dirhams in 2018, a growth of 5.5%, compared to 2017.

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