UAE is witnessing growing momentum in the economic, financial and investment sectors: Abdullah bin Touq

Abdullah bin Touq Al Marri, Minister of Economy, has stressed that the UAE is currently witnessing a growing momentum in all economic sectors and hosting major economic conferences and events, pointing out that the directives of the President His Highness Sheikh Mohamed bin Zayed Al Nahyan; His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai; and Sheikh Mansour bin Zayed Al Nahyan, Vice-President, Deputy Prime Minister and Chairman of the Presidential Court, aim to consolidate the country’s position as a global economic destination that brings together east and west, north and south.

Alongside with the Gitex Global 2023 conclusion, Bin Touq added that the UAE has strengthened its position as one of the top destinations that host the headquarters of leading international companies and institutions, in addition to hosting a large number of major economic events all over the year.

Gitex Global

In its 43rd edition, Gitex brought together more than 6,000 exhibitors and 180,000 tech executives from 180 countries, as well as over 800 government entities from the Middle East, Africa and South Asia region, over an area of over 2.7 million square feet.

Over 43 years, the GITEX Global has been an ideal platform for leading technology companies, decision makers, and start-ups to reveal the latest developments and innovations in various pivotal and strategic economic sectors. The exhibition represents an important platform for the involvement of public private partnerships in the fields of technology, digital economy, artificial intelligence.

The Minister of Economy pointed out the prominent role played by hosting such international gatherings in the country, such as GITEX Technology Week, the UNCTAD 8th World Investment Forum 2023, the green economy events within the COP28, the Dubai Air Show, the Arab Health Medical Expo, the Global Future Councils, among others.

These events are vital platforms that bring together experts and specialists in various sectors and industries providing them with opportunities to communicate, exchange opinions and experiences, and display latest products and services. “The major economic events hosted by the UAE contribute significantly to supporting various economic sectors,” Bin Touq said.

The minister explained that the preliminary estimates of the UAE's gross domestic product (GDP) for 2022, reaffirm the robustness of the country's economic performance and its achievement of positive growth rates that exceeded estimates.

The UAE's GDP in 2022 at constant prices totalled Dh1.62 trillion, achieving a positive growth of 7.9 per cent, while totalling Dh1.86 trillion at current prices, an increase of more than Dh337 billion compared to 2021, achieving a growth of 22.1 per cent.

In terms of foreign direct investment, the UAE has achieved the highest FDI inflows in its history in 2022, reaching Dh84 billion ($23 billion), a 10 per cent increase on 2021 and the highest figure ever recorded by the country in a single year.

This puts the UAE 16th in the global rankings for FDI attraction, a climb of six places compared to 2021. The UAE ranked first regionally in attracting FDI inflows and the fourth largest recipient of greenfield investment projects in the world, following US, UK and India.

Bin Touq added: “The UAE has developed an economic, legislative and social environment that incubates business and investment, which was clearly reflected in the economic momentum, increased business opportunities, and the strong performance of private sector… the UAE cemented its position as an ideal destination for all types of events”.

UNCTAD Forum Abu Dhabi

Abu Dhabi hosts the UNCTAD World Investment Forum, the pre-eminent global platform for investment and development. The Forum biennually gathers more than 7,000 investment stakeholders from 160 countries.

The 8th edition of the forum brought together more than 9,000 government officials, decision-makers, business leaders and investors from around the world, where they discussed key issues including climate action, clean energy, health care and food security.

Arab health

One of the most significant events for the healthcare industry in the region, the Arab Health Medical Expo plays an instrumental role in bringing together regional and international policy drivers, thought leaders, and healthcare professionals through trade and innovation.

Over 3,000 exhibitors from 70 countries, participate in the event, in addition to procurement experts, biomedical engineers, hospital managers, distributors, doctors, and various government entities.

Dubai Airshow

Featuring over 1,400 exhibitors from 95 countries, the Dubai Airshow is a global platform that brings together industry leaders and innovators to discuss and identify future trends and explore new opportunities. It also highlights the pivotal role of start-ups in achieving the sector's objectives, and promotes collaboration and knowledge sharing among various aviation stakeholders. The total deals concluded during the 2021 edition of the show valued over 74 billion American dollars. Also, the show attracted more than 104 thousand visitors, with a 50per cent increase in visitors, including a number of senior executives from 148 countries.

Expand North Star Dubai

The world’s largest exhibition and conference for startups organised by the Dubai World Trade Centre, Expand North Star brings together the leading global companies in technology and AI. In its 2023 edition, the event drew participation from over 1,800 startups representing more than 100 countries and welcomed over 1,000 investors.

The UAE adopts a clear vision towards the future, backed with a series of comprehensive and integrated economic strategies and plans. Also, the UAE is leading the way in embracing a forward-looking approach based on economic diversification, and a flexible business environment and economic legislative system. This has been reflected in the UAE’s leading position as one of the most attractive investment and trade hubs, its openness to the world through the international trade relations, and its leadership and strong competitiveness at the regional and international levels.