The country's Cepa drive is aimed at removing unnecessary barriers to trade and improving market access for services, including the elimination or reduction of customs duties
business4 days ago
The UAE has provided loans and development aid to the tune of Dh255.5 billion to developing nations from 2012 to 2022 at an average annual rate of two per cent of the GDP, said Mohamed bin Hadi Al Hussaini, minister of state for financial affairs.
Around 148 countries benefitted from the UAE’s loans and development aid initiatives in the past 10 years.
This falls within the framework of the country’s policy aimed at supporting economic reform programmes and contributing to the implementation of development projects in Arab and non-Arab countries. Additionally, through the Arab Coordination Group, Arab countries have provided $245 billion until the end of 2022 in aid to developing countries.
Annual Arab Fiscal Forum at the World Government Summit said the economic recovery is gaining momentum, thanks to the UAE's early and strong response and the continuous macroeconomic policies.
“This is in addition to the strong reform efforts within the framework of the country's 2050 strategy to encourage the private sector growth, promote non-oil growth, and attract foreign investment,” Al Hussaini
The UAE minister noted that taxes are an effective tool that has a significant impact on economic growth, as they are one of the sources of financing the budget and diversifying economic activity.
The minister stressed utilising fiscal policy tools to manage aggregate demand, continue to improve debt management, focus on financing through local markets, and draw development plans according to current global economic developments.
Al Hussaini reaffirmed the UAE's keenness to exchange multifaceted developmental expertise and experiences with various countries, through which the country was able to achieve real economic growth estimated at 5.9 per cent during 2022 compared to 4.7 per cent in 2021, according to the World Bank report.
Additionally, the UAE’s non-oil GDP increased by 6.1 per cent in 2022, and the volume of non-oil foreign trade has risen to more than Dh1 trillion in the first half of 2022.
He stated that the UAE’s pioneering commercial and economic policies and initiatives have resulted in achieving unprecedented achievements in global competitiveness indices.
The country ranked among the top 10 countries in more than 28 of the most prominent indicators of global competitiveness for the year 2022 in various sectors of finance, economy, trade, communications, information technology, and investment.
-waheedabbas@khaleejtimes.com
ALSO READ:
The country's Cepa drive is aimed at removing unnecessary barriers to trade and improving market access for services, including the elimination or reduction of customs duties
business4 days ago
Today, the country's non-oil sector accounts for about 74 per cent of the total GDP
business4 days ago
The yellow metal has lost Dh2.5 since Monday
business4 days ago
Investors are advised to deal with only SEBI registered mutual funds
business4 days ago
The first centre will bring together academic researchers and practitioners from the private sector to develop and share best practices in responsible AI
business4 days ago
The UAE has already signed CEPA with major trading partners such as India, Israel, Chile, Colombia, Turkey, Indonesia, Georgia and Cambodia
business4 days ago
New developments hold key to the future of work, expert says
business4 days ago
A year-on-year (YoY) increase of 20.2 per cent, or Dh135 billion, was recorded
business5 days ago