• Home
• /
• Economy
• /
• Business

UAE steadily enhancing its role in global economy: Sheikh Mohammed

The country has moved from recovery to growth stage, says UAE minister

The UAE has been steadily enhancing its role in the global economy as the country has developed significant capabilities to facilitate international trade, expand connectivity and create robust logistics networks, said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Sheikh Mohammed statement came following a visit to DP World Pavilion at its various sections at Expo 2020 Dubai.

“The UAE, guided by the vision of its founding fathers, has been steadily enhancing its role in the global economy, contributing both to accelerating its growth and shaping its future. As a vital commercial hub, the UAE has developed significant capabilities to facilitate international trade, expand connectivity and create robust logistics networks, in partnership with nations and institutions across the world. By deploying advanced technologies, we continue to explore new avenues for contributing to the growth and development of global trade and commerce,” said Sheikh Mohammed.

Sheikh Mohammed was accompanied by Sultan Ahmed bin Sulayem, group chairman and CEO of DP World, and Abdulla bin Damithan, CEO and managing director, DP World & Jafza, and other senior officials.

The UAE Vice-President was also briefed on DP World’s range of products and services, which covers every link of the integrated supply chain – from maritime and inland terminals to marine services and industrial parks as well as technology-driven customer solutions. DP World is one of the world’s largest port operators and has an interconnected global network of 190 business units in 68 countries.

In August 2020, the UAE had approved 33 initiatives to support various sectors of the economy during the Covid-19 pandemic.

The federal government as well as local governments announced took a host of measures to shield the economy from the impact of the pandemic. The UAE Central Bank had also announced billions of dirhams to support the banking sector, small and medium enterprises and retail customers during the crisis.

The UAE’s economic recovery is also aided by a surge in the oil prices in the also few months as Brent trades at $82.74 per barrel.

ALSO READ:

>>UAE private firms' hiring at over 3-year high as economy rebounds

>>Expo boosts UAE private sector growth to fastest since June 2019

Abdullah bin Touq Al Marri, UAE’s Minister of Economy, on Sunday, said the UAE’s is in a strong position and the economy has moved from recovery to growth phase as key indicators are registering growth.

“The national economy is in a strong position and ready for the future... the recovery phase moved to growth stage in vital economic indicators,” the Minister said, according to the UAE Media office tweet.

It said the first phase of recovery and economic advancement plan is 100 per cent complete while the second phase is 50 per cent.

According to the Ministry of Economy, the UAE received $20 billion FDI in 2020, an increase of 11.24 per cent as compared to the previous year while national non-oil exports grew 33 per cent during January-August 2021 as compared to the same period last year. During January-September 2021, the UAE issued 1.15 million work permits, massive growth of 62 per cent during the comparative period last year.

As a result of economic growth, the UAE government’s revenues expanded 33 per cent year-on-year in the first half of 2021.

The hotel sector also witnessed substantial growth with 10 million-plus guests in the first seven months of 2021, a growth of 22 per cent. As the economy expanded, the number of new companies also grew by 47 per cent in the first three quarters of the year.

-waheedabbas@khaleejtimes.com