Abdullah bin Touq Al Marri, the UAE Minister of Economy, announced today that the country has entered into an era of more sustainable and flexible growth.
The UAE has maritime, air and land network links to over 400 major cities around the world, contributing to the country’s important role as a facilitator of foreign trade – a factor that Al Marri noted as key in the nation’s economic development. The UAE’s economy grew by a staggering 27 percent in 2021 compared to 2020, state news agency WAM reported.
“On the economic front, in August 2020, the UAE government adopted the economic recovery and revival plan, which includes 33 initiatives and was divided into three phases. Today, we can say that we have accomplished the economic recovery plan and started a new phase of more flexible and sustainable growth,” the minister explained in an interview with WAM.
“The economic development system is in continuous development to enhance UAE’s position as a safe and secure place for investment, business and talent,” Al Marri added.
A record growth of 47.3 percent was also seen in the, equivalent to AED354 billion in 2021. This year, national non-oil exports rose by another 17 percent in the first quarter.
He also said that the UAE is a role model in dealing with the repercussions of the Covid-19 pandemic, as the country has proven a high ability to achieve balanced management between health and economic issues.
In terms of challenges, commodity price hikes continue to challenge the world, however the UAE Ministry has policies in place to contain any unprecedented rise in the country’s markets.
Al Marri also added that the tourism sector achieved positive results due to Expo 2020 Dubai, which attracted 24 million visitors during the six-month event.
“Hotel establishments recorded revenues worth AED11 billion in H1 2022, a rise of 20 percent compared to the same period in 2019,” Al Marri said.
Aside from this, the government has also launched the Investopedia initiative to highlight investment opportunities in future sectors, as part of the new global economy model.
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