UAE Reports Impressive Economic Growth in 2022 So Far

During a UAE Cabinet meeting held at Qasr Al Watan Abu Dhabi, UAE rules revealed the economic progress of the country as reported by the official news agency. 

His Highness Sheikh Mohammed bin Rashid Al Maktoum said: “We reviewed the UAE’s competitive and development indicators. Our commercial and development sectors surpassed the pre-pandemic growth.” He added that the number of global indices topped by the UAE rose from 121 to 156 indicators. The country ranked among top 10 in 432 global indicators, compared to 314 pre-pandemic. UAE is the first in the world in terms of security and safety, infrastructure, flexibility of regulations, and more.

His Highness said: “The UAE’s foreign trade exceeded AED 1 trillion, compared to AED 840 billion pre- pandemic and this year’s economic growth exceeded 22%.”

The tourism sector’s revenues surpassed AED 19 billion in the first half of 2022. The total number of hotel guests reached 12 million, achieving 42% growth in the year uptown date.

His Highness noted: “During the Cabinet meeting, we approved a new law enhancing partnership between government and private sectors… Also, we approved the licensing of the first electric cargo aircraft in the region fully powered with clean energy.”

The Cabinet meeting reviewed the achievements of the country at the global level, where the UAE ranked first in 156 global indicators for the year 2022, compared to 121 indicators in 2020. Also, the UAE has ranked among the top five in 288 global indicators this year, compared to 189 in 2020. The UAE has been among the world’s top 10 list in 432 indicators, compared to 314 in 2020.

The Cabinet also reviewed the UAE’s significant growth in economic and trade indicators, as the Constant Price GDP growth rate for the first quarter of 2022 reached 8.4%, with a total of AED 399 billion, compared to AED 368 billion in the same period of 2021. The UAE’s foreign trade recorded a leapfrog of more than 50%, with a total of AED 1.060 trillion during the first half of this year, compared to AED 702 billion in the same period of 2020.

The Cabinet reviewed the achievements of the tourism sector in the country in the first half of the year 2022. The results showed an increase in tourism’s contribution to the national economy by 12%. The number of hotel guests establishments increased by 42% with a total of 12 million guests, compared to 6.2% before COVID-19 pandemic. The total revenues of the sector amounted to AED 19 billion, during the first half of 2022.

New opportunities of partnership with the private sector

The Cabinet approved the issuance of a federal law regulating the partnership between the federal authorities and the private sector in the UAE. The law aims at organizing partnership between both sectors, encouraging the private sector to participate in development and strategic projects, increasing investment in projects of economic and social values, and enhancing the competitiveness of projects in the local, regional and global markets.

The banking sector supporting financing programs

The Cabinet approved a suggested federal law decree to amend the Federal Law No 14 of 2018 regarding the Central Bank and Organization of Financial Institutions and Activities, aiming to achieve a balance between rights and duties in the banking sector.

The amendment on the federal law also aims at ensuring compliance with the directives and decisions of the Central Bank, and limiting the phenomenon of financial stumbling.

Legislations for medical facilities and veterinary profession

Also, the UAE Cabinet meeting approved amendments on the Federal Law regarding private health facilities, including gradual administrative and financial penalties on violating medical facilities.

The Cabinet approved the issuance of a federal law concerning Practice of Veterinary Medicine Profession. As per the law, practicing this profession requires a license to practice the profession, and a public registry in the Ministry of Climate Change and Environment to register veterinarians and those working in the veterinary paramedical professions in the country.

The Cabinet meeting agreed on the procedures of temporary licensing to operate a new type of cargo aircraft, within the UAE Regulations Lab at the General Secretariat of the UAE Cabinet. The temporary licensing aims to achieve the requirements of alternative and green energy, and reduce shipping costs on both suppliers and consumers.

The Cabinet approved the restructuring of the Emirates Youth Council 2022, headed by Shamma bint Suhail bin Faris Al Mazrui. The Cabinet also approved adding all professions related to medical and health sector in the country within “Nafis” programme.

Also, the Cabinet approved several international agreements with a number of friendly countries, including Spain, Indonesia and Jamaica, as well as an agreement with the International Committee of the Red Cross (ICRC).