UAE’s economy achieves 7.9% GDP growth

UAE’s Minister of Economy, Abdullah bin Touq Al Marri, announced that the preliminary estimates of the UAE’s GDP for 2022 increased at constant prices to reach 1.62 trillion dirhams, achieving a positive growth of 7.9%.

“The UAE’s GDP at current prices reached 1.86 trillion dirhams, an increase of more than 337 billion dirhams for the year 2021, achieving growth of 22.1%, reflecting the wisdom of the economic policies pursued by the UAE government and confirming the strength and consolidation of the UAE economy in light of the economic conditions and geopolitical repercussions the world is going through,” Al Marri said, according to Emirati news agency “WAM”.

“The investment level and the flows of foreign direct investment reflect the distinguished position enjoyed by the UAE as one of the most important economic, financial, and investment destinations in the region and the world, after the flows in 2022 reached unprecedented records in the history of the country worth 84 billion dirhams, equivalent to 23 billion dollars, an increase of 10% compared to 2021, which is the highest figure recorded by the country in one year at all,” he added.

This record put the UAE in 16th place in the global ranking for attracting foreign direct investment, after six positions rose compared to 2021, and for foreign investment in new projects, the UAE ranked fourth globally, after the United States, the United Kingdom, and India.

“The UAE has succeeded in providing an economic, legislative, and social environment that is an incubator for business and investment, which is clearly reflected in the economic momentum, increasing business opportunities, and promoting national and foreign private sector companies, in addition to being an ideal destination for various global gatherings in various vital sectors, especially new economic sectors such as the knowledge economy and digital economy, which are witnessing a large flow of investments specifically in the fields of advanced technology, artificial intelligence, digital economy, and others,” the UAE’s Minister of Economy explained.