Friday, June 14, 2024

Economic Integration Group: UAE records exceptional and strong performance in various sectors


The Economic Coordination Committee held its second meeting for the year 2023 under the chairmanship of Minister of Economy Abdullah Bin Duq Al-Marri, with Minister of State for Foreign Affairs Dr. Thani Bin Ahmad Al-Sioodi in the presence and as a member. and representatives of local economic development departments in the country’s emirates.

During his opening address to the panel, Al-Mari reviewed the most important indicators of economic growth achieved by the UAE in 2022 due to the leadership’s vision and guidance, including the increase in the national economy’s GDP. To reach 1.62 trillion dirhams at constant prices, a positive growth of 7.6%, reaching 1.86 at current prices. One trillion dirhams, 337 billion dirhams more than 2021, a growth of 22.1% for the country. Despite the economic fluctuations the world has witnessed to record exceptional and robust economic performance in various economic and business sectors and activities.

Department of Tourism

He pointed out that the tourism sector is one of the main sectors driving the growth of the UAE economy in the past year, as the contribution of the tourism and travel sector to the GDP will increase by 60.2% to reach around 167% in 2022. billion dirhams and its contributions are expected to reach about 180.6 billion dirhams by the end of 2023, a growth of 8.3% in 2022.

International visitor spending in the country reached 117.6 billion dirhams in 2022, an increase of 65.3% over 2021, while domestic tourism spending reached 46.9 billion dirhams in 2022, a growth rate of 35.7% compared to 2021. A report issued by the World Travel and Tourism Council.

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He said the UAE’s economic legislative environment has seen qualitative changes that have contributed to improving the investment climate, providing a competitive, flexible and stable business environment, and providing opportunities and incentives to support the business community, investors and entrepreneurs. Laws and economic policies in line with international best practices.

Economic registration

The committee reviewed what has been achieved in the phases of creating the National Economic Register, which involves two stages. The first is to consolidate data on licenses of companies and institutions issued by local issuing authorities in the various emirates of the country. The second phase is to consolidate data on licenses of companies and institutions from free zones, as well as data on types of licenses from all authorities. Connecting. Registration in State and Free Zones. The Committee also discussed recent developments in the country’s mutual assessment file on the National Strategic Plan to Combat Money Laundering and Financing of Terrorism, and the progress of work on the operational plan for company registrars.

The Committee reviewed a set of new proposals for the Commercial Arbitration Act to improve the flexibility and competitiveness of the business and investment environment in the country, in line with international best practices in this regard.

Bill Dittman
Bill Dittman
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