How the UAE solidified its position as global economic link

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Hosting events like Gitex Global 2023 has solidified the UAE’s position as a global economic link as the country brings together major international companies, businessmen, investors and global talents.

This was highlighted by Abdullah bin Touq Al Marri, Minister of Economy, on Friday at the conclusion of the five-day global event dubbed as the world's largest technology and startup exhibition.

Al Marri noted the UAE is currently witnessing a growing momentum in all economic sectors, thanks to the leadership’s directives to position the country as a global economic link.

The 43rd edition of Gitex brought together in Dubai more than 6,000 exhibitors and 180,000 tech executives from 180 countries, as well as over 800 government entities from the Middle East, Africa and South Asia region in the fields of technology, digital economy, artificial intelligence, and more.

Al Marri noted aside from Gitex, the country has also recently hosted the UNCTAD 8th World Investment Forum 2023, Dubai Air Show, Arab Health Medical Expo, Global Future Councils, and several green economy events in the run up to COP28, among others.

“These events are vital platforms that bring together experts and specialists in various sectors and industries providing them with opportunities to communicate, exchange opinions and experiences, and display latest products and services,” Al Marri underscored.

Exceeding estimates

Al Marri added preliminary estimates of the UAE's gross domestic product (GDP) for 2022 show positive growth rates that exceeded estimates.

The UAE's GDP in 2022 at constant prices totalled Dh1.62 trillion, achieving a positive growth of 7.9 per cent, while totalling AED1.86 trillion at current prices, for an increase of more than Dh337 billion as compared to 2021. This represents a growth of 22.1 per cent.

“In terms of foreign direct investment (FDI), the UAE has achieved the highest FDI inflows in its history in 2022, reaching Dh84 billion ($23 billion), a 10 per cent increase on 2021 and the highest figure ever recorded by the country in a single year,” Al Marri enumerated.

The UAE is now 16th in the global rankings for FDI attraction, a climb of six places compared to 2021. The UAE ranked first regionally in attracting FDI inflows and the fourth largest recipient of greenfield investment projects in the world, following US, UK and India.

Ideal destination

Below are some major events recently hosted by the UAE this year:

The 8th edition of the forum brought together more than 9,000 government officials, decision-makers, business leaders and investors from around the world, where they discussed key issues including climate action, clean energy, health care and food security. The Forum biennually gathers more than 7,000 investment stakeholders from 160 countries.

The medical expo gathered over 3,000 exhibitors from 70 countries that are medical experts, biomedical engineers, hospital managers, as well as regional and international policy and thought leaders in the healthcare profession.

Featuring over 1400 exhibitors from 95 countries, the Dubai Airshow attracted over 100,000 visitors from 148 countries. The total deals concluded during the 2021 edition of the show was pegged at over US$ 74 billion.

The2023 edition hosted over 2,100 exhibitors and representatives from more than 150 countries. More than 40,000 people attended the event for tourism professionals.