DUBAI, October 20, 2023 (WAM) –
Minister of Economy Abdullah bin Touq Al Marri highlighted that the UAE is currently witnessing growing momentum in all economic sectors and organizing major economic conferences and events, noting that the directives of the President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Mohamed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and President of the Presidential Court, have as objective to consolidate the country’s position as a global economic center. that unites east and west, north and south.
During the closing day of GITEX Global 2023, Bin Touq stated that the UAE has strengthened its position as one of the main destinations hosting the headquarters of important international companies and institutions, in addition to hosting numerous economic events throughout the year.
In its 43rd edition, GITEX brought together more than 6,000 exhibitors and 180,000 technology executives from 180 countries, as well as more than 800 government entities from the Middle East, Africa and South Asia, in an area of more than 2.7 million of square feet.
For 43 years, GITEX Global has been an ideal platform for leading technology companies, decision makers and startups to discover the latest developments and innovations in various essential and strategic economic sectors. The fair represents an important platform for the participation of public-private partnerships in the fields of technology, the digital economy and artificial intelligence.
The Minister of Economy highlighted the role played by the country’s holding of international meetings such as the GITEX technology week, the 8th UNCTAD World Investment Forum 2023, events related to the green economy within the framework of COP28, the Air Show Dubai, the Arab Health Medical Expo Summit, the Global Future Councils, among others.
These events are essential platforms that bring together experts and specialists from various sectors and industries, giving them the opportunity to communicate, exchange opinions and experiences, and showcase the latest products and services. Bin Touq said: “Major economic events hosted by the UAE contribute significantly to supporting various economic sectors.”
The Minister of Economy explained that the preliminary estimates of the UAE’s gross domestic product (GDP) for 2022 reaffirm the strength of the country’s economic performance and its achievement of positive growth rates that exceeded estimates.
UAE GDP in 2022 at constant prices amounts to AED 1.62 trillion, achieving positive growth of 7.9%, while totaling AED 1.86 trillion at current prices, an increase of more than 337 billion of AED compared to 2021, achieving a growth of 22.1%. .
In terms of foreign direct investment, the UAE recorded the highest FDI inflows in its history in 2022, reaching AED 84 billion ($23 billion), an increase of 10% compared to 2021 and the highest figure ever recorded. across the country in a single year.
This places the UAE 16th in the global ranking for attracting FDI, an increase of six places from 2021. The UAE ranks first regionally in attracting FDI flows and fourth globally in projects totally new investment projects, after the United States, the United Kingdom and India. .
Bin Touq added: “The UAE has developed a conducive economic, legislative and social environment for business and investment, which has been clearly reflected in the economic momentum, increased business opportunities and strong performance of the private sector. “The UAE has consolidated its position as an ideal destination for all types of events.”
UNCTAD Abu Dhabi Forum:
Abu Dhabi hosts the UNCTAD World Investment Forum, the leading global platform for investment and development. This biennial forum brings together more than 7,000 investment actors from 160 countries.
La 8ème édition du forum a rassemblé plus de 9 000 responsible gouvernementaux, décideurs, chefs d’entreprise et investisseurs du monde entier, who ont discussé de questions clés telles que l’action climatique, l’énergie propre, les soins de santé et la food safety.
Health in Arab countries:
The Arab Health Medical Expo, one of the largest events for the healthcare industry in the region, plays a vital role in bringing together regional and international policy makers, opinion leaders and healthcare professionals through trade and innovation. .
More than 3,000 exhibitors from 70 countries participate in the event, as well as procurement experts, biomedical engineers, hospital directors, distributors, doctors and various government entities.
Dubai Aviation Show:
With more than 1,400 exhibitors from 95 countries, the Dubai Airshow is a global platform that brings together industry leaders and innovators to discuss and identify future trends and explore new opportunities. It also highlights the essential role of startups in achieving the sector’s goals and encourages collaboration and knowledge sharing between different aviation stakeholders. The transactions concluded during the 2021 edition of the show were valued at more than 74 billion dollars. Additionally, the fair attracted more than 104,000 visitors, with a 50% increase in visitor numbers, including several senior executives from 148 countries.
Expand North Star Dubai:
Expand North Star, the world’s largest startup exhibition and conference hosted by Dubai World Trade Centre, brings together the world’s leading technology and artificial intelligence companies. During its 2023 edition, the event saw the participation of more than 1,800 startups representing more than 100 countries and welcomed more than 1,000 investors.
Arab travel market:
The 30th edition of the Arabian Travel Market is the market-leading international travel and tourism event unlocking business potential in the Middle East for inbound and outbound tourism professionals. The 2023 edition welcomed more than 2,100 exhibitors and representatives from more than 150 countries.
More than 40,000 people, including 30,000 visitors, attended the 30th edition of the Arabian Travel Market (ATM). This represents a 29% increase in attendees compared to 2022, as well as a 5% increase compared to 2019, setting a new record for the show and demonstrating that the Middle East travel and tourism sector is booming.
Abu Dhabi hosted the second edition of Investopia, the global investment platform launched by the UAE government in 2021. The event brought together more than 2,000 investors, officials, opinion leaders and entrepreneurs from more than 40 countries.
The event included 35 sessions and panel discussions, during which more than 100 speakers, including investors, thought leaders and policymakers, discussed topics related to institutional asset allocation, artificial intelligence, emerging markets, venture investing, assets digital, mobility, biotechnology and many other topics. .
The United Arab Emirates will host COP28, from November 30 to December 12, at Expo Dubai. This major global event is expected to welcome more than 140 heads of state and senior government officials, more than 80,000 participants and more than 5,000 media professionals.
The UAE aims to strengthen joint efforts to achieve balanced and ambitious outcomes that help strengthen sustainability and preserve the planet for future generations.
Future Global Tips:
The Global Future Councils reflect the importance of the strategic partnership between the UAE Government and the World Economic Forum (WEF). They bring together around 600 leaders and officials from the public and private sectors, international organizations and academic institutions, including experts and futurists.
The councils aim to provide forward-looking visions to address global challenges in various areas, including economy, technology, geopolitical transformations, infrastructure, health, society, the fourth industrial revolution, artificial intelligence, environment and climate, governance, society and others.
The UAE is adopting a clear vision for the future, supported by a series of comprehensive and integrated economic strategies and plans. Furthermore, the UAE is leading the way by adopting a forward-looking approach based on economic diversification, as well as a flexible business environment and economic legislative system. This is reflected in the UAE’s leading position as one of the most attractive centers for investment and trade, its openness to the world through international trade relations, as well as its leadership and strong competitiveness at regional and international levels.
Translated by: Gihane Fawzi.