DUBAI, 20th October, 2023 (WAM) — Abdullah bin Touq Al Marri, Minister of Economy, 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 President Su His Highness Sheikh Mohammed bin Zayed Al Nahyan, His Highness Sheikh Mohammed 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, aim to consolidate the country’s position as a global economic center that brings together east and west, north and south.
On the closing day of GITEX Global 2023, Bin Touq said that the UAE has strengthened its position as one of the leading destinations hosting the headquarters of leading international companies and institutions, in addition to hosting many economic events throughout the year.
GITEX Global
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 region, in an area of more than 2 .7 million square feet.
For 43 years, GITEX Global has been an ideal platform for leading technology companies, decision makers and startups to reveal the latest developments and innovations in various fundamental and strategic economic sectors. The exhibition represents an important platform for the participation of public-private partnerships in the fields of technology, digital economy and artificial intelligence.
The Minister of Economy highlighted the prominent role played by the country’s holding of international meetings of this type, such as the GITEX Technology Week, the 8th UNCTAD World Investment Forum 2023, the green economy events within COP28, the Dubai Air Show, the Arab Health Medical Expo, the Global Future Councils, among others.
These events are vital platforms that bring together experts and specialists from various sectors and industries, providing them with opportunities 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.
The UAE’s GDP in 2022 at constant prices amounted to AED 1.62 trillion, achieving a positive growth of 7.9 percent, while it amounted to AED 1.86 trillion at current prices, an increase of more than 337 billion AED compared to 2021, achieving a growth of 22.1 percent.
In terms of foreign direct investment, the UAE achieved the highest FDI inflows in its history in 2022, reaching AED 84 billion ($23 billion), an increase of 10 percent on 2021 and the highest figure ever recorded by the country in a single year.
This places the UAE at 16th in the global FDI attraction rankings, a rise of six places compared to 2021. The UAE ranked first regionally in attracting FDI flows and the fourth largest recipient of projects entirely new investment opportunities in the world, after the US, the UK and India.
Bin Touq added: “The UAE has developed an economic, legislative and social environment that incubates business and investment, which was clearly reflected in the economic momentum, increased business opportunities and strong performance of the private sector…the UAE They consolidated their position. as an ideal destination for all types of events.”
UNCTAD Forum Abu Dhabi
Abu Dhabi hosts the UNCTAD World Investment Forum, the leading global platform for investment and development. The biennial forum brings together more than 7,000 investors from 160 countries.
The eighth 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 topics such as climate action, clean energy, healthcare and food security.
Arabic health
The Arab Health Medical Expo, one of the most important events for the healthcare industry in the region, plays a key role in bringing together regional and international policymakers, opinion leaders and healthcare professionals across 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 Airshow
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 critical role of startups in achieving industry goals and promotes collaboration and knowledge sharing among various aviation stakeholders. Total deals closed during the 2021 edition of the show were valued at more than $74 billion. Additionally, the fair attracted more than 104,000 visitors, with a 50 percent increase in visitors, 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. In 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.
Arabian 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 Arabian Travel Market (ATM). This represents a 29 percent year-on-year increase in attendees compared to 2022, it also represents a 5 percent increase over 2019, setting a new record for the fair, demonstrating that the Middle East travel and tourism sector is booming.
investopia
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, government officials, opinion leaders and entrepreneurs from more than 40 countries.
The event included 35 sessions and roundtables, where more than 100 speakers, including investors, thought leaders and decision makers, discussed topics related to institutional asset allocation, artificial intelligence, emerging markets, venture investing, digital assets, mobility, biotechnology and more.
COP28
The United Arab Emirates will host COP28, from November 30 to December 12, at Expo Dubai. The major global event is expected to welcome more than 140 heads of state, senior government leaders, more than 80,000 participants and more than 5,000 media professionals.
The United Arab Emirates wishes to strengthen joint efforts to achieve balanced and ambitious outcomes that contribute to improving sustainability and preserving the planet for future generations.
Global Councils of the Future
The Global Future Councils reflect the importance of the strategic partnership between the UAE government and the World Economic Forum (WEF). It witnesses the participation of around 600 leaders and officials from the government and private sector, 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.
Future vision
The UAE adopts 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 in adopting a forward-looking approach based on economic diversification and a flexible business environment and economic legislative system. This has been reflected in the UAE’s leading position as one of the most attractive trade and investment centres, its openness to the world through international trade relations and its leadership and strong competitiveness at regional and international levels.
