Mar 02, 2023

UAE economy growing at fastest rate in 10 years

This was announced by Abdullah bin Touq Al Marri, the UAE Minister of Economy, ahead of Investopia 2023. He said that in 2022, despite the global economic slowdown, the UAE had witnessed unprecedented growth of 8.5%.

Foreign trade of the UAE reached record levels of 545 billion dollars. Foreign direct investment (FDI) increased to 21 billion dollars. The UAE business environment was recognized as one of the most active.

Al Marri said that the global economy’s challenges had led to changing the UAE investment trends, with a focus on five key sectors: healthcare; transport and logistics; agriculture and food security; technology; green energy.

The UAE maintained its position as one of the 12 best tourism destinations in the world by attracting more than 10m tourists annually.

(Arabian Business, March 2, 2023)