A World Bank report projects the UAE economy to improve in 2022 with growth anticipated to reach 4.7 percent, driven by oil and non-oil sectors, Director-General of Abu Dhabi Chamber of Commerce and Industry (ADCCI) Mohamed Helal Al Mheiri said.
“Several economic development indicators point to a strong financial system and strong and resilient national economy,” Al Mheiri said.
He said the financial reserves of the UAE reflect solid growth, as per the Central Bank of UAE (CBUAE) which reflects the country’s robust banking system and high financial solvency, ensuring its ability to overcome any sudden shifts in the financial and economic landscape.
“SMEs today represent 94 percent of the total companies and institutions operating in the country and contribute more than 50 percent to the country’s GDP,” he said.
Al Mheiri praised several initiatives launched by UAE that consolidated its position as a preferred destination for emerging businesses and startups, as it ranked 1st in Gulf Cooperation Council (GCC) countries, and 22nd globally in attracting FDI, as per the United Nations Conference on Trade and Development (UNCTAD).
The UAE in 2022 is keen on further increasing the competitiveness of the private sector which can achieved by implementing innovative strategies targeted at accelerating growth and economic diversification, he said at a seminar organized by the ADCCI with the Ministry of Economy and the National Fund for Social Responsibility (CSR UAE) in cooperation with Pakistan Business Professional Council.
Dr Al Hassan Jouaouine, Economic Advisor, Under-Secretary’s Office, Ministry of Economy, spoke on the resilience and quick responsiveness of the UAE economy in the face of COVID-19 pandemic.
Dr Jouaouine said the UAE economy has grown seven times since 1975 and that the country was ranked 7th in Gross National Income (GNI) per capita in 2019.
To limit the impact of Covid-19 pandemic, the UAE government launched an economic stimulus package of AED 388 billion (US$105 billion approx), implementation of flexible packages within the 33-initiative plan to support key economic sectors and build a more flexible and sustainable economic model, he said.
Noha Mohammed Al Harmoudi, Director of the CSR UAE Fund said the Fund is a federal authority and that its mission is to establish a platform that encourages businesses to actively engage in socially responsible practices that lead to positive economic, social and environmental impact in line with the UAE’s priorities and sustainable development goals.
“CSR UAE Fund has metrics in place to rank and reward active businesses in CSR on a country level. Furthermore, it is an enabler for relevant authorities to enhance and regulate socially responsible practices within corporations and business entities,” she said.
Dr S Qaiser Anis, President of Pakistan Business Professional Council, said the UAE is ranked first in FDI inflows in west Asian countries as well as in the MENA region.