DUBAI — The UAE is experiencing significant growth across all economic sectors and has become a hub for major economic conferences and events, said Abdullah bin Touq Al Marri, the UAE’s Minister of Economy.
He highlighted the directives from President Sheikh Mohamed bin Zayed Al Nahyan, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court. Their vision is to solidify the UAE’s standing as a global economic nexus, bridging the east and west, as well as the north and south.
On the concluding day of GITEX Global 2023, Bin Touq remarked that the UAE has fortified its reputation as a premier destination for the headquarters of prominent international companies and institutions. Moreover, the nation hosts numerous economic events throughout the year.
In its 43rd iteration, GITEX attracted over 6,000 exhibitors and 180,000 tech professionals from 180 countries. Additionally, more than 800 government entities from the Middle East, Africa, and South Asia participated, spanning an area exceeding 2.7 million square feet.
Bin Touq emphasized the significance of hosting global events like GITEX Technology Week, the UNCTAD 8th World Investment Forum 2023, green economy discussions during COP28, the Dubai Air Show, the Arab Health Medical Expo, and the Global Future Councils, among others.
Such events serve as crucial platforms, uniting experts and specialists from diverse sectors. They offer opportunities for communication, opinion exchange, experience sharing, and showcasing the latest products and services. “The major economic events hosted by the UAE play a pivotal role in bolstering various economic sectors,” Bin Touq added.
He further explained that the preliminary GDP estimates for the UAE in 2022 underscore the country’s strong economic performance, achieving growth rates that surpassed initial projections.
In 2022, the UAE’s GDP at constant prices reached AED1.62 trillion, marking a growth of 7.9%. At current prices, it totaled AED1.86 trillion, a surge of over AED337 billion from 2021, reflecting a growth rate of 22.1%.
Regarding foreign direct investment (FDI), the UAE set a new record in 2022 with the highest FDI inflows in its history, amounting to AED84 billion ($23 billion). This represents a 10% increase from 2021 and is the most significant figure the country has ever seen in a single year.
This achievement positions the UAE 16th globally for FDI attraction, rising six spots from its 2021 ranking. Regionally, the UAE stands out as the top attractor of FDI inflows. Additionally, on a global scale, it’s the fourth-largest recipient of greenfield investment projects, trailing only the US, UK, and India.
Bin Touq emphasized, “The United Arab Emirates has cultivated an economic, legislative, and social landscape conducive to business and investment. This is evident in the country’s economic momentum, burgeoning business opportunities, and the robust performance of the private sector. The UAE has firmly established itself as a prime destination for a diverse range of events.”
Key Economic Events in the UAE UNCTAD Forum Abu Dhabi Abu Dhabi is the proud host of the UNCTAD World Investment Forum, a premier global platform for investment and development. This biennial forum attracts over 7,000 investment stakeholders from 160 countries. The 8th edition saw participation from more than 9,000 global government officials, decision-makers, business leaders, and investors, discussing pivotal issues like climate action, clean energy, healthcare, and food security. Arab Health As a cornerstone event for the regional healthcare industry, the Arab Health Medical Expo is pivotal in uniting both regional and international policy influencers, thought leaders, and healthcare professionals. The event boasts participation from over 3,000 exhibitors across 70 countries, including procurement experts, biomedical engineers, hospital managers, distributors, physicians, and various governmental entities. Dubai Airshow With representation from over 1,400 exhibitors spanning 95 countries, the Dubai Airshow serves as a global nexus for industry leaders and innovators to converse, identify future trends, and uncover new opportunities. The event underscores the essential role startups play in the aviation sector's goals and fosters collaboration and knowledge exchange among diverse aviation stakeholders. The 2021 edition saw deals worth over $74 billion, and attendance surged by 50%, drawing over 104,000 visitors, including top executives from 148 countries. Expand North Star Dubai Touted as the world's largest startup exhibition and conference, Expand North Star, organized by the Dubai World Trade Centre, assembles leading global tech and AI companies. The 2023 edition witnessed participation from over 1,800 startups from more than 100 countries and hosted over 1,000 investors. Arabian Travel Market The 30th Arabian Travel Market stands as the premier international travel and tourism event, unlocking business opportunities in the Middle East for both inbound and outbound tourism professionals. The 2023 edition welcomed over 2,100 exhibitors and representatives from more than 150 countries. The event drew more than 40,000 attendees, including 30,000 visitors. This marked a 29 percent increase in attendance compared to 2022 and a 5 percent jump from 2019, setting a new record for the event. These numbers underscore the booming travel and tourism sector in the Middle East. Investopia Abu Dhabi was the proud host of the second edition of Investopia, a global investment platform initiated by the UAE Government in 2021. This gathering saw participation from over 2,000 investors, government officials, thought leaders, and entrepreneurs spanning more than 40 countries. The event featured 35 sessions and roundtables. Over 100 speakers, including prominent investors, thought leaders, and decision-makers, delved into topics such as institutional asset allocation, AI, emerging markets, venture investing, digital assets, mobility, and biotechnology. COP28 The UAE is set to host COP28 from November 30 to December 12 at Expo Dubai. This significant global event is anticipated to draw more than 140 heads of state, senior government officials, over 80,000 participants, and upwards of 5,000 media professionals. The UAE remains committed to bolstering collaborative efforts, aiming for balanced and ambitious results that enhance sustainability and protect the planet for upcoming generations. Global Future Councils The Global Future Councils underscore the strategic partnership between the UAE government and the World Economic Forum (WEF). They see participation from around 600 leaders and officials spanning government, private sectors, international organizations, and academic institutions, including renowned experts and futurists. These councils are dedicated to crafting visions for the future, addressing global challenges across various domains such as the economy, technology, geopolitical shifts, infrastructure, health, society, the Fourth Industrial Revolution, artificial intelligence, environmental and climate concerns, governance, and more. Future Vision The UAE holds a distinct vision for the future, underpinned by a suite of comprehensive and cohesive economic strategies and plans. The UAE is at the forefront, championing a forward-thinking approach rooted in economic diversification, coupled with a flexible business environment and adaptive economic legislation. This commitment is evident in the UAE's esteemed position as a top-tier investment and trade destination, its global outreach via international trade ties, and its leadership and robust competitiveness on both regional and global stages.