UAE economy witnesses remarkable growth as GDP grows by 7.6% in 2022

Marwan Hussein Al Shaali, Member of the Board of Directors of the Ajman Chamber of Commerce and Industry (ACCI), revealed that the economic indicators reflect the remarkable development and growth of the UAE economy, as the year 2022 witnessed a growth of the UAE GDP by 7.6 percent, and the total economic licences registered in the country reached over 1,014,000 licences.

He made this statement during his speech on behalf of the UAE Federation of Chambers of Commerce and Industry (FCCI) at the 111th session of the International Labor Conference organised by the International Labor Organisation at the Palais des Nations, which will be held from 5th to 16th June, with wide international participation, including 187 countries, and the presence of 5,000 delegates from the three working parties.

The private sector increased its contribution to the GDP to more than 70 percent, making the UAE among the top 10 in more than 28 of the most important global competitiveness indicators, Al Shaali added.

He stated that the UAE continues to consolidate its position as one of the world's most competitive and advanced economies, by developing innovative strategies that support growth and economic diversification and raise economic development indicators.

Al Shaali noted that the UAE is steadfast in its drive to enhance integration between the government and private sectors by launching a series of national projects and initiatives and consolidating the country's position as a global investment destination, praising the efforts of the private sector in supporting economic, investment, and trade relations between the UAE and major partners around the world, in line with the UAE's vision and directions for the next 50 years.

Al Shaali stressed the importance of the International Labor Conference and the presence of most countries of the world to discuss the crises and the slowdown risks of the global economy, as well as climate changes and the challenges of technological digital transformation, comprehensive and sustainable job opportunities as one of the main factors affecting economic growth, and activating effective cooperation between three production parties "Government, Employers, and Workers", with a view to coming up with constructive decisions and recommendations that support the growth of the global economy in the next stage.

During his speech, he reviewed the efforts of the UAE and its role in enhancing the resilience of the global economy to face crises and mitigate the effects of climate change, so that the UAE presents a unique model for preserving and protecting the environment and facing the challenges of climate change, which will be discussed by the Conference of the Parties to the UN Framework Convention on Climate Change (COP28), which will be hosted by the UAE in the last quarter of this year.

At the end of his speech, Al Shaali explained that the UAE FCCI looks forward to strengthening and developing the entrepreneurship system and providing an incubating and enabling environment for companies and attracting creative projects, with a focus on new and innovative ideas based on emerging technologies as one of the most important enablers of economic development and a major factor for increasing and diversifying production capacity.

News Source: Emirates News Agency