The country aims to reach Dh3 trillion by 2030 through new economic diversification strategies.
The UAE has been rated the world’s second most stable country economically on the back of entrepreneurship opportunities, easy access to capital, availability of skilled labour force, agility to adapt, competitiveness and strong trade among, others, a new study said.
According to the US News & World Reports, the UAE also boasts per capita gross domestic product on par with those of top Western European nations as well as the most competitive economy in the Arab world.
The UAE has a total GDP of $508 billion (Dh1.86 trillion) and a per capita income of $87,729. The second largest economy in the Gulf Cooperation Council (GCC) region has a target to reach Dh3 trillion by 2030 through new economic diversification strategies, in addition to supporting new economic sectors, including embracing the Fourth Industrial Revolution and employing advanced technologies to increase research capacities, ensure future industries and encourage foreign direct investments.
Official figures showed that the Emirates’ GDP in 2022 at constant prices totalled Dh1.62 trillion, achieving a growth of 7.9 percent. The economy reached Dh1.86 trillion at current prices in 2022, an increase of more than Dh337 billion as compared to 2021, achieving a growth of 22.1 percent.
The UAE also has some of the world’s largest sovereign wealth funds such as Abu Dhabi Investment Authority, Mubadala, Investment Corporation of Dubai, Dubai World, ADQ and others, holding trillions of dirhams worth of assets to provide cushion against economic volatility around the world.
According to the US News & World Reports, Switzerland is the most economically stable country followed by the UAE, Canada, Germany, Japan, Sweden, Australia, Netherlands, Norway and Denmark.
News Source: Khaleej Times
