DUBAI, 20th October, 2023 (WAM) — Abdullah bin Touq Al Marri, Minister of Economy, highlighted that the UAE is currently experiencing growing dynamics in all economic sectors and hosting major economic conferences and events, noting that the directives of the President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President , Deputy Prime Minister and President of the Presidential Parliament, aim to consolidate the country’s position as a global economic hub bringing together East and West, North and South.
Speaking on the closing day of GITEX Global 2023, Bin Touq said the UAE has strengthened its position as one of the leading destinations housing the headquarters of leading international companies and institutions, in addition to hosting many economic events throughout the year.
In its 43rd edition, GITEX brought together more than 6,000 exhibitors and 180,000 technology executives from 180 countries, as well as more than 800 government entities from the Middle East, Africa and South Asia region, on a area of more than 2.7 million square feet.
For 43 years, GITEX Global has been an ideal platform for leading technology companies, policy makers and start-ups to reveal the latest developments and innovations in various crucial and strategic economic sectors. The exhibition represents an important platform for the participation of public-private partnerships in the fields of technology, digital economy and artificial intelligence.
The Minister of Economy highlighted the important role played by organizing such international gatherings in the country, such as the GITEX Technology Week, the 8th UNCTAD World Investment Forum 2023, economic events green within the framework of COP28, the Dubai Air Show, the Arab Health Medical Expo, the Global Future Councils, among others.
These events are essential platforms that bring together experts and specialists from various sectors and industries, providing them with opportunities to communicate, exchange opinions and experiences and showcase the latest products and services. Bin Touq said: “The major economic events organized by the UAE contribute significantly to supporting various economic sectors. »
The Minister of Economy explained that preliminary estimates of the UAE’s gross domestic product (GDP) for 2022 reaffirm the country’s robust economic performance and its achievement of positive growth rates that exceeded estimates.
The UAE’s GDP in 2022 at constant prices stood at AED 1.62 trillion, representing a positive growth of 7.9 percent, while totaling AED 1.86 trillion at current prices, representing an increase of over AED 337 billion compared to 2021, representing a growth of 22.1 percent.
In terms of foreign direct investment, the UAE recorded the highest FDI inflows in its history in 2022, reaching AED84 billion ($23 billion), an increase of 10% in 2021 and the highest figure ever recorded by the country in a single year.
This places the UAE 16th in the global ranking for attracting FDI, an increase of six places from 2021. The UAE ranks first regionally for attracting FDI flows and is the fourth beneficiary of new investment projects in the world, after the United States, the United Kingdom and the United Kingdom. India.
Bin Touq added: “The UAE has developed an economic, legislative and social environment that is conducive to business and investment, which has been clearly reflected in the economic dynamics, increased business opportunities and strong performance of the private sector… the United Arab Emirates has consolidated its position. as an ideal destination for all types of events.”
UNCTAD Forum in Abu Dhabi
Abu Dhabi hosts the UNCTAD World Investment Forum, the leading global platform for investment and development. The biennial forum brings together more than 7,000 investment players from 160 countries.
The 8th edition of the forum brought together more than 9,000 government officials, policymakers, business leaders and investors from around the world, where they discussed key issues such as climate action, clean energy, healthcare and food safety.
One of the most important events for the healthcare sector in the region, the Arab Health Medical Expo plays a pivotal role in bringing together regional and international policy makers, thought leaders and healthcare professionals through the through trade and innovation.
More than 3,000 exhibitors from 70 countries are participating in the event, in addition to purchasing experts, biomedical engineers, hospital directors, distributors, doctors and various government entities.
With over 1,400 exhibitors from 95 countries, the Dubai Airshow is a global platform that brings together industry leaders and innovators to discuss and identify future trends and explore new opportunities. It also highlights the central role of start-ups in achieving the sector’s objectives and promotes collaboration and knowledge sharing between different aviation stakeholders. The total transactions concluded during the 2021 edition of the show were valued at more than $74 billion. Additionally, the show attracted more than 104,000 visitors, with a 50 percent increase in the number of visitors, including a number of senior executives from 148 countries.
Enlarge North Star Dubai
The world’s largest exhibition and conference for startups hosted by the Dubai World Trade Centre, Expand North Star brings together the world’s leading technology and AI companies. During its 2023 edition, the event attracted the participation of more than 1,800 startups representing more than 100 countries and welcomed more than 1,000 investors.
Arab travel market
The 30th Arabian Travel Market is the leading international travel and tourism event that unlocks business potential in the Middle East for inbound and outbound tourism professionals. The 2023 edition welcomed more than 2,100 exhibitors and representatives from more than 150 countries.
More than 40,000 people – including 30,000 visitors – attended the 30th edition of the Arabian Travel Market (ATM). This represents an annual increase of 29 percent in the number of participants compared to 2022, it also represents an increase of 5 percent compared to 2019, setting a new record for the show, demonstrating that the travel and tourism sector in Middle East is booming.
Abu Dhabi hosted the second edition of Investopia, the global investment platform launched by the UAE government in 2021. The event brought together over 2,000 investors, government officials, thought leaders and entrepreneurs from over from 40 countries.
The event included 35 sessions and panel discussions, during which more than 100 speakers, including investors, thought leaders and policymakers, discussed topics related to institutional asset allocation, AI, to emerging markets, venture capital investing, digital assets, mobility, biotechnology and much more.
The United Arab Emirates will host COP28, from November 30 to December 12, at Expo Dubai. This major global event is expected to welcome more than 140 heads of state and senior government leaders, more than 80,000 participants and more than 5,000 media professionals.
The UAE aims to strengthen joint efforts to achieve balanced and ambitious results that help strengthen sustainability and preserve the planet for future generations.
Global tips for the future
The Global Future Councils reflect the importance of the strategic partnership between the UAE Government and the World Economic Forum (WEF). It sees the participation of around 600 leaders and officials from the government and private sectors, international organizations and academic institutions, including experts and futurists.
The advice aims to provide future visions to address global challenges in various areas, including economics, technology, geopolitical transformations, infrastructure, health, society, the fourth industrial revolution, artificial intelligence, environment and climate, governance, society and others.
The UAE is adopting a clear vision for the future, supported by a series of comprehensive and integrated economic strategies and plans. Furthermore, the UAE is leading the way in adopting a forward-looking approach based on economic diversification, as well as a flexible business environment and economic legislative system. This has been reflected in the UAE’s leading position as the most attractive investment and trade hub, its openness to the world through international trade relations, as well as its leadership and strong competitiveness. at the regional and international levels.