We will talk about 10 key milestones in the UAE Economy Journey 2023.
Which are showcasing the diversity and strength of the UAE’s economy and highlighting its commitment to enhancing global competitiveness.
10 Key Milestones in the UAE Economy Journey for 2023
Strong Growth:
The UAE economy achieved strong growth in 2023.
Moreover, this growth was supported by a stable investment and economic environment.
And also by innovative initiatives, supportive legislation, efforts to develop economic sectors, and improve the business environment.
Comprehensive Economic Partnership Agreements:
The UAE has signed 10 Comprehensive Economic Partnership Agreements (CEPAs) with countries of strategic commercial and investment importance.
These agreements led to the elimination or reduction of customs duties, removal of trade barriers, and opening up market opportunities for exporters and investors.
Attracting Foreign Investment:
The UAE maintained its global attractiveness in attracting foreign direct investment (FDI) inflows.
Mentioning that new FDI projects increased by 28% compared to 2022.
Joining the BRICS Group:
The UAE officially joined the BRICS group, opening up new horizons for cooperation and strengthening relations with many countries around the world.
Global Competitiveness:
The UAE ranked first globally in 215 international competitiveness indicators and topped the region in 364 global indicators.
Thriving Capital Markets: The market value of the UAE’s capital markets increased by 13% to exceed AED 3.6 trillion.
Hosting COP28:
The UAE successfully brought the world together, unified efforts, and reached an international consensus that put the world on the right track for climate action.
Industrial Growth:
The government had launched several qualitative initiatives.
In order to enhance the competitiveness of the industrial sector.
Such as the “Made in the Emirates” label and the Industrial Technology Transformation Index.
Distinguished Tourist Destination:
The UAE maintained its regional and global leadership as a distinguished tourist destination, supported by unique projects and tourism initiatives.
Expansion of National Carriers:
The number of destinations reached by the UAE’s national carriers increased to around 586 destinations worldwide.
Banking Sector Growth: The banking sector recorded record levels of growth in assets, credit, deposits, and investments.
Outlook for 2024:
- Continuous Growth:
The UAE economy will continue growing in 2024, supported by the factors that contributed to its growth in 2023. - Enhancing Competitiveness:
The UAE will enhance its global competitiveness by continuing to improve the business environment, attract foreign investment, and develop economic sectors. - Benefiting from Partnership Agreements:
The UAE will benefit from the CEPAs, which will increase its exports and contribution to the GDP. - Leadership in Climate Action:
The UAE will maintain its leadership in climate action by implementing the COP28 agreement.
UAE.. 6 events that anticipate the future of health and treatment systems in the world pic.twitter.com/hyjydobWTt
— UAE Voice (@uae_voiceeng) February 7, 2024
The UAE economy achieved exceptional accomplishments in 2023, and this growth is expected to continue in 2024.
Mentioning that the UAE is a model of success in a global environment full of challenges.
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