The UAE has surpassed the pre-pandemic levels in many economic indicators and is first in the world in terms of security and safety and infrastructure, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, has said.

 

His Highness said: "The UAE’s foreign trade exceeded AED1 trillion ($272 billion), compared to AED840 billion pre-pandemic and this year’s economic growth exceeded 22%."

 

Chairing the UAE Cabinet meeting held at Qasr Al Watan Abu Dhabi, Sheikh Mohammed said: "We reviewed the UAE’s competitive and development indicators. Our commercial and development sectors surpassed the pre-pandemic growth."

 

The meeting was attended by HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; Lt General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; and Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Court, said a Wam news agency report.

 

Sheikh Mohammed noted: "Under the leadership of my brother Mohamed bin Zayed, the UAE has managed to overcome the Covid-19 pandemic. Our country has become globally prominent for its significant economic growth and development."

 

He said: "The number of global indices topped by the UAE rose from 121 to 156 indicators. We ranked among top 10 in 432 global indicators, compared to 314 pre-pandemic. We are the first in the world in terms of security and safety, infrastructure, flexibility of regulations, and more."

 

His Highness added: "Our tourism sector’s revenues surpassed AED19 billion in the first half of 2022. The total number of hotel guests reached 12 million, achieving 42% growth, and we expect a strong tourism performance in this winter season."

 

He said: "During the Cabinet meeting, we approved a new law enhancing partnership between government and private sectors... Also, we approved the licensing of the first electric cargo aircraft in the region fully powered with clean energy."

 

The Cabinet meeting reviewed the achievements of the country at the global level, where the UAE ranked first in 156 global indicators for the year 2022, compared to 121 indicators in 2020. Also, the UAE has ranked among the top five in 288 global indicators this year, compared to 189 in 2020. The UAE has been among the world’s top 10 list in 432 indicators, compared to 314 in 2020.

 

The Cabinet also reviewed the UAE’s significant growth in economic and trade indicators, as the Constant Price GDP growth rate for the first quarter of 2022 reached 8.4%, with a total of AED399 billion, compared to AED368 billion in the same period of 2021. The UAE’s foreign trade soared more than 50%, with a total of AED1.060 trillion during the first half of this year, compared to AED702 billion in the same period of 2020.

 

The Cabinet approved the issuance of a federal law regulating the partnership between the federal authorities and the private sector in the UAE. The law aims at organising partnership between both sectors, encouraging the private sector to participate in development and strategic projects, increasing investment in projects of economic and social values, and enhancing the competitiveness of projects in the local, regional and global markets.