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UAE Role as a Global Economic Link Reinforced by Hosting International Events

By holding major events like as Gitex Global 2023, the United Arab Emirates (UAE) has solidified its worldwide economic connection position.

The United Arab Emirates (UAE) has cemented its global economic link position by hosting international events like Gitex Global 2023. 

This achievement underscores the country’s ability to bring together major international companies, businessmen, investors, and global talents.

Momentum Across All Economic Sectors:

Abdullah bin Touq Al Marri, the Minister of Economy, emphasized that the UAE is currently experiencing growing momentum across all economic sectors. 

This success is attributed to the leadership’s directives to establish the country as a global economic hub.

Gitex Global 2023 – A Landmark Event:

Gitex Global 2023, recognized as the world’s largest technology and startup exhibition, attracted over 6,000 exhibitors and 180,000 tech executives from 180 countries. 

Additionally, it brought together over 800 government entities from the Middle East, Africa, and South Asia region, focusing on technology, digital economy, artificial intelligence, and more.

A Series of Vital Platforms:

Apart from Gitex, the UAE has recently hosted several other high-profile events, including the UNCTAD 8th World Investment Forum 2023, Dubai Air Show, Arab Health Medical Expo, Global Future Councils, and various green economy events leading up to COP28. 

These events are vital platforms facilitating collaboration, knowledge exchange, and product and service showcases among experts and specialists in various sectors.

Positive GDP Growth and Record Foreign Direct Investment (FDI):

Abdullah bin Touq Al Marri also highlighted the positive economic indicators for the UAE. Preliminary estimates for the country’s gross domestic product (GDP) in 2022 revealed growth rates that exceeded expectations. 

The UAE’s GDP at constant prices reached Dh1.62 trillion, reflecting a positive growth of 7.9%. 

At current prices, the GDP totaled AED1.86 trillion, marking an increase of over Dh337 billion compared to 2021, which translates to a remarkable growth rate of 22.1%.

Regarding foreign direct investment (FDI), the UAE achieved its highest FDI inflow in history in 2022, amounting to Dh84 billion ($23 billion). 

This represents a 10% increase compared to 2021 and positions the UAE as the 16th in the global rankings for FDI attraction, moving up six places from the previous year. 

The UAE also ranks first in the region for attracting FDI inflows and is the fourth largest recipient of greenfield investment projects globally, following the US, UK, and India.

Get all the latest update on UAE Times Now

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