The UAE economy will grow by 22.1% in 2022 at current prices

And the increase in the gross domestic product of the UAE economy during 2022, to reach 1.62 trillion dirhams at constant prices, achieving a positive growth of 7.6 percent, while it reached 1.86 trillion dirhams at current prices, an increase of more than 337 billion dirhams over the year 2021, achieving a growth of 22.1 percent.

The minister indicated that the tourism sector is one of the main sectors that led the growth of the UAE economy during the past year, as the contribution of the tourism and travel sector to the gross domestic product increased by 60.2 percent during 2022, to reach approximately 167 billion dirhams, and its contribution is expected to reach by the end of the year. In 2023, by about 180.6 billion dirhams, a growth of 8.3 percent from 2022, and the spending of international visitors in the UAE during 2022 reached 117.6 billion dirhams, an increase of 65.3 percent from 2021, while domestic tourism spending jumped to reach 46.9 billion dirhams in 2022, by A growth of 35.7 percent compared to 2021, according to a report issued by the World Travel and Tourism Council.

Bin Touq explained that these indicators confirm the importance of the tourism sector in enhancing the growth and competitiveness of the UAE economy, and supporting the sustainable development process of the country in light of the goals of the next fifty years.

The Minister of Economy stressed that the economic legislative environment of the UAE witnessed qualitative shifts that contributed to enhancing the investment climate, creating a competitive, flexible and sustainable business environment, and supporting opportunities and enablers for the business community, investors and entrepreneurs, through the issuance of many legislations and economic policies in accordance with international best practices, including It supports the achievement of the national goal of the vision of “We Are the Emirates 2031”, with the UAE obtaining the first place in the world in the development of proactive legislation for new economic sectors, thus establishing its position as a leading global center for trade and investment.

The minister’s remarks came at the meeting of the Economic Integration Committee, which is its second meeting in 2023.

The minister added, “The committee continues its work in an accelerated manner to complete the development of the national economic register in all Emirates, based on the latest practices followed in this regard, in cooperation with the concerned federal and local authorities, in a way that contributes to strengthening the economic system to become more competitive and integrated, by building a database integrated companies registered in the UAE, and the development of sectoral economic policies based on comprehensive, accurate and continuous data.