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Minister of Economy: UAE Sees 6.5% Growth

Minister of Economy: UAE Sees 6.5% Growth

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The UAE economy is projected to grow over 6.5% this year and the next, driven by the new economy sectors as well as new socio-economic initiatives taken by the government, said minister of the economy was speaking at the launch of the “Future 100” initiative to support 100 startups.

Abdullah bin Touq, Minister of Economy, said 2022 has been a great year for the UAE economy with trade crossing Dh1 trillion and re-exports crossing Dh300 billion for the first time ever.

The country forecasts a growth of 6.5% this year and to double the economy to Dh3 trillion by 2031, the UAE economic sector needs to grow 7% every year.

The International Monetary Fund also hiked the UAE’s economic growth forecast to over 6% for 2022 last month, a remarkable increase from 3.8% last year. This is driven by the foreign investment inflow into the country’s different sectors in 2022 after the government successfully and effectively handled the pandemic which further boosted the trust of foreign investors in the country.

Furthermore, the Comprehensive Economic Partnership Agreements (Cepa) will play a key role in the growth of the new economy sectors in the years to come.

The UAE has signed Cepa with India, Indonesia and Israel while negotiations are underway or in the planning phase with Pakistan, Turkiye, Georgia and Cambodia as part of the UAE strategy to double the size of its economy from Dh1.4 trillion to Dh3 trillion by 2030.