UAE Cabinet chaired by Mohammed bin Rashid reviews the country’s competitive and development indicators

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the UAE Cabinet meeting held at Qasr Al Watan Abu Dhabi.

The meeting was attended by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior and H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Court.

His Highness Sheikh Mohammed bin Rashid Al Maktoum said: "I chaired the Cabinet meeting at Qasr Al Watan in Abu Dhabi. We reviewed the UAEs competitive and development indicators. Our commercial and development sectors surpassed the pre-pandemic growth."

His Highness Sheikh Mohammed bin Rashid 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."

His Highness Sheikh Mohammed bin Rashid Al Maktoum added: "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 said: "The UAEs foreign trade exceeded AED 1 trillion, compared to AED 840 billion pre- pandemic and this years economic growth exceeded 22%."

His Highness added: "Our tourism sectors revenues surpassed AED 19 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."

His Highness noted: "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 worlds top 10 list in 432 indicators, compared to 314 in 2020.

The Cabinet also reviewed the UAEs 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 AED 399 billion, compared to AED 368 billion in the same period of 2021. The UAEs foreign trade recorded a leapfrog of more than 50%, with a total of AED 1.060 trillion during the first half of this year, compared to AED 702 billion in the same period of 2020.

The Cabinet reviewed the achievements of the tourism sector in the country in the first half of the year 2022. The results showed an increase in tourisms contribution to the national economy by 12%. The number of hotel guests establishments increased by 42% with a total of 12 million guests, compared to 6.2% before COVID-19 pandemic. The total revenues of the sector amounted to AED 19 billion, during the first half of 2022.