UAE Minister of Economy Forecasts Higher Growth for 2023 with $160 Billion Targeted Investments in New Economy Sectors

– Minister of Economy:

– We expect the national economy to witness growth for the year 2023 that is higher than the announced estimates.

The industrial sector is one of the pillars of enhancing the soft power of our national economy.

The UAE targets investments worth $160 billion in the sectors of the new economy.

Foreign direct investment and capital flows are witnessing significant growth.

From Ahmed Al Nuaimi.

ABU DHABI, June 1, 2020 / WAM / His Excellency Abdullah bin Touq Al Marri, Minister of Economy, said that the UAE aims to transform into a global model for green growth and a circular economy, which contributes to the sustainability of economic growth in light of working in cooperation with partners to open new markets for national exports and enhance competitiveness. The national economy and the development of the business environment. His Excellency added, in statements to the Emirates News Agency, WAM, during the activities of the “Make in the UAE” forum, that the industrial and manufacturing sector is one of the priority sectors, and it is one of the pillars of enhancing the soft power of our national economy and a major enabler to enhance its competitiveness in international markets.

He pointed out that the national industry is able to compete in regional and global markets in many fields such as aviation, transportation, logistics, renewable energy, mining, food, petrochemical and pharmaceutical industries, and others.

He said that the UAE targets investments worth $160 billion in sectors of the new economy over the next three decades, adding that the bets of global economic growth are linked to creating more investment opportunities in sectors of the new economy, including the space industry, food, agriculture, health care, transportation, renewable energy, circular economy models and technology. In addition to investing in developing digital infrastructure, employing artificial intelligence and virtual reality technologies, and enhancing their contribution to economic growth.

On the ministry’s efforts to launch projects with a strategic economic impact, His Excellency Abdullah bin Touq said that the ministry is working in cooperation with its strategic partners on a number of initiatives and policies to enable investment opportunities in new economies while continuing efforts to enhance an incubating environment for startups and family businesses.

He explained that the UAE was able to record record growth rates during the year 2022, as the gross domestic product grew by 7.6%, which is one of the highest economic growth rates in the world. During 2023, it is expected that the national economy will continue to grow at a rate of 3.9%, with non-oil output growing by 4.2%, according to Central Bank estimates, and the rate will rise in the next year 2024 to 4.3% of GDP and 4.6% of non-oil output.

His Excellency Abdullah bin Touq Al-Marri expected that the national economy would witness growth for the year 2023, higher than the announced estimates, for several reasons. The latest data shows that the purchasing managers’ index rose to the highest level in five months, amid stronger growth in new orders, and stocks of purchases expanded at the highest rate in five years.

He added: “The new comprehensive economic partnership agreements that will enter into force or will be announced will further support growth. In addition to the various initiatives and strategies aimed at increasing the country’s attractiveness to talents and competencies. Foreign direct investments and capital flows are also witnessing significant growth, which reflects investors’ confidence in country’s economic policies.