The Economic Integration Committee held its second meeting for the year 2023, chaired by the Minister of Economy, Abdullah bin Touq Al-Marri, in the presence and membership of the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, and representatives of local economic development departments in the emirates of the country.
During his opening speech at the committee, Al-Marri reviewed the most prominent indicators of economic growth achieved by the UAE thanks to the vision and directives of the leadership during the year 2022, including the increase in the gross domestic product of the national economy, to reach 1.62 trillion dirhams at constant prices, achieving a positive growth of 7.6%, while it reached 1.86 at current prices. One trillion dirhams, an increase of more than 337 billion dirhams over 2021, achieving a growth of 22.1%, for the country to record exceptional and strong economic performance in various economic and commercial sectors and activities, despite the economic fluctuations the world is witnessing.
Tourism sector
He pointed out 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% during 2022 to reach about 167 billion dirhams, and its contributions are expected to reach by the end of 2023 to About 180.6 billion dirhams, a growth of 8.3% over the year 2022.
The spending of international visitors in the country during 2022 reached 117.6 billion dirhams, an increase of 65.3% over 2021, while domestic tourism spending jumped to reach 46.9 billion dirhams in 2022, a growth rate of 35.7%, compared to 2021, according to a report issued by World Travel and Tourism Council.
He said that the economic legislative environment of the UAE witnessed qualitative shifts that contributed to enhancing the investment climate, providing 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.
economic record
The committee reviewed what has been achieved in the stages of developing the national economic register, which included two stages. The first is linking the data of licenses of companies and institutions issued by local issuing authorities in the various emirates of the country. The second stage is linking data of licenses of companies and institutions from free zones, as well as linking data of types of licenses from all authorities. Registration in the state and free zones. The committee also discussed the latest developments in the country’s mutual evaluation file regarding the national strategic plan to combat money laundering and combat the financing of terrorism, and followed up on the progress of work on the operational plan for company registrars.
The committee reviewed a set of new proposals for the Commercial Arbitration Law, in a way that enhances the flexibility and competitiveness of the business and investment environment in the country, in accordance with the best international practices followed in this regard.
2023-05-30 22:05:43
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