Abu Dhabi: The UAE’s gross domestic product (GDP) grew by 7.6 per cent in 2022, double more than the projected 3 to 4 per cent, said UAE Minister of Economy Abdullah bin Touq Al Marri.

“When the Central Bank (of UAE) and all the financial institutions in the country said in March last year that UAE’s GDP will grow at a rate of 3 to 4 per cent. Today, and this is not yet announced, we are looking at (growth rate of) 7.6 per cent,” said Al Marri.

Abu Dhabi: The UAE’s gross domestic product (GDP) grew by 7.6 per cent in 2022, double more than the projected 3 to 4 per cent, said UAE Minister of Economy Abdullah bin Touq Al Marri.

“When the Central Bank (of UAE) and all the financial institutions in the country said in March last year that UAE’s GDP will grow at a rate of 3 to 4 per cent. Today, and this is not yet announced, we are looking at (growth rate of) 7.6 per cent,” said Al Marri.

26 new CEPAs in the pipeline

The Minister said at least 26 new Comprehensive Economic Partnership Agreements (CEPAs) are in the pipeline to bolster economic diversity and foreign investment. “We have already signed CEPAs with India, Indonesia, and Israel. And we are signing agreements with Turkey, Cambodia, Georgia, and Vietnam,” Al Marri said.

The UAE Minister of Economy, also Chairman of Investopia, said several steps had been taken to diversify the economy and steer it away from being oil and gas-driven. “In 1970, 70 per cent of UAE’s GDP came from oil and gas sectors. Today, it is only 30 per cent,” he added.

“Key economic sectors are witnessing a steady growth in the flow of investments, and several national companies are entering into partnerships with foreign firms,” said the Minister.

Fresh talent

Al-Marri also said that the 100 per cent business ownership law for mainland companies has resulted in 300,000 new businesses and circulated the economy better. “We recorded Dh2.2 trillion worth of trade,” the Minister added. He also credited the newly launched residency visas – golden, green, and the freelancer- that drew fresh talent into the country in large droves. “All this movement has contributed to economic growth,” he stated.

Source: UAE’s gross domestic product grew 7.6% in 2022, says Al Marri | Markets – Gulf News