The UAE has seen a remarkable economic transformation since the start of the Covid-19 pandemic, with the number of registered companies more than doubling and foreign direct investment (FDI) reaching AED112 billion ($30.5 billion) last year. These milestones were highlighted in a report reviewed by the UAE Cabinet during a meeting chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, at Qasr Al Watan, Abu Dhabi, on September 2.
Economic and Investment Achievements
During the meeting, Sheikh Mohammed bin Rashid Al Maktoum emphasized the significant outcomes of the government’s economic and investment development initiatives. “The economic decisions taken by the government during and after the Covid-19 pandemic have resulted in substantial and tangible achievements,” he stated. The UAE had 405,000 companies by mid-2020; this number surged to 1.021 million by mid-2024, marking a 152% increase, according to the UAE’s National Economic Register.
The Cabinet also reviewed key financial statistics and non-oil trade figures for 2023. The country’s non-oil GDP grew by 6.2%, placing the UAE fifth globally in real GDP growth and among the top 10 in various global competitiveness indices. “The UAE attracted a record AED112bn ($30.5bn) in foreign direct investment last year and secured the second position globally, after the United States, in the number of new foreign direct investment projects,” Sheikh Mohammed added.
UAE Legislative and Economic Advancements
The Cabinet discussed the ongoing efforts to update the country’s economic legislation, with over 30 economic laws and policies revised in the past four years. These updates have significantly contributed to the UAE’s transition towards a knowledge and innovation-driven economic model, enhancing its competitiveness on a global scale. Sheikh Mohammed bin Rashid Al Maktoum reiterated the government’s commitment to this path, stating, “Our economic future will be stronger and better, God willing.”
The UAE also recorded a 16.3% growth in non-oil commodity exports, reaching AED440 billion ($120 billion) in 2023. Additionally, the country’s foreign trade of non-oil goods exceeded AED2.614 trillion ($712 billion), reflecting a 14.3% growth compared to 2022.
Comprehensive Economic Partnerships
The UAE has finalized 15 comprehensive economic partnership agreements across four continents, which are expected to boost UAE exports by 33% and contribute AED153 billion ($42 billion) to the country’s GDP by 2031.
