As the world comes out of the Covid era, there is anticipation, appetite, and expectation in people around the world for growth, development and economic progress. The UAE is no exception to this global trend as the government has launched a massive $8.7 trillion economic plan for the next 10 years to boost foreign investment and trade.
Recently in a tweet, Sheikh Mohammed bin Rashid al Maktoum, the Prime Minister and ruler of Dubai mentioned- “Dubai will rank as one of the top four global financial centers with an increase in FDI to over AED 650 billion ($177 billion) over the next decade.” Furthermore, he added, “Over 300,000 global investors are helping build Dubai into the fastest-growing global city.”
The investment plan has laid out a roadmap for 100 “future transformational projects”. The projects entail plans to enhance foreign trade to 25.6 trillion dirhams from 14.2 trillion dirhams in the last decade, almost doubling annual foreign direct investment to 60 billion dirhams yearly, and increasing government spending from 512 billion dirhams in the last decade to 700 billion in the next.
● Oil and Gas Industry
The UAE is a major producer and exporter of oil and gas, and the oil sector has traditionally been the backbone of the UAE's economy. The UAE is the fourth-largest producer of oil in the world, and its oil reserves are estimated to be the seventh-largest in the world. The government of the UAE has invested heavily in this sector and continues to do so to ensure its continued growth.
● Real Estate
Real estate is a major contributor to the UAE's economy, especially in Dubai. The country has been investing heavily in infrastructure and real estate development over the years, resulting in a robust property market. The demand for high-end residential and commercial properties, as well as the growth of the tourism industry, have contributed to the growth of the real estate sector.
The UAE is known for its luxury tourism industry, attracting millions of visitors every year. Dubai, in particular, has been successful in positioning itself as a global tourism hub, with its iconic landmarks such as the Burj Khalifa and the Palm Jumeirah. The country's government has been investing heavily in tourism infrastructure, such as hotels, resorts, and entertainment venues, to attract more tourists.
● Financial Services
The UAE is also a major financial hub in the Middle East, with Dubai being the primary financial center. The country's well-regulated banking system, favorable tax policies, and strategic location have attracted many multinational corporations and financial institutions to set up their operations in the UAE.
The healthcare sector in the UAE has been growing rapidly, driven by the government's investments in the healthcare sector and the increasing need for high-quality healthcare services in the UAE. The country has been investing heavily in crucial infrastructure, such as hospitals and clinics, and has been attracting healthcare professionals from around the world.
It is important to note that the pandemic has had a significant impact on the global economy, including the UAE. However, the industries that drove growth in the Middle East have shown a resurgence in 2022 and will continue to strengthen in 2023.