On its 51st anniversary, Joe Chidiac pens inexhaustible volumes of UAE success stories
The CEO & Publisher of Economy Middle East, Joe Chidiac said “The seeds of these remarkable achievements, which have accumulated in an endless array of fields, were sowed thanks to a wise leadership that works tirelessly to realize the impossible.”
The United Arab Emirates marks its 51st National Day at a time when the country is ardently expanding its position not only on the world stage but also in space.
The UAE’s astute leadership has precipitated radical change in the structure of economic life in the country through economic diversification and improvement, using integrated development plans based on an abundance of advanced infrastructure. This pioneering mindset has transformed the country not only into a destination for businessmen and international companies seeking to expand their presence in the region but also into the ideal locale for international conferences and exhibitions. Indeed, the UAE has become a highly attractive location for investment as well as an alluring tourist destination for millions of visitors from around the world.
The UAE is enjoying great successes in diversifying its economic base and promoting high-added-value industries, bringing the contribution of non-oil sectors to the country’s GDP at constant prices to 73.5 percent at the end of Q1, 2022.
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Impressively, the country is achieving momentous economic growth rates despite the global financial challenges resulting from high inflation rates. And yet, the road ahead has been paved for additional achievements, with the International Monetary Fund expecting the UAE to become the fastest-growing economy in the Gulf region in 2023, driven by non-oil economic growth and amid substantial improvements in non-oil private sector conditions. A 5.1 percent real GDP growth is anticipated in 2022.
The UAE is consolidating its position as a major regional and international destination for investment, and confirming its status as key partner enjoying a significant level of confidence in the global investment and financial communities. Amendments to the “Golden Visa” came in line with plans to strengthen the country’s status as an ideal destination to live, work, invest and support sustainable economic growth.
The importance of the real estate sector, which continues to attract investors from around the world, can certainly not be overlooked. Thanks to the UAE’s keenness to enact laws that support its prosperity, the sector has become one of the most lucrative, not only at the local or regional levels but also compared to its counterparts in major developed countries.
The UAE’s ability to attract a variety of investments is assuredly too immense to summarize in just a few lines. However, we would be remiss to understate the achievements made by IPO activity in the country, highlighted by the massive $6.1 billion Dubai Electricity and Water Authority IPO. Now considered a watershed moment that cemented the country’s prominence in IPO terms, DEWA’s IPO was the second-largest in Europe, the Middle East, and Africa since the beginning of 2022, and the largest filing in the history of the Emirates’ capital markets.
The UAE’s extensive investments abroad underscore its global position and the high competitiveness of its local companies, whose operations and investments have leaped beyond the country’s borders to help inscribe countless “Made in the UAE” success stories that have dazzled the world.
The UAE has also demonstrated its international position in the world of digital economies, becoming a recognized global player in digital ecosystems, as well as a “mecca for technology giants around the world” thanks to GITEX, the largest platform for international technology and innovation.
Today, the UAE is gleaming on the back of many years of achievements during which it won international accolades, especially for its speed in addressing the health and economic repercussions of the COVID-19 pandemic.
On the 51st anniversary of the establishment of the Federation in 1971, and with so many astonishing accomplishments, we can’t help but look ahead in anticipation at what remarkable wonders the years ahead will bring in terms of development, prosperity, and successes.