UAE President Receives Mohammed Bin Rashid

As part of a high-profile meeting His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE received Vice-President, Prime Minister of the UAE, and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum at Qasr Al Bahr Palace in Abu Dhabi. During their meeting, a number of topics were discussed on the different developmental phases of the UAE and the general well-being of its citizens. They also spoke about the national aspirations of the country to achieve global status. 

Different strategies were also discussed regarding increasing the state gains and also for adopting new methods for taking ahead the development strategy of the UAE leaders. They also prayed to Allah to help them improve their track record in all economic and social areas of the Emirate nation in the coming years.

The high-profile meeting was also attended by the top-level dignitaries of the UAE

The meeting was also attended by other leaders like Sheikh Saif bin Mohammed Al Nahyan, Sheikh Tahnoun bin Mohammed Al Nahyan, the Ruler’s Representative in the Al Ain Region, Lt.General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, Sheikh Hamed bin Zayed Al Nahyan, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and also other dignitaries from different departments of the administration. 

The developmental journey of the UAE has been nothing short of spectacular for the past three years, especially after Covid. The economy had made a strong rebound from the covid crisis and made convincing economic growth through 2020 and 2021. The Emirate nation had opened up its trade channels welcoming more international investors to establish new businesses on the Arab soil of the UAE. This was parallelly kept in check with the quality of life that cities like Dubai could offer to the international community. 

The FIFA world cup of 2022 was organized in Qatar and this was a huge boost to the service sector in Dubai as well. The tourist influx to Dubai had already increased post-covid as people began to travel with confidence and there was a huge demand for flights to Dubai and other UAE cities. The Emirates Airline was also getting back to its full potential as it increased the number of flights to and from Dubai to the rest of the world. Global events like Dubai Expo 2020, Gitex Tech Exhibition, Dubai Shopping Festival, Emirates Airlines Literary Festival, etc. were also organized successfully which drew the world community to the UAE. 

According to World Bank records, the total GDP of the GCC countries touched $2 trillion in 2022. This was major because of the high oil export volumes coupled with the high demand in the non-oil sector in the UAE.

The world-class infrastructure offered by the UAE for welcoming international investors and high-grade FDI also led to more successful GDP growth for the Emirate nation. The risk of recession in 2023 and the slowdown of the global economy don’t seem to affect UAE beyond a point as the emirates are investing in innovative and sustainable projects that would take the economy of the UAE to a new phase in the coming years. 

The economy of the UAE grew by almost six percent last year and the GCC had an overall growth of around seven percent. The healthy economic structure of the Middle-east nations is mainly influenced by the income generated from oil sales and their simultaneous development of service sectors like tourism and tech.

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They have been investing in the service-related sector for a long time and the economy has turned in their favor as the world is getting ready for a new economic and social revolution. The demand and export of oil from Arab nations like Saudi and the UAE had increased because of the post-covid environment as most economies were trying to kick start their businesses and industries to overcome the dearth created by the pandemic.

China was still lacking behind as they were trying to tackle the pandemic situation through their zero-covid policy which created a total economic lockdown for more than three years. In 2023, the Chinese government is making efforts to compensate for this economic slowdown and the UAE is one of the major oil exporters for China.

The UAE and Saudi have a lineup of new projects that stress the importance of green energy and sustainability. ‘The Loop’ and ‘The Line’ are two of the ambitious projects started by the UAE and Saudi Arabia to create a huge sustainable model of living and commutation that will be completed in a span of five years.

These projects will put the Arab nations in the center of the world economy as they are making a huge leap in the aspect of environmental consciousness and long-term sustainability. The COP28 is also another global event that will be conducted by the end of 2023 in Dubai where major decisions will be taken regarding the preservation of the environment through reducing carbon emissions and fostering the culture of sustainable cities.