And the increase in the gross domestic product of the UAE economy in the year 2022, to reach 1,620 billion dirhams at constant prices, achieving a positive growth of 7.6%, while it reached 1 860 billion dirhams at current prices, an increase of more than 337 billion dirhams over the year 2021, achieving a growth of 22.1 percent.
The Minister indicated that the tourism sector is one of the main sectors that have led the growth of the UAE economy over the past year, the contribution of the tourism and travel sector to the gross domestic product having increased by 60.2% in 2022, to reach approximately 167 billion dirhams, and its contribution is expected to reach by the end of the year. 8.3% compared to 2022, and international visitor spending in the UAE in 2022 reached 117.6 billion dirhams, an increase of 65.3% compared to 2021, while domestic tourism spending jumped to reach 46.9 billion dirhams in 2022, a growth of 35.7% compared to 2021, according to a report published by the World Travel and Tourism Council.
Bin Touq explained that these indicators confirm the importance of the tourism sector in enhancing the growth and competitiveness of the UAE economy and supporting the country’s sustainable development process in light of the goals for the next fifty years.
The Minister of Economy pointed out that the economic legislative environment in the UAE has undergone qualitative changes which have contributed to improving the investment climate, creating a competitive, flexible and sustainable business environment, and supporting opportunities and catalysts for the business community, investors and entrepreneurs, through the publication of numerous economic legislations and policies in accordance with international best practices, including It supports the achievement of the national objective of the vision of “We are the Emirates 2031 “, with the UAE securing the world’s first place in developing proactive legislation for new economic sectors, thus establishing its position as a leading global center for trade and investment.
The minister’s remarks came during the meeting of the Economic Integration Committee, which is its second meeting in 2023.
The Minister added: “The committee is continuing its work in an accelerated manner to complete the development of the National Economic Registry across the Emirates, based on the latest practices in this regard, in cooperation with the relevant federal and local authorities, to a way that contributes to strengthening the economic system so that it becomes more competitive and integrated, by building a database.” integrated companies registered in the UAE, and the development of sectoral economic policies based on comprehensive, accurate and continuous data.
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