عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UAE GDP Grew 7.6% in 2022

Investopia 2023 Abu Dhabi kicked off on Thursday. (WAM).
Investopia 2023 Abu Dhabi kicked off on Thursday. (WAM).
TT
TT

UAE GDP Grew 7.6% in 2022

Investopia 2023 Abu Dhabi kicked off on Thursday. (WAM).
Investopia 2023 Abu Dhabi kicked off on Thursday. (WAM).

The United Arab Emirates’ gross domestic product grew 7.6 percent in 2022 amid doubled economic growth, incoming foreign direct investment, and outgoing investment flows announced Minister of Economy Abdullah bin Touq.

Bin Touq stated that the 100 percent full foreign ownership led to a significant increase in the demand for international companies to work in the UAE, reaching 300,000 companies and generating revenue of about $598 billion.

The Minister was speaking at the second edition of the Investopia Annual Conference 2023 that kicked off in Abu Dhabi on Thursday. More than 2,000 local and international figures, including investors, government officials, decision-makers, and entrepreneurs, are taking part at the event.

Managing Director and Group CEO of Mubadala Khaldoon al-Mubarak said the focus on disruptive innovation in the UAE shapes the future economic base and creates solutions that benefit others.

"It is why our plans to supercharge our growth are underpinned by collaboration, creating opportunities for people, and driving solutions to press global challenges," he said.

Mubarak summarized that Mubadala's role is to "help advance the nation's globally connected economic base by investing and partnering in the most promising and challenging sectors across over 50 countries."

Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed al-Zaabi stressed the importance of bringing key players in the global investment community together to discuss ways to deal with challenges and factors shaping the future.

The ADDED aspires to advance the rapidly evolving economic landscape organizing.

"Over the past years, Abu Dhabi has taken a remarkable journey of phenomenal transformation, driven by the wise vision of our leadership and fueled by the ambition of economic diversification," he added, according to the UAE state news agency WAM.

The UAE is experiencing the golden era, the rise of a Falcon Economy, he added.

UAE continues to be a dominant force, driven by the leadership's clear vision, agile policies, and robust regulatory and legal frameworks to encourage and promote both foreign and domestic investment, he said.

"Our rapid economic growth, along with the growing confidence of the international community to live, invest and thrive in Abu Dhabi. This phenomenal expansion has been led by the growth of various non-oil sectors of our economy and as a result of the collaborative efforts of the public and private sectors," Zaabi concluded.

The Investopia Annual Conference 2023 will discuss several economic issues that contribute in shaping the new global economies and their sectors.

It will feature several panel discussions, such as: Uncovering the Potential of South-South Investments in Emerging Markets, Fintech Revolution, Growth Opportunities in Today's Economy, Mobilizing New Economies, Reimagining Regional Economic Development Through Finance, and Venture into Untapped Markets: Private Growth Investing.

The conference will discuss Food Security in Times of Climate Change, Trends in Family Wealth, Innovations in Precision Healthcare, Beyond Borders: Harnessing the Power of Global Trade for Investment & Growth, and How Blockchain Will Change Finance.

The event is hosting a series of closed roundtables by the UAE Canada Business Council, Business Finland, and the Emirates News Agency (WAM).

It will also witness investment meetings that bring together global financial and non-financial institution leaders to discuss areas of collaboration and investment opportunities.

Most Viewed

 
 
Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
TT
TT

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
TT
TT

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
TT
TT

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.