Skip to content Skip to Search
Skip navigation

UAE economy’s growth for 2022 upgraded to 5.4%

Creative Commons
Sheikh Mansour bin Zayed, deputy prime minister and chairman of the board of the Central Bank of the UAE

The UAE economy is set to grow by 5.4 percent this year, driven by the country’s success in containing the economic impacts of the coronavirus pandemic, according to the Central Bank of the UAE (CBUAE).

The figure is higher than the 4.2 percent real gross domestic product (GDP) growth estimate made by the bank in April. The UAE expanded 3.8 percent in 2021 and is expected to grow another 4.2 percent in 2023 as momentum continues.

Overall GDP growth will be supported by a 8 percent rise in the UAE’s oil economy in 2022. The country’s non-oil economy is expected to grow by 4.3 percent.

“Despite the numerous economic challenges caused by the pandemic in 2021, the UAE was able to excel on the economic front, and even improve its competitiveness, thanks to the overall vision and timely policies enacted by our leadership,” Sheikh Mansour bin Zayed, deputy prime minister and chairman of the board of CBUAE, said.

A report by the International Monetary Fund also pointed out the country’s continued push to implement policies “aimed at supporting economic growth”.

The recovery from the global economic slowdown in 2020 has been driven by pandemic-mitigation measures and AED388 billion ($105.72bn) in fiscal and monetary support since the onset of the pandemic.

Latest articles

FILE PHOTO: United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi gestures during an interview with Reuters in Dubai, United Arab Emirates, June 30, 2022. REUTERS/Abdel Hadi Ramahi/File Photo

UAE and Kenya complete Cepa negotiations

The UAE and Kenya have completed negotiations on a comprehensive economic partnership agreement (Cepa) between the two countries. It is the 12th Cepa deal secured by the UAE and its third in Africa, after agreements were signed last year with Mauritius and the Republic of the Congo (Congo-Brazzaville). “The UAE-Kenya Cepa will not only boost […]

Adnoc has bid for German polymer manufacturer Covestro but its offers €55 and €57 per share were rejected

Adnoc faces hurdles in completing ambitious European deals

Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […]

The 450 companies operating at Dubai Science Park include AstraZeneca, and the free zone plans to add 200,000 sq ft of lab and office space

Dubai Science Park reveals expansion plans

Dubai’s biotechnology free zone is adding 60 percent more offices, laboratories and warehouses over the next few years to cater for an influx of new companies, its senior vice-president told AGBI.  Dubai Science Park, part of Dubai-listed Tecom Group, is planning an expansion of 200,000 sq ft of additional storage and logistics facilities at the […]

A worker at a phosphate production plant in Metlaoui, Tunisia. Phosphate accounts for 15% of Tunisia's exports

Saudi Arabia loans $55m for Tunisian rail renewal

Saudi Arabia has signed a $55 million loan deal with Tunisia to finance the renewal of the North African country’s rail network.  The railway is used to transport phosphate, a sector that makes up around 4 percent of Tunisia’s GDP and 15 percent of the country’s exports. Tunisia plans to produce eight million tonnes by […]