Skip to content Skip to Search
Skip navigation

UAE minister says economy grew 7.6% in 2022

By Pramod Kumar
Prices of Dubai’s prime property was among the highest in the world in 2022, aiding the UAE's economic growth Reuter/Mohammed Salem
Prices of Dubai’s prime property was among the highest in the world in 2022, aiding the UAE's economic growth

The UAE’s GDP grew by 7.6 percent in 2022, economy minister Abdullah bin Touq Al Marri said on Thursday.

Confirmation of the figures comes as the government is expected to issue its first 10-year dirham-denominated bond, part of plans to strengthen the local debt capital market.

“The UAE last year tapped the dirham bond market for the first time – so we now actually have a dirham sovereign debt curve [for] five years,” Satyajit Singh, CFA head of fixed income strategy at Emirates NBD, said last month.

Meanwhile, the net earnings of 123 UAE-listed companies reached AED191 billion ($52 billion) in 2022, rising 60 percent year-on-year, indicating a strong financial position and healthy revenue growth, WAM reported.

Another supporting factor was the growth in house prices in Dubai’s prime property areas, which was among the highest in the world in 2022.

At 12.4 percent, Dubai trailed only Miami (25.4 percent) and was markedly above the average 3.2 percent growth seen by the 30 cities tracked in Savills’ Prime Residential World Cities Index.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]