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

Workers at Egypt's Zohr gas facility. It is unclear if the drop in output is due to technical issues or lack of investment

Egypt plans to restore full gas output in 2025

Egypt plans to restore its natural gas production to normal levels by June 2025, the prime minister has said.  The country has become a net importer of fuel amid declining domestic output and increasing energy demand.  Falling output from Zohr – Egypt’s largest natural gas field developed by Eni of Italy – led to daily […]

Saudi petrochemical

Second-half slide expected for Saudi petrochemical industry

With higher shipping and logistic rates and stable prices of raw materials, Saudi petrochemical producers are likely to report lower earnings in the second half of the year, an expert has said. The companies reported margin peaks in the second quarter of the year, but they are likely to face pressures on profit margins in […]

G42 Nvidia

G42 links with Nvidia to launch climate tech lab

The UAE-based artificial intelligence company G42 has formed a partnership with Nvidia, the US computer chip giant, to set up a climate tech laboratory in Abu Dhabi, aimed at better predicting the weather using AI. In what is Nvidia’s first partnership with the UAE company, the lab will “serve as a hub for research and […]

Alshaya Group, one of the Gulf’s largest franchise owners, is expected to resume discussions about Starbucks next year if the situation improves

Kuwait’s Alshaya delays Starbucks franchise stake sale

Kuwait’s Alshaya Group is “not in a hurry” to sell a stake in its Starbucks regional franchise due to the ongoing geopolitical unrest and boycotts, which is affecting its valuation, according to a news report. Discussions are expected to resume next year “if the situation improves”, Reuters reported, citing informed sources. The company, one of […]