UAE records robust financial performance, economic growth in 2023
(MENAFN) The UAE Cabinet has officially approved the country's unified government financial statistics for 2023, revealing impressive figures with revenues totaling USD149 billion and expenditures at USD109 billion. Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, highlighted that the government's strategic economic decisions made during and after the COVID-19 pandemic have led to substantial and tangible progress. He noted that the number of companies in the UAE surged dramatically from 405,000 in mid-2020 to 1,021,000 by mid-2024, marking a remarkable 152 percent growth rate.
Sheikh Mohammed emphasized that the UAE's swift economic growth has positioned it as a global leader, ranking fifth worldwide in real GDP growth and placing among the top ten international economies for competitiveness indicators. He further acknowledged the country's exceptional performance in attracting foreign direct investment (FDI), with a record AED 112 billion invested in the previous year. The UAE secured second place globally, just behind the United States, for the number of new FDI projects, totaling 1,323 with a 33 percent increase compared to the previous year. This significant achievement underscores the UAE's robust economic health and its strategic success in fostering global investment.
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