A country ranked second in terms of economic stability
According to a recent study, the United Arab Emirates (UAE) is considered the second most economically stable country in the world. This honourable ranking is due to various factors such as opportunities for entrepreneurship, access to capital, the availability of a skilled workforce, adaptability, competitiveness and the strength of trade. Furthermore, the UAE’s GDP per capita is comparable to that of the leading nations in Western Europe.
At the top of the rankings is Switzerland, followed by the United Arab Emirates, Canada, Germany, Japan, Sweden, Australia, the Netherlands, Norway and Denmark.
A diversified economy to reach 3,000 billion AED by 2030
In order to achieve a GDP of 3,000 billion AED (United Arab Emirates dirham) by 2030, the UAE is focusing on strategies for economic diversification and support for new sectors. These efforts include, in particular, embracing the Fourth Industrial Revolution and advanced technologies to enhance research capabilities, promote the industries of the future and attract foreign direct investment.
Impressive financial results in 2022
In 2022, the UAE’s GDP reached 1,620 billion AED at constant prices, representing growth of 7.91 per cent year-on-year. At current prices, GDP stood at 1,860 billion AED, representing a growth rate of 22.1% compared with the previous year. These figures demonstrate the country’s exceptional economic dynamism and its ability to position itself as a key player on the global stage.
Some of the world’s largest sovereign wealth funds
The United Arab Emirates also has some of the world’s largest sovereign wealth funds, which enable it to cope with global economic fluctuations. In practical terms, these funds represent an undeniable asset for the country’s development and provide a guarantee of long-term financial stability.
- A skilled and competitive workforce: The UAE’s population consists mainly of highly skilled expatriates from all over the world who come to work in key sectors of the local economy. Thanks to this diversity, the country benefits from a considerable pool of talent and innovative ideas that contribute to national prosperity.
- A business-friendly environment: The UAE offers a favourable environment for businesses to set up operations, with attractive tax policies, modern infrastructure and a legal framework tailored to the needs of international companies. As a result, many multinationals choose to establish their regional headquarters in this rapidly expanding country.
- Sustainable development at the heart of the agenda: Although oil resources were the initial driving force behind the United Arab Emirates’ economic development, the authorities have begun a transition towards a more diversified and environmentally friendly economy. Investments in renewable energy, energy efficiency and the sustainable management of natural resources demonstrate this commitment to sustainable and responsible growth.
In short, the United Arab Emirates has an impressive economic track record and is establishing itself as a major player on the world stage. Thanks to a policy of economic diversification, a skilled and competitive workforce, and a focus on sustainable development, the country has everything it needs to sustain its growth and continue to attract investors from around the world.
