President Khalifa’s vision guided a strong, resilient UAE economy

President Khalifa’s vision guided a strong, resilient UAE economy

The UAE is concentrating on developing its strategic partnerships in knowledge exchange and the transfer of early industrial technologies. — Wam file photo

In 2021 the economy crossed international economic expectations by registering the highest rate in the region of Dh1.489 trillion.

Published: Sat 14 May 2022, 2:12 AM Last updated: Sat 14 May 2022, 2:16 AM

The UAE economy today boasts a global identity and is reaping the fruits of a solid foundation laid out under the leadership of The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan.

Sheikh Khalifa’s leadership came into effect on November 3, 2004, and the economy has since been spiraling upwards. In 2004, the UAE’s gross domestic product (GDP) hit Dh328.7 billion, a staggering nominal increase of nearly 19.7 per cent over the 2003 GDP of Dh274.8 billion.

According to latest figures, in 2021 the economy crossed international economic expectations by registering the highest rate in the region of Dh1.489 trillion. The UAE economy posted a strong start to the year and is forecast to expand by 6.2 per cent in 2022, despite lingering concerns about potential new Covid-19 variants. The pace of growth continues to pick up after the GDP rose by 3.8 per cent in 2021,