UAE: Covid-19 recovery plans improves country's GDP

The UAE Cabinet meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, reviewed the outcomes of the Covid-19 recovery plan (2020-2021), which included developing and implementing of 33 initiatives in partnership with federal and local entities.

The initiatives had a 100 per cent success rate in empowering the economy, developing sectors, and opening new markets.

The outcomes of the report showed that the real gross domestic product (GDP) was 3.8 per cent in 2021, exceeding the estimates of international institutions by 1.7 per cent, whereas the non-oil GDP reached 5.3 per cent in the same year.

Data shows that the UAE non-oil exports grew by 47 per cent, the FDI flow increased by 16 percent, the number of new registered companies increased by 126 per cent, and the revenues associated to economic movement increased by 19 percent.

Framework For Culture And Creative Industries Statistics

The Cabinet approved the UAE framework for culture and creative industries statistics, which will serve as national database.

The framework will enhance the position of the UAE in competitiveness reports, and provide comprehensive and accurate data at the federal level enabling the monitoring of the cultural and creative industries sector.

It will also provide accurate data for talents, entrepreneurs, investors, and academic institutions in the sector.

Data shows that cultural and creative industries contributed 3.5 per cent to the GDP amounting Dh54.4 billion and 5 per cent of the non-oil GDP. The number of establishments operating in the sector jumped to 36,000.

Financial and tax system

The Cabinet approved a number of amendments on tax regulations that aim at enhancing business and investment environment.

The Cabinet approved the amendment of the Federal Decree on Tax Procedures with the aim of creating an approximation and coordination with corporate tax law.

The UAE Cabinet meeting was held at Qasr Al Watan, Abu Dhabi and was attended by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance; Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court.

• Dubai