Dubai: Review of the Cabinet of UAE that the recovery plan formulated during 2020-21 for the survival of Covid is a complete success. The project was reviewed by a meeting chaired by Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai. The meeting assessed the success of the project, which developed and implemented 33 initiatives with the participation of federal and local institutions. The project was announced with the objectives of empowering the economy and gaining access to new markets.
Despite the fear of Covid, the project has managed to maintain the gross domestic product (GDP) at 3.8 percent in 2021. This is 1.7 percent more than the figures predicted by international organizations. Non-oil GDP reached 5.3 percent in the same year, which is a big improvement. The country’s non-oil exports also increased by 47 percent. The inflow of foreign direct investment has increased by 16 percent during this period. The report also points out that the number of new registered companies has increased by 126 percent.
The Cabinet has approved several amendments in the tax rules to enter new areas of economic development. This is a measure aimed at warming the business and investment environment. The Cabinet has also approved amendments to the Federal Law on Tax Procedures with the objective of creating coordination with the Corporate Tax Act. The cabinet meeting was held in Abu Dhabi Qasr Al Watan.
In the first quarter of 2022, the UAE managed to attract the largest number of tourists in the world. Hotel occupancy at this time was 82 percent. The factor that allowed the UAE to advance in the travel sector was that it was able to prevent Covid in the most planned way and complete vaccination quickly. These measures have led to increased global confidence in the UAE’s health and safety systems. Internationally noted events like Expo 2020 Dubai also helped in the flow of tourists.
Security is also an important factor that attracts tourists to the UAE. It is estimated that more tourists will come from different countries in the coming months as the fear of covid is over.