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FCSC documents UAE’s economic advancement over 50 years

ABU DHABI, 30th November, 2021 (WAM) — Over the past 50 years, the UAE has established solid foundations for a diversified and sustainable economy and has succeeded, after the discovery of oil in the region in the 1950s, in achieving significant economic advancement.

It has also exerted significant efforts to transition to a knowledge-based economy, by encouraging innovation and optimising the regulatory frameworks of key economic sectors.

In its new report to be published soon, titled "The UAE: Data Documenting the Journey until 2020", the Federal Competitiveness and Statistics Centre (FCSC) revealed key facts and figures underscoring the country's economic growth during the past 50 years, to mark the country's Golden Jubilee.

The report highlighted a significant rise in the country’s GDP from AED58.3 billion in 1975 to over AED1.3 trillion in 2020 while the contribution of non-oil sectors to GDP surged from 43 percent in 1975 to 83 percent in 2020.

The report also showed an increase in overall foreign trade from AED11.5 billion in 1975 to AED 1.4 trillion in 2020, while foreign direct investments (FDI) in the country grew by 82 percent, amounting to around AED73 billion in 2020, compared to AED40 billion in 2005.

The value of the country's FDIs abroad surged from AED14 billion in 2005 to AED69.5 billion in 2020.

The report also revealed an increase in government spending from AED1.258 billion in 1975 to AED442.386 billion in 2019.

Moreover, the banking sector witnessed a significant surge after the number of commercial banks in the country rose from 20 in 1972 to 59 in 2020, while the total value of bank deposits increased from AED19.5 billion in 1978 to some AED1.9 trillion in 2020. The number of insurance companies in the country rose from 62 in 1975 to 406 in 2020.

Tourism: The UAE’s tourism sector has been a success story, and the country has become a leading international hub to which tourists flock from around the world.

The number of hotel establishments rose from 64 with 5,379 rooms in 1978 to 1,089 with 180,257 hotel rooms in 2020.

The operational capacity of the country’s hotel establishments has developed over the years. In 1979, the number of hotel guests was around 392,000, with stays totalling 1.02 million. In 2020, this number exceeded 14.882 million guests with total hotel stays of 54.3 million.

Total hotel proceeds in 2020 exceeded AED16.6 billion, marking a significant increase compared to 2005 when proceeds totalled AED1.5 billion.

Electricity and Water: The UAE has made massive efforts to meet the growing national demand for electricity and water brought forth by its growing population and its economic and commercial growth, in addition to adopting renewable energy solutions.

The total capacity of the UAE’s power plants increased from 482 megawatts in 1975 to around 35,000 megawatts in 2020, while the generated electric power exceeded 137,000 gigawatts per hour in 2020 compared to 1,467 gigawatts per hour in 1975.

The electricity generated by renewable energy plants has grown significantly in 2020 compared to 2009, rising from 6 gigawatt hours in 2009 to 5,476 gigawatt hours in 2020. In 2009, the total installed capacity of renewable energy plants was 10 megawatts, but in 2020, this jumped to 2,289 megawatts, a rise of 22,698 percent.

Moreover, the report highlighted an increase in the quantity of desalinated water produced in 2020, reaching 2 billion cubic metres, a significant increase from 1983 when it stood at 256 million cubic metres. In 2020, the number of wastewater treatment plants in the country stood at 125, an increase of 145 percent over 2011, when there were only 51. The volume of treated wastewater increased by 55 percent in 2020, reaching 769 million cubic metres, compared to 498 million cubic metres in 2011.

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Emirates

Dubai Police warns Against Using Police Emergency Strobe Lights

The Dubai Traffic Police has recently warned motorists against using police and emergency vehicle warning lights, after two vehicles were spotted on the road taking advantage of the exclusive entitlement of the police to be given way in case of emergency.

Colonel Juma bin Suwaidan, Acting Director of the General Traffic Department, urged road users to adhere to traffic laws to avoid facing legal liabilities and prevent endangering their lives and others.

Col bin Suwaidan stated further that the police patrols had impounded two vehicles on two separate occasions for illegally fitting their vehicles with using emergency warning lights similar to the police, giving other motorists a false impression of authority to give way.

“We have spotted one at the Emirates Road and the other at Sheikh Mohammed Bin Zayed Road. Reports were filed against the two, and their vehicles were confiscated and fined,” he added.

 

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Emirates

Her Highness Sheikha Dr. Shamma bint Mohammed bin Khalid Al Nahyan announces the launch of the “Emirati Miniatures initiative” from the Courtauld Gallery in London.

“Art is the mirror of history and a true reflection of the extent of the civilised development of society.”

I feel a special state of spiritual and intellectual transcendence. ” Her Highness Sheikha Dr. Shamma expressed her conviction in the value of the arts and their being a title for advanced people and civilizations. This statement came during Her Highness’ visit to the Gallery in the British capital, London, at the beginning of her meetings and her visit as part of Her Highness’s cultural and knowledge programme for knowledge and human communication.

The Courtauld Gallery is interested in the history of the arts through different ages and human civilizations, and many of the senior art historians in the British scientific community belong to it. The Museum: Edouard Manet, Vanessa Bell, and Lucas Cranach (Painting of Adam and Eve), as well as the French artist Pierre Auguste Renoir, the Dutch artist Van Gogh, and many other artists.

Her Highness and the accompanying delegation were welcomed by Professor Deborah Salo, Director of the College; Dr. Karen Sears; Mrs. Francesca Hoyt and Mrs. Camilla Knight, where Her Highness and the accompanying delegation accompanied Professor Debrois on a tour between the various pavilions of the museum and the exhibition.

Her Highness held a meeting with the director of the gallery and the work team, where she thanked and appreciated them for their good reception. During the meeting, ways of cooperation between Sheikh Mohammed bin Khalid Al Nahyan’s cultural and educational institutions and between the Courtauld institutes were discussed, and experiences were exchanged in the field of presenting. There were lectures and technical workshops between the Emirati technical cadres and the technical cadres of the college, and Her Highness announced during the meeting the launching of the (Emirati Miniatures) initiative, which will be launched next October. It is an initiative dedicated to Emirati artists, using palm fronds as a basis for drawing accurate artistic miniatures that express the Emirati and human heritage. Her Highness invited them to attend the exhibition of the artworks participating in the initiative. Professor Deborah was very impressed with the idea of the initiative, especially the use of date palms, as they represent a heritage value in desert communities.

At the end of the meeting, Her Highness gifted the college a set of publications that talk about art in the United Arab Emirates, as part of the (Knowledge for Humanity) initiative launched by Her Highness last year, which aims to make the world know the Emirati civilization and its ancient folk heritage by donating museums and universities. To be among its holdings, with knowledge sources of books and technological means that define the UAE between the past, present, and future.

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Emirates

Breaking / Federal Supreme Council elects Mohamed bin Zayed as UAE President

ABU DHABI, 14th May, 2022 (WAM) — The Federal Supreme Council today unanimously elected His Highness Sheikh Mohamed bin Zayed Al Nahyan as President of the United Arab Emirates.

The Council held a meeting today at Al Mushrif Palace in Abu Dhabi, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

The meeting was attended by His Highness Sheikh Mohamed bin Zayed Al Nahyan; H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah; H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman; H.H. Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah; H.H. Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Ruler of Umm Al Qaiwain; and H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah.

A statement issued by the Ministry of Presidential Affairs said that according to Article 51 of the Constitution, His Highness Sheikh Mohamed bin Zayed Al Nahyan was unanimously elected as the President of the UAE to succeed the late Sheikh Khalifa bin Zayed Al Nahyan.

Their Highnesses, the Supreme Council Members and Rulers of the Emirates have reaffirmed their keenness to continue implementing the authentic values and principles laid down by the late deceased, Sheikh Khalifa, following on from the founding father, the late Sheikh Zayed bin Sultan Al Nahyan. These have consolidated the UAE’s status at both regional and global levels.

The Federal Supreme Council expressed its full confidence that the people of the UAE will remain, as Sheikh Zayed and the founders believed, “a faithful guardian of the Union and its gains at all levels”.

Their Highnesses wished H.H. Sheikh Mohamed bin Zayed Al Nahyan success in serving his people and country.

Sheikh Mohamed bin Zayed expressed his appreciation for the precious trust placed in him by his brothers, Their Highnesses the Supreme Council Members and Rulers of the Emirates, praying to the Almighty to guide and help him to bear the responsibility of this great trust and to fulfil its tasks of serving his country and people.

 

WAM/Rola Alghoul/Esraa Ismail

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