UAE sustained strong growth momentum through 1H22: OPEC

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The United Arab Emirates (UAE) economic activities have sustained strong growth momentum through 1H22 driven by Expo Dubai 2020…reports Asian Lite News

The United Arab Emirates (UAE) economic activities have sustained strong growth momentum through 1H22 driven by Expo Dubai 2020 and the easing of pandemic-related restrictions as well as above-average crude oil prices, according to OPEC’s Monthly Oil Market Report (MOMR) for July 2022.

”Confidence in the positive short-term economic outlook increased despite the current decline in the Purchasing Managers’ Index (PMI) reading amid further anticipated global as well as local demand recovery namely in the tourism sector, the MOMR noted.

”The June PMI declined to 54.8 from 55.6 in the prior month, marking the 19th-straight month of growth in non-oil private economic activities, supported by a sharp rise in new orders amid stronger domestic demand and foreign demand,” it indicated.

Earlier this month, the UAE has launched “NextGenFDI”, a major campaign to attract digitally enabled companies and highly skilled talent to the country.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, who oversees the file to attract FDI and global talent to the country, said NextGenFDI would encourage more than 300 global technology firms and software developers, data scientists and coders to relocate to the UAE.

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NextGenFDI aims to leverage the UAE’s unique competitive advantage and global standing as a leading business, investment, and innovation hub to support the growth of the nation’s knowledge-driven economy. The campaign was launched by Dr. Al Zeyoudi alongside senior representatives from NextGenFDI.

NextGenFDI is aimed at seeking out businesses from all over the world that are focused on applied technology within various sectors and provide them with the necessary market entry fundamentals needed to launch and scale from within the UAE. These companies have highly skilled developers, coders and consultants within AI, gaming, data science and software.​ Housing such talent within the UAE is of vital importance and this new initiative will make the market entry process for bright minds with great ideas as seamless as possible.

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