The film is a part of a series of documentaries produced by WAM to highlight the UAE’s efforts to achieve Sustainable Development Goals at home and abroad.
Emirates News Agency (WAM) has produced a documentary, titled The UAE’s Economy: Home of Opportunity, which chronicles paradigm shifts introduced in the UAE’s economic policies over the past 50 years to enhance the ease of doing business and woo foreign investors.
Documenting how the UAE’s growth trajectory has been spectacular when viewed over a longer timeline, the 24-minute film, to be broadcast in 12 languages, provides an in-depth analysis of the coveted economy of a country that has made history with giant leaps into space.
The documentary details the surge in the country’s GDP from AED 58.3bn ($15.87bn) in 1975 to AED 1.489tn ($0.41tn) in 2021, and the growth of its non-oil foreign trade from AED 1.13bn ($0.31bn) in 1971 to AED 1.786tn ($0.49tn) in 2021.
It features the testimonials of ministers, officials, experts and investors from the UAE and abroad, wherein they cite the country’s economic stability and international partnerships as the bedrock for a thriving business-conducive environment.
The UAE’s foreign trade ties with China, India, and the USA are particularly featured in the film, where the three nations are reported to be accounting for 12.5%, 9.2%, and 5% of the UAE’s non-oil trade in 2021, respectively.
Abdullah bin Touq Al Marri, Minister of Economy, is quoted in the film as saying that the UAE is embracing a competitive economic policy thanks to which the country drew around $20bn in foreign direct investments (FDIs) in 2021. The minister highlights the efforts aimed to streamline the legal environment for entrepreneurs and small businesses, especially legislation and service delivery, by amending over 40 laws.
The documentary also highlights the country’s resilient strategic policies, which have made it one of the most open economies in the world, with oil and gas accounting for less than 28% of the national GDP.
The UAE’s Economy: Home of Opportunity serves as a testament to the country’s status as a global trade and investment hub, due to the country’s strategic capabilities and flexible and forward-looking laws that allow foreigners to fully own local projects, as well as the golden visa scheme that encourages entrepreneurs to live on a long-term basis in the UAE.
The documentary also highlights the role of state-owned banks in providing a stable environment for the Islamic banking sector and over 37 UAE-based foreign banks, as well as the country’s successful economic practices and laws that ensure the rights and continuity of businesses and strengthen the country’s financial security.
It goes on to elaborate on the UAE’s influential role in the global energy sector, with the hydrocarbon processing industry being a critical factor in the country’s economic relations with its status as a major producer. The UAE’s Oil & Gas industry continues to support the economy, and the country as a major hub for multinationals and SMEs.
The documentary highlights the country’s eminent position in the maritime shipping sector, which accounts for nearly 12% of its GDP, as well as its role in addressing the Covid-19 pandemic and drafting strategies for the post-pandemic era.
Mohammed Jalal Al Rayssi, Director-General of the Emirates News Agency (WAM), commented that the film is part of a series of documentaries produced by WAM to highlight the UAE’s efforts to achieve the Sustainable Development Goals (SDGs) at home and abroad.
“The country’s achievements featured in the documentary are the fruits of the directives and vision of the UAE’s leadership to establish a sustainable economy that can ensure the well-being of its citizens and residents,” he added.
Al Rayssi stressed that the documentary tracks the development of the domestic economy and the country’s investment-conducive, innovation-driven ecosystem.
He also highlighted the international partnerships signed by WAM with major media outlets worldwide, which have helped promote the country’s achievements globally.
