While the majority of Europe and America are experiencing increasing difficulty regarding their respective economies and financial situations, the UAE’s story is very different indeed! The UAE economy is set to report its strongest annual expansion since 2011 after it grew by a very impressive 8.2% in the first three months of 2022, due to higher oil prices and measures to mitigate the impact that the COVID-19 pandemic has placed on economies around the globe. The region has also seen itself shipping oil to new destinations such as Europe in the past twelve months as global economies are seeking alternative means of powering themselves. The likes of the Expo 2020 hosted in Dubai, the recovery in global travel and the easing of pandemicrelated restrictions have also strengthened the nonoil sector in the region, expanding by more than 6% in the first three months of the year. International visitor numbers have also recovered to around 70% of pre-pandemic levels at the start of 2022. It is also expected that the upcoming FIFA World Cup held in nearby Qatar will also likely benefit the travel hubs in the UAE. Sofi Parry, Senior Editor www.mea-markets.com MEA Markets is very proud to host the UAE Business Awards 2023 for its seventh instalment! This awards programme aims to reward a vastly diverse range of hardworking businesses from across the United Arab Emirates region, who are demonstrating innovation and excellence throughout a turbulent economic climate many firms are suffering through. AI Global Media, Ltd. (AI) takes reasonable measures to ensure the quality of the information on this web site. However, AI will not assume any legal liability or responsibility for the accuracy, correctness or completeness of any information that is available through this web site. If errors are brought to our attention, we will try to correct them. The information available through the website and our partner publications is for your general information and use and is not intended to address any particular finance or investment requirements. In particular, the information does not constitute any form of advice or recommendation by us or any of our partner publications and is not intended to be relied upon by users in making or refraining from making any investment or financial decisions. Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
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