UAE's economic recovery picks up pace as the government addressed the effects of COVID-19

Posted on February 28, 2022   |  

  • The country's real GDP grew with the rate of 3.5% for 2022 as compared to 2.2% for 2021, driven by the non-oil sector which will grow by 3.4% this year.
  • The federal government, Central Bank, and local emirates spend billions of dirhams in the first two years to help large corporates and small and medium businesses to neutralize the impact of the pandemic.
  • The UAE provided Dh 388 billion ($105 billion) worth of incentive package to support the economy, in which Dh50 billion ($13 billion) to boost liquidity in the banking sector to lend support to the private sector amidst credit crunch after the pandemic.
  • Oil prices have been invariably growing over the past few months, mainly after the Ukraine-Russian tension, Brent and WTI were trading at $91.1 and $89.53 per barrel, respectively.



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