Sheikh Mohammed bin Rashid, the Vice President and Ruler of Dubai, has set in motion a national initiative aimed at transforming the landscape of statistics and data application in the UAE. This groundbreaking program seeks to align the nation’s data practices with the evolving dynamics of the economy, thereby ensuring accurate representation and measurement of essential economic indicators.

Revolutionizing GDP Measurement

At the core of this initiative is a comprehensive re-evaluation of how the Gross Domestic Product (GDP) is calculated. Between 2010 and 2026, various datasets will be reconstructed to create a more vivid picture of economic growth, with 2024 designated as a new baseline year. This shift is intended to reflect not only the traditional sectors, such as oil, but also the burgeoning non-oil, digital, and service industries critical to the UAE’s economic landscape.

Enhanced Integration of Data Sources

To achieve these ambitious goals, the program will incorporate a wide array of tax and administrative data. This integration is essential for providing a clearer, more accurate representation of economic growth and aligning it with United Nations standards. The collaboration will include key national institutions such as the UAE Central Bank, the Ministry of Finance, the Federal Tax Authority, and others. This level of cooperation is expected to enhance the reliability of statistical data, which is vital for informed decision-making.

Boosting Economic Decision-Making

The primary objective of this initiative extends beyond mere data collection; it aims to boost investor confidence and empower economic decision-making. By offering a transparent and detailed overview of the national economy, policymakers and stakeholders can make more informed decisions. The integration of robust statistical practices is crucial in navigating an increasingly complex global economy and adapting quickly to changing market conditions.

A Multifaceted Strategy for Transformation

The program will implement a series of initiatives designed to achieve its goals. These initiatives include a comprehensive national review of GDP, the establishment of a national strategy for the statistical system, and the rollout of a national platform dedicated to statistical data. Additionally, a leadership development program focusing on statistical expertise and the formulation of the UAE Principles for Official Statistics will further solidify the nation’s commitment to data-driven governance.

Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, emphasized that these reforms are set to enhance the UAE’s capability to track emerging economic trends effectively. This program aims to measure the impact of new initiatives in real time, allowing for swifter and better-informed decision-making. The advancements made through this initiative will bolster the UAE’s standing as one of the world’s most competitive, open, and data-driven economies, ultimately paving the way for long-term development aspirations well into the future.