His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE as well as the Ruler of Dubai, has endorsed an important initiative aimed at monitoring the UAE’s accelerating economic progress. The National Programme for Developing the Statistics System is designed to align with the country’s evolving economic landscape, particularly highlighting growth in non-oil sectors, the digital economy, artificial intelligence, and investment avenues.

Framework for Economic Transformation

The newly established statistical system is a response to the significant structural changes occurring within the UAE’s economy. One of its key components is setting 2024 as a standardized base year for national accounts. This initiative will facilitate the reconstruction of the GDP time series for the country spanning from 2010 to 2026. By implementing this system, the UAE aims to enhance the precision and reliability of official economic data. This approach will offer a clearer and more comprehensive understanding of the nation’s economic size, diversity, and growth potential.

Enhancing Decision-Making and Investor Confidence

By adopting this enhanced statistical framework, the UAE aims to empower economic decision-makers and bolster investor confidence in the region. Accurate and reliable economic statistics are crucial for informed policy-making and investment strategies. The effort will position the UAE as a formidable player on the global economic stage, reinforcing its reputation as a vibrant hub for commerce and innovation.

Integrated National Framework

The initiative is built on an integrated national framework that aligns with the United Nations System of National Accounts. This includes updating the base year to adapt to modern economic conditions, broadening data sources, and improving the integration of administrative records. The objective is to produce economic indicators that are not only precise and consistent but also transparent in accordance with international standards and best practices.

Collaboration Across Institutions

The Federal Competitiveness and Statistics Centre will spearhead the unification of official statistics throughout the UAE. This effort involves working closely with local statistics departments in each emirate and collaborating with federal data providers. Key national entities, such as the Central Bank of the UAE, the Ministry of Finance, and the Federal Tax Authority, among others, will play vital roles in this collaboration. By combining their resources and expertise, these institutions will help ensure the strategic development and sustainability of the national statistics system, enabling it to keep pace with ongoing economic transformations.

In summary, the National Programme for Developing the Statistics System represents a significant advancement in the UAE’s approach to understanding and managing its economic landscape. By enhancing the accuracy of economic data and fostering collaboration among various governmental bodies, the initiative aims to support data-driven decision-making and strengthen the UAE’s position as a leading global economic powerhouse.