The UAE is ranked seventh in the world in terms of per capita national income, the state news agency Wam reported, quoting World Bank data.
The per capita income in the Emirates, based on purchasing power parity (PPP) in current international dollars, jumped to $87,729 in July last year, an increase of $10,781 from 2021.
An international dollar would buy a country a comparable amount of goods and services that a US dollar would buy in the US, according to the World Bank definition.
This term is often used in conjunction with the PPP data.
The UAE's economy has recovered sharply from the Covid-induced slowdown on the back of higher oil prices and measures to mitigate the effects of the pandemic.
The government has adopted measures that have enhanced the resilience of its economy, despite global economic challenges such as volatile commodity prices, inflation, uncertainty with monetary policies, and supply chain disruptions, Abdulla bin Touq, the Minister of Economy, said in March.
Measures include the granting of 100 per cent foreign ownership, legislation to protect intellectual property and the launch of a strategy to attract talent and skills to enhance the country's position as a permanent centre for creativity and innovation.
The World Bank divides the world’s economies into four income groups – low income (less than $1,135); lower-middle income ($1,136 to $4,465); upper-middle income ($4,466 to $13,845); and high income ($13,845 or more).
The classifications are updated each year on July 1, based on the gross national income (GNI) per capita of the previous calendar year.
The GNI is expressed in US dollars under the World Bank's Atlas method, which was introduced in 1989.
The UAE is placed in the high-income economies category based on the Atlas method that smooths exchange rate fluctuations by using a three-year moving average, price-adjusted conversion factor.
In 1987, 30 per cent of reporting countries were classified as low income, while in 2022 only 12 per cent fell into this category, World Bank report said.
The per capita national income in the UAE, in current US dollars, increased to $48,950 last year from $43,460 in 2021, according to the Atlas method. It passed the pre-Covid level of $46,210.
The country's gross domestic product reached Dh1.62 trillion ($442 billion) at constant prices last year, up 7.9 per cent annually, supported by its non-oil sector as the country continues with its economic diversification strategy.
GDP stood at Dh1.86 trillion at current prices, representing annual growth of 22.1 per cent, state news agency Wam reported last month, quoting preliminary estimates from the Federal Competitiveness and Statistics Centre.
There was also unprecedented growth in the country’s non-oil foreign trade as it crossed the Dh2.2 trillion mark for the first time last year, with an annual growth of 17 per cent.
It came as the Arab world’s second-largest economy accelerated efforts to reduce its dependence on hydrocarbons and boosts economic partnerships globally.
Last month, the UAE Central Bank also revised its forecast for the country's non-oil economic growth for 2023 to 4.5 per cent, from 4.2 per cent in March, amid a surge in travel and tourism.
After growing by 7.2 per cent in 2022, the non-oil sector is estimated to have grown at a slightly lower pace in the first quarter of this year, the banking regulator said in its Quarterly Economic Review.
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UAE currency: the story behind the money in your pockets
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
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Killing of Qassem Suleimani
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
First Person
Richard Flanagan
Chatto & Windus
Company%20profile
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The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Mohammed bin Zayed Majlis
LEAGUE CUP QUARTER-FINAL DRAW
Stoke City v Tottenham
Brentford v Newcastle United
Arsenal v Manchester City
Everton v Manchester United
All ties are to be played the week commencing December 21.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law