UAE celebrates 46 years of great achievements

Abu Dhabi / WAM

The United Arab Emirates commemorates its 46th National Day on December 2, a day that embodies the very Spirit of the Union and
inspires the nation to celebrate 46 years of great achievements since the
federation of the seven
emirates was established in 1971.
The pattern of celebrating the country’s National Day was initiated by the founding President of the UAE, the late Sheikh Zayed bin Sultan Al Nahyan, and his fellow founding fathers of the UAE Federation. That course is now followed by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, who continues to lead the nation’s march to progress and prosperity.
The achievements of the UAE over the years since the passing of Sheikh Zayed in 2004 have been made possible due to the directives and encouragement of His Highness Sheikh Khalifa bin Zayed, His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, along with their fellow Members of the Supreme Council and Rulers of the Emirates, who have consistently contributed to promoting and developing the country through knowledge and innovation.
The UAE today ranks among the world’s leading countries across many key indicators, and is continuing to serve as a true role model for countries around the world.
The country has earned a leading place in the Arab world, and beyond, due to its significant achievements in various fields and its activities in the political, diplomatic, economic and humanitarian arenas at regional and international levels.
During the course of the last year, the UAE economy has continued to make steady progress, despite predictions of a slowdown in economic growth elsewhere in the region.
Recently-published figures in the Emirates NDB Purchasing Managers’ Index, PMI, increased from 55.1 in September 2017 to 55.9 in October. As a result, the index moved further above the 50-point threshold that separates expansion from contraction in the non-oil producing private sector.
The monthly PMI through the third quarter of the year resulted in the strongest quarterly expansion of the non-oil economy over a two-year period.
Focus Economics Consensus Forecast participants expect the UAE’s GDP to grow by 3.2 percent in 2018 and 3.4 percent in 2019, with fixed investment increasing by 3.7 percent in 2018 and 4.3 percent in 2019.
Despite the pressures, the Central Bank recorded a three-month rise in bank deposits in the third quarter, another indication of the improved health of the economy.
Effective October 1, the UAE marked the beginning of a new era in its history, as it started implementing the Excise Tax, exactly three months ahead of the launch of Value-Added Tax (VAT), another landmark region-wide tax initiative.
Initial estimates suggest that the tax will generate up to around AED7 billion in annual revenues for the
Federal Budget.
To mark the occasion of the 2017 National Day, the Emirates News Agency (WAM), will be transmitting over the next three days a series of reports looking at the UAE’s achievement and progress in various fields.