Emirati companies showed strong financial performance in 2022, with net earnings of AED 191 billion. According to a report by the Emirates News Agency, this represents a 60% increase or AED 72 billion from the previous year. The banking sector dominated earnings, with 18 banks recording net earnings of AED 50.319 billion, while the International Holding Company emerged as the most profitable listed company, with net earnings of AED 31.86 billion.
Of the 123 listed Emirati companies, nearly 77 listed on the Abu Dhabi Stock Exchange accounted for the largest share of net earnings, valued at AED 137.384 billion, reflecting a rise of 71%, while 46 companies listed on the Dubai Financial Market saw their earnings grow by 38% to AED 53.506 billion.
Why it matters
The UAE is opening up to established and start-up fintech, blockchain, crypto, AI, and technology firms. The focus is on increasing revenue from high-potential industries as well as decreasing reliance on traditional oil sources for income. A surge of interest in the establishment of global commercial operations in the UAE has considerably increased in the last 36 months; surprisingly coinciding with a retraction in economic investment in almost every other part of the world due to COVID.