The UAE's economy continues to display robust growth, cementing its status as one of the world’s most dynamic and competitive economies.
The Union General Budget for 2025, with revenues and expenditures balanced at AED71.5 billion, underscores the UAE’s prudent fiscal management. Meanwhile, the Central Bank of the UAE (CBUAE) revised its GDP growth projection for 2024 to 4%, up from 3.9%, due to the improved performance of the oil sector.
Key financial initiatives, such as the Government Treasury Bonds Programme and the Dirham-denominated Islamic Treasury Sukuk Programme, have garnered investor confidence, raising AED25 billion by August 2024. Additionally, the UAE completed all 15 recommendations of the Financial Action Task Force (FATF), enhancing its reputation for combating financial crimes and fostering a pro-business environment.
The UAE’s trade and investment sectors are thriving. Exports in the first half of 2024 exceeded pre-pandemic levels, with foreign trade nearing AED1.4 trillion—a 25% rise in non-oil exports. With a target of AED3 trillion by year-end, the UAE is on track to become a global trading hub.
The nation also ranked first regionally in the Human Development Index and topped the Global Entrepreneurship Monitor for the third consecutive year. Tourism remains a cornerstone of the economy, with revenues from hotel establishments exceeding AED24.6 billion in the first half of 2024, while passenger traffic is projected to reach 150 million by year-end.
From innovation to trade, the UAE’s economic achievements reflect its ambition and resilience, solidifying its position as a global leader in diverse sectors.
News Source: Emirates News Agency
