UAE Economy Booms in 2024 with Record-breaking Performance

The UAE economy is gearing up for significant expansion in the latter half of 2024, building on robust achievements and sustained economic stability amidst global uncertainties.

In 2023, the nation's GDP soared to AED1.68 trillion, marking a 3.6 percent increase, with non-oil GDP reaching AED1.25 trillion, growing by 6.2 percent and securing the UAE's fifth position globally in real GDP growth.

Projections from the World Bank foresee a 3.9 percent GDP growth for the UAE, expected to rise to 4.1 percent in 2025, while the International Monetary Fund (IMF) anticipates a 4 percent growth in 2024. Driven by thriving sectors such as tourism, construction, manufacturing, and financial services, this growth underscores the UAE's resilience and dynamic economic strategies.

Dr. Karim El Solh, CEO of Gulf Capital, praised the UAE government's proactive initiatives, including stimulus packages and business-friendly policies, which have bolstered investor confidence amidst global challenges. He highlighted the UAE's strategic advantages—its robust infrastructure, strategic location, and forward-looking economic policies—as key factors attracting international investments.

Damian Hitchen, CEO of Saxo Bank in the Middle East and North Africa, predicts over 4 percent growth fueled by increased OPEC oil production quotas and vibrant non-oil sectors. He cited the UAE's record $23 billion in foreign direct investment in 2022 and its 14th global ranking in attracting professional talent as indicators of its economic allure.

Vijay Valecha, CIO at Century Financial, emphasized the UAE's economic diversification away from oil, pointing to sectors like renewable energy, technology, and tourism as pivotal to sustaining growth rates exceeding 4 percent in 2024. Valecha expects the UAE to lead economic performance in the Gulf and Arab regions this year, supported by strategic initiatives and visionary policies.

Overall, the UAE's trajectory towards economic prosperity in 2024 is underpinned by resilient sectors, proactive governmental measures, and a steadfast commitment to innovation and sustainability outlined in Vision 2030. These factors collectively position the UAE as a global economic powerhouse poised for continued growth and international acclaim.

News Source: Emirates News Agency