Dr. Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), highlighted the UAE’s projected economic leadership within the Gulf Cooperation Council (GCC) by 2025, citing robust growth in its non-oil sector.
Dr. Azour noted the UAE’s non-oil sector is expected to grow between 4% and 5% next year, attributing this to effective economic policies.
“The UAE’s adaptability to global challenges and technological advancements has enabled it to maintain high growth rates,”
Dr. Azour commented. He emphasized the UAE’s role as a strategic hub connecting major economic blocs, reinforcing its position as a center for international events and a destination for global investment.
Key factors driving the UAE’s economic outlook include significant investments in technology, renewable energy, and green initiatives, as well as a commitment to climate sustainability. These measures have elevated the UAE’s global standing as a financial and economic hub, Dr. Azour said. Landmark events like Expo 2020 Dubai and the upcoming COP28 climate conference further strengthen its appeal to investors.
On a regional note, Dr. Azour highlighted economic challenges and varied growth trends across the Middle East, stressing the importance of economic stability. The IMF has provided $13.4 billion to support economies in the Middle East and North Africa this year, and Dr. Azour anticipates growth in the region will improve from 2.1% this year to 4% in 2025, signaling cautious optimism for the region’s future.
News Source: Emirates News Agency
