Despite global economic challenges, the UAE economy is expected to expand by 5.7 percent in 2024, as per the undersecretary of the country’s finance ministry, Younis Haji Al Khoori. The Central Bank of the UAE revised its growth projection for 2024 from 4.3 percent to 5.7 percent in its Quarterly Economic Review report released in December 2023.
Younis Hajji Al-Khoori, undersecretary of the UAE’s Ministry of Finance, stated in an interview with the state news agency WAM that despite the global economic slowdown and challenging financial conditions, the Emirates is expected to achieve a growth rate in its non-oil gross domestic product this year.
“Our efforts to diversify the economy and promote sustainable growth have proven effective. The country expects non-oil GDP growth to reach 5.9 percent in 2023,” said Al-Khoori.
Milestones Achieved by the UAE’s Non-Oil Foreign Trade Sector
The UAE’s non-oil foreign trade in the first half of 2023 reached a historic milestone, totaling 1.24 trillion dirhams ($330 billion). This represents a remarkable 14.4 percent growth compared to the same period in 2022.
The non-oil private sector in the Emirates has been experiencing significant growth. In October, the country’s Purchasing Managers’ Index reached a remarkable high of 57.7, the highest level since June 2019. Although there was a slight dip to 57 in November, it quickly rebounded to 57.4 in December.
The official added, “This post-COVID-19 surge signifies the pace of recovery and the full resumption of economic activity in the country.”
The UAE’s Vision
Al-Khoori highlighted that the UAE’s strategies align with the vision of the country’s wise leadership and the ‘Principles of the 50.’ These principles prioritize economic development as a crucial national interest. According to the UAE government, the ‘Principles of the 50’ consist of 10 guidelines for all institutions, guiding the rapid transformation of the economic, political, and social sectors over the next 50 years.
In another recent announcement, Al-Khoori revealed that the UAE plans to issue sukuk and bonds worth 5 billion dirhams in 2024, with the total volume reaching 7.7 billion dirhams in 2023. This move will help to finance the country’s strategic projects and initiatives, providing further growth opportunities for the non-oil sector.
UAE in 2024: A Golden Opportunity for Global Investors
The UAE’s remarkable growth and strategic plans for the future make it an attractive destination for global investors. The country offers a stable political and economic environment, world-class infrastructure, and a skilled workforce, making it one of the top investment destinations in the region.
Additionally, the UAE is committed to diversifying its economy away from dependence on oil, with a particular focus on developing key sectors such as tourism, technology, and renewable energy. This diversification has enabled the country to withstand the impact of fluctuating oil prices and create a more resilient economy.
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