UAE Minister of Economy expects 5% economic growth in 2024

Abdullah bin Touq Al Marri, the UAE Minister of GDP, predicts that the UAE GDP will increase by up to 5% in 2024.

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The minister highlighted a critical milestone by revealing that non-oil industries now account for more than 73 percent of the national economy, a historic achievement for the country. This move demonstrates the increased trust of both the private sector and foreign investors in the UAE's investment climate.

In conjunction with the third annual conference of Investopia, a global investment platform launched by the UAE government in September 2021, the minister delivered these remarks. The conference is slated to take place in Abu Dhabi on February 28 and 29 and will centre around the theme "Emerging Economic Frontiers: Investing in the New Economy Growth Sectors."

Emphasising the pivotal role of the private sector in the evolving economic and investment scenario, Al Marri highlighted its centrality amidst global transformations and challenges. In alignment with the directives of the nation's leadership, the UAE has identified over 16 sustainable and adaptable economic sectors. These encompass a diverse range, including health technology, agriculture, education, financial services, artificial intelligence, and others. Such sectors not only contribute to the sustainability of the economy but also bolster its resilience and vigour.

The UAE's strategic ambition to diversify its economy and lessen its reliance on oil earnings is reflected in the minister's upbeat prognosis. The nation hopes to strengthen its standing as a thriving international economic centre by promoting an atmosphere that is favourable to investment and innovation. The effectiveness of these initiatives is highlighted by the growing importance of non-oil industries, which also strengthens the UAE's will to promote economic growth and prosperity for both its inhabitants and citizens.

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