Page 357 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 11:59 AM UAE Economy Expands by 3.4% in Early 2024 | Arabian Post
diversification strategy is supported by various government initiatives aimed at enhancing the
competitiveness of non-oil sectors and attracting foreign investment.

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Despite global economic challenges, including fluctuating oil prices and geopolitical tensions, the
UAE’s economy has shown remarkable resilience. The government’s proactive measures, such as

economic stimulus packages and infrastructure development, have bolstered economic stability and
growth. Additionally, the UAE’s strategic location and business-friendly environment continue to attract

international companies and investors.

The economic performance in the first quarter of 2024 is also reflective of ongoing structural reforms
and policy adjustments aimed at enhancing the ease of doing business. The UAE has been actively
pursuing reforms to streamline regulations, improve transparency, and foster innovation. These

measures have contributed to a favorable business climate, encouraging both local and foreign
investment.

Furthermore, the growth figures align with the UAE’s Vision 2021 and beyond, which emphasize

sustainable development, economic diversification, and technological advancement. The
government’s commitment to these goals is evident through various initiatives, including investments
in green technologies, smart cities, and digital transformation projects.

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