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5/10/24, 4:19 PM Economy Middle East Summit 2024 Highlights Economic Growth Prospects of MENA Region - Eye of Dubai
adopted to further economic diversification, in line with the goals of the 'We the UAE 2031' vision and the UAE Centennial Plan
2071.

In his speech at the summit, the economy minister said: “The UAE continues its efforts to provide an incubating environment
for conducting business and economic activities and develop flexible and competitive legislation and economic policies that will
enhance the country’s attractiveness for foreign investments through establishing a suitable economic climate for investors,
capital owners, and entrepreneurs. The most notable developments in this regard include the granting of the 100% foreign

ownership of companies, the modernization of visa and residency systems, and the introduction of self-employment and long-
term residency pathways, which contribute to strengthening the country’s ability to confront global economic changes. They
also contribute to consolidating its position as a leading destination for business and investment.”

H.E. Bin Touq pointed out that the summit serves as a key platform to shed light on the most prominent shifts in the global
economic dynamics, and how to benefit from them in promoting sustainable economic growth at the local, regional and
international levels, especially since the global economy is going through a state of uncertainty.

Roberta Gatti Chief Economist to the MENA region, The World Bank, said: “The MENA region is returning to its pre-pandemic
trend of low growth, in the context of a global economy that is decelerating for the third consecutive year. MENA’s gross
domestic product (GDP) is forecast to rise to 2.7% in 2024, which is a tepid increase from 1.9% in 2023. This outlook is

marked by uncertainty, amidst the conflict in the region and rising levels of debt. In addition, rising debt is heavily
concentrated in oil-importing economies, which now have a debt-to-GDP ratio 50 percent higher than the global average of
emerging market and developing economies. Oil importers in MENA are borrowing against an uncertain future. In the past
decade, they have not been able to grow or even inflate their way out of debt, stressing the need for fiscal discipline and debt

transparency, when debt stocks increase due to below-the-line spending. For oil exporters, the challenge is one of economic
and fiscal-revenue diversification. This is because of the structural change in global oil markets and the rising demand for
renewable sources of energy.”

In the first panel discussion, ‘Economic Frontiers: Navigating the Global Landscape in 2024 and Beyond,’ speakers included Dr.
Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda for Sustainable Development and Executive Director,
International Monetary Fund; Chris Williamson, Chief Business Economist at Standard & Poor's Markets Intelligence; and

Andrew Torre, Regional President of Visa for the Central and Eastern Europe, Middle East and Africa region. The session was
moderated by Ziad Daoud, chief emerging markets economist, Bloomberg Economics, and highlighted the importance of
strategic economic diversification, innovation ecosystems and the role of foreign investments. It also discussed emerging
industries, investment opportunities, and the role of the Middle East in the rapidly evolving international business
environment.

In panel two, ‘MENA Economic Outlook: Adapting to New Global Realities,’ H.E. Dr. Hala Elsaid, Minister of Planning and
Economic Development of Egypt, Roberta Gatti, who attended virtually, Chief Economist for the MENA region at the World

Bank and Dr. Nasser Saidi, President and Founder Nasser Saidi & Associates Former DIFC Chief Economist, Economic Adviser
& Consultant, focused on how geopolitical shifts affect regional economies, including Middle East conflicts, the Red Sea's
strategic importance and changes within BRICS countries. They analyzed economic policies' impact on stability and growth,

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