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5/10/24, 2:51 PM Economy Middle East Summit 2024 highlights economic growth prospects in the MENA region
In his speech at the summit, the 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 percent 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.”
The minister 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.
Return to pre-pandemic growth
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 percent in 2024, which is a
tepid increase from 1.9 percent 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,” she added.
Economic landscape
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. Ziad Daoud, Chief Emerging Markets Economist,
Bloomberg Economics, moderated the session, which 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.
Growth outlook
In panel two, ‘MENA Economic Outlook: Adapting to New Global Realities,’ Dr. Hala Elsaid, Minister of
Planning and Economic Development of Egypt, who attended virtually; Roberta Gatti, 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, offering insights for
exploring this evolving landscape. Dr. Rawaa Harati, Founder & CEO, KINZ Consultancy, moderated the
session.
Embracing digital innovations
The ‘Digital Frontiers in Finance: Exploring Tomorrow’s Financial Services Landscape’ panel examined
accelerating digital transformation, embracing fintech innovations and navigating regulatory challenges.
Speakers included Emmanuel Givanakis, CEO of FSRA at ADGM, Rola Abu Manneh, CEO of Standard
Chartered UAE, Middle East, and Pakistan, Damian Hitchen, CEO of Saxo Bank MENA, and the moderator
Jean Abou Assi, Partner, financial services at PwC Middle East. They also discussed future market trade,
highlighting the interplay between innovation and regulation and shared insights on adapting to an ever-evolving
regulatory landscape.

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