Page 914 - MOE ENGLISH PR - MAY 2024

The global challenges have tested the UAE’s resilience, but the aim is to grow the
economy at 7 per cent in 2024, said Abdulla Bin Touq Al Marri, Minister of Economy.

The UAE has been aiming to grow 7 per cent per year in order to double its gross
domestic product (GDP) to Dh3 trillion by 2030. The UAE saw nearly 8 per cent growth
in 2022. The UAE minister earlier predicted that the economy will grow by up to 5 per
cent in 2024.

“The last three decades of low inflation and low interest rates are no longer normal. Now
we need to design an economy keeping in mind the current levels of inflation and

interest rates,” he said on the occasion of the Economy Middle East Summit 2024,
which was held at the Abu Dhabi Global Market (ADGM).

The UAE Central Bank earlier projected 4.2 per cent growth for 2024 and 5.2 per cent
for next year. The World Bank last month raised the projected growth for UAE to 3.9 per
cent for 2024 and 4.1 per cent for 2025.

The event focused on navigating the global economic landscape beyond 2024 and
emphasized the Mena region’s economic outlook amidst new global realities.

Al Marri said the UAE has made great strides in diversifying its national economy and

shifting towards a flexible economic model based on knowledge and innovation. As a
result, the non-oil sector accounts for 74 per cent of the country’s total GDP.

“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
100 per cent foreign ownership of companies, the modernisation of visa and residency
systems, and the introduction of self-employment and long-term residency pathways,

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