Page 930 - MOE ENGLISH PR - MAY 2024

5/10/24, 8:32 AM Economy Middle East Summit 2024 highlights economic growth prospects in the MENA region
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, H.E. 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

https://www.zawya.com/en/press-release/events-and-conferences/economy-middle-east-summit-2024-highlights-economic-growth-prospects-in-the-m… 3/5