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5/10/24, 8:32 AM Economy Middle East Summit 2024 Highlights Economic Growth Prospects in the MENA Region - Middle East Business News an…
H.E. Abdulla bin Touq Al Marri, Minister of Economy, confirmed that the UAE, thanks to the
directives of its wise leadership, 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 today accounts for 74% of the country’s total GDP. This confirms the

effectiveness of the advanced steps we have 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, 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.”

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