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The event focused on navigating the global economic landscape beyond 2024
and emphasised the MENA region's economic outlook amidst new global
realities. Discussions explored tomorrow's digital financial services landscape
and highlighted the significance of tourism as a key economic driver. The event
also featured insights into future technology landscapes and fireside chats with
key industry figures including Hatem Dowidar, Group CEO, e& and Badr Al-
Olama, Director General, Abu Dhabi Investment Office, providing further
perspectives on economic development and innovation.

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
percent 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, Bin Touq 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 100 percent foreign ownership of companies, the modernisation 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.”

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 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 markets and
developing economies. Oil importers in MENA are borrowing against an

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