Page 369 - MOET ENGLISH PR REPORT - AUGUST 2025

opportunity." His remarks reflect the issuance of over 200,000 new economic licenses in 2024, a
clear signal of the UAE’s vibrant entrepreneurial ecosystem.

The UAE’s economic ascent is underpinned by sweeping reforms that have reshaped its business
landscape. Over the past four years, more than 30 key economic laws have been modernised,
covering e-commerce, arbitration, commercial transactions, family businesses, and cooperatives.
Initiatives such as 100 per cent foreign ownership, streamlined business registration, and the
expansion of over 40 free zones have solidified the UAE’s appeal as a magnet for global capital and
talent. “These reforms have created a dynamic environment where businesses can scale rapidly,” Al
Marri noted, emphasising long-term visas for investors and professionals, digital governance
advancements, and cutting-edge infrastructure as key enablers.

International institutions echo this optimism. The International Monetary Fund (IMF) projects a 5.1
per cent GDP growth for the UAE in 2025, while the World Bank estimates 4.6 per cent. The Central
Bank of the UAE (CBUAE) forecasts a 4.4 per cent expansion, with the non-oil sector driving a 5.4
per cent surge. KPMG offers a more bullish outlook, predicting a 6.7 per cent growth rate,
positioning the UAE as the GCC’s fastest-growing economy.

Oil production, while still significant, is complemented by a robust non-oil sector. The Institute of
Chartered Accountants in England and Wales (ICAEW) projects oil output to average 3.8 million
barrels per day by 2027, with capacity scaling to 5 million. “This strategic increase allows the UAE to
maximise returns while transitioning toward a sustainable future,” ICAEW noted. However, the non-
oil sector remains the cornerstone of growth, contributing Dh1.342 trillion—75.5 per cent of the
Dh1.776 trillion GDP in 2024, according to the Federal Competitiveness and Statistics Centre
(FCSC). Key drivers include wholesale and retail trade (16.8 per cent), manufacturing (13.5 per
cent), finance and insurance (13.2 per cent), construction (11.7 per cent), and real estate (7.8 per
cent). The non-oil GDP is expected to grow by 4.7 per cent in 2025, fuelled by domestic demand
and foreign investment.
ADVERTISING

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the
UAE and Ruler of Dubai, highlighted the success of diversification: “Our non-oil foreign trade
reached Dh835 billion in the first quarter of 2025, a remarkable 18.6 per cent increase year-on-year.
Non-oil exports surged by 41 per cent, putting us on track to achieve our Dh4 trillion foreign trade
target well before 2031.” This aligns with the UAE’s “We the UAE 2031” vision, which aims to double
GDP to Dh3 trillion, boost non-oil exports to Dh800 billion, and expand tourism to Dh450 billion.

Tourism, a linchpin of the non-oil economy, continues to thrive. Dubai welcomed 5.3 million
international visitors in Q1 2025, a 3 per cent rise year-on-year, with tourist spending projected to
reach Dh267.5 billion in 2025. This supports Dubai’s D33 agenda, which seeks to double the
emirate’s economy and rank it among the world’s top three cities by 2033. Abu Dhabi’s cultural and
leisure offerings, including the Louvre Abu Dhabi and Yas Island, further enhance the UAE’s global
appeal. “Tourism is not just a sector; it’s a catalyst for economic diversification and global
connectivity,” said Helal Saeed Almarri, Director-General of Dubai’s Department of Economy and
Tourism.

https://www.khaleejtimes.com/business-technology-review/towards-a-vision-powered-future-
uae-drives-growth-with-reforms-innovation-and-investment