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financial services. “Our national economy’s resilience reaffirms the effectiveness of our strategies
to prioritise flexibility, competitiveness, and openness to global markets,” he said.

Al Marri highlighted that the UAE’s GDP growth averaged 4.8 per cent between 2021 and 2024, while
non-oil GDP growth outpaced this at 6.2 per cent annually. These gains align with the “We the UAE
2031” vision, which seeks to raise the nation’s GDP to Dh3 trillion ($817 billion) by 2031 and
position it as a leader in emerging sectors like the circular economy, space tech, and artificial
intelligence.

“The UAE’s ability to sustain growth amid global uncertainties demonstrates its readiness to
embrace new economic models and partnerships,” Al Marri added, pointing to recent bilateral trade
deals with India, Turkey, and Indonesia, as well as foreign direct investment (FDI) inflows that
topped $23 billion in 2024.

According to KPMG, the UAE is poised to remain the fastest-growing economy in the Gulf
Cooperation Council (GCC) through 2025, buoyed by its capacity to ramp up oil production ahead
of Opec+ peers and a thriving non-oil private sector. The consultancy projects GDP growth to leap
from 3.8 per cent in 2024 to 6.7 per cent in 2025, outpacing regional neighbours.

The UAE’s economic strides are mirrored in its ascent on global indices. It ranked 10th in the 2024
Soft Power Index, reflecting its cultural, diplomatic, and business influence. Abu Dhabi and Dubai
dominated Numbeo’s 2024 Safety Index, clinching first and fourth places globally, while the UAE
itself ranked third worldwide for safety in the Gitnux Marketdata Report.
The 2024 World Competitiveness Report saw the UAE jump three spots to seventh globally,
surpassing Canada, Japan, and Finland. The nation ranked first in employment rates, Internet
penetration, and industrial dispute resolution, and second in tourism revenue and bureaucratic
efficiency.

For the third consecutive year, the UAE is set to welcome the world’s highest influx of affluent
migrants, with 6,700 millionaires expected to relocate by end-2024, according to Henley & Partners.
This surpasses the US, Singapore, and Canada, with British nationals forming the largest cohort.
Analysts tie this trend to the UAE’s tax incentives, luxury infrastructure, and stable governance.

“High-net-worth individuals are drawn to the UAE’s business-friendly policies, safety, and
connectivity,” said Dominic Volek, Henley’s group head of private clients. “Their investments are
bolstering sectors like real estate, fintech, and sustainable energy.”

Looking ahead, the UAE aims to leverage its COP28 legacy to amplify green investments. Projects
like the Abu Dhabi National Oil Company’s (Adnoc) $23 billion decarbonisation plan and Dubai’s
$8.2 trillion Dubai Economic Agenda (D33) emphasise renewable energy and smart technologies.

https://www.khaleejtimes.com/business/uaes-gdpgrowth-rate-on-track-to-achieve-2031-vision