UAE Aims for 7% Economic Growth Amid Global Challenges: Insights from Economy Middle East Summit 2024

UAE, 3 May, 2024 : At the Economy Middle East Summit 2024, Abdulla Bin Touq Al Marri, Minister of Economy of the UAE, stated the nation's aim to achieve 7% economic growth in 2024. This ambition aligns with the UAE's goal to double its GDP to Dh3 trillion by 2030, building on nearly 8% growth experienced in 2022, despite challenges posed by global uncertainties.

Al Marri emphasized the need to adapt to evolving economic conditions, acknowledging that the decades-long norm of low inflation and interest rates has shifted. He spoke at the summit held at the Abu Dhabi Global Market (ADGM), where discussions centered on navigating global economic realities beyond 2024, with a focus on the MENA region's economic outlook.

Highlighting the UAE's progress in economic diversification, Al Marri noted that the non-oil sector now contributes 74% to the country's total GDP. He emphasized the UAE's commitment to fostering a conducive environment for business and investment, citing reforms such as 100% foreign ownership of companies and modernization of visa and residency systems.

Roberta Gatti, chief economist for MENA at The World Bank, expressed optimism for 2025, anticipating a lift in oil production restrictions. However, she urged MENA governments to balance public-private sector relationships to transition away from informal economies.

Naima Al Falasi, senior vice president of portfolio strategy at Mubadala, highlighted the transformative impact of Generative AI and AI on all industries, estimating a $23.5 billion benefit to the GCC economy.

Dr. Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda for Sustainable Development, and Executive Director at the International Monetary Fund, stressed the need for stronger economic recovery efforts, noting regional growth lags behind global trends.

During the panel discussion, Chris Williamson, chief business economist at S&P Global Market Intelligence, discussed supply challenges in the region due to the Red Sea situation, which, despite the potential for inflation, has been mitigated by the region's diverse supplier base.

Source : www.khaleejtimes.com