UAE Economy Surges with Record-Breaking Performance in 2024

UAE, 1 July, 2024 : The UAE economy is poised for significant growth in the latter half of 2024, achieving remarkable milestones thanks to a stable investment climate capable of thriving amid global uncertainties.

Following a successful 2023, where the GDP reached AED 1.68 trillion, marking a 3.6 percent increase, the UAE continues its upward trajectory. Non-oil GDP grew by 6.2 percent to AED 1.25 trillion, placing the nation fifth globally in real GDP growth.

Forecasts from the World Bank project a 3.9 percent GDP growth for 2024, with an increase to 4.1 percent expected in 2025. The IMF anticipates a 4 percent growth in 2024, driven by robust activity in tourism, construction, manufacturing, and financial services.

Dr. Karim El Solh, CEO of Gulf Capital, praised the UAE's proactive measures, including stimulus packages and foreign investment incentives, for maintaining economic momentum. He cited the country's strategic location, strong infrastructure, and business-friendly policies as key growth drivers.

The UAE's Vision 2030 framework, focusing on diversification, innovation, and sustainability, has garnered international recognition, boosting investor confidence and enhancing global competitiveness.

Damian Hitchen, CEO of Saxo Bank MENA, expects over 4 percent economic growth in 2024, bolstered by increased oil production and thriving non-oil sectors. He highlighted the record $23 billion in foreign direct investment in 2022 and the UAE's 14th global ranking in attracting professional talent.

Vijay Valecha, Chief Investment Officer at Century Financial, predicted the UAE will lead Gulf and Arab countries in economic performance, supported by strong growth in renewable energy, technology, financial services, tourism, construction, and real estate, which contribute over 70 percent of the GDP.

The UAE's economic diversification and strategic initiatives are set to sustain its robust growth and global competitiveness in 2024.

Source : www.wam.ae