The UAE’s GDP growth is expected to increase to 3.4 % in 2024, up from 2.8% in 2023, with both oil and non-oil sectors playing a role. This growth is attributed to strong domestic demand in tourism, real estate, construction, transportation, and manufacturing industries.
The UAE has made significant progress in creating an attractive environment for investment and business. According to the IMD report, the country ranked 12th out of 63 countries in the World Competitiveness Index in 2022. Other countries share the UAE’s commitment to promoting the region’s private sector-led growth and competitiveness.
The Ministry of Economy reported record economic growth of 7.6 % in 2021, one of the highest in the world. The non-oil foreign trade of the UAE also reached a record high of AED 2. 233 trillion in 2022, with a growth rate of 17% compared to 2021. This is the country’s first time it has exceeded the AED 2 trillion barrier in history.
Source: Wam news