UAE Economy Set For 5% Growth In 2024 With Non-Oil Sectors Leading

Abdullah bin Touq Al Marri, the UAE's Minister of Economy, has provided an optimistic forecast for the nation's economic growth, projecting an increase of up to 5% by 2024. In a discussion with the Emirates News Agency (WAM), Al Marri highlighted a significant milestone for the UAE, noting that over 73% of its national economy is now derived from non-oil sectors. This development marks a historic achievement for the country and underscores the growing confidence of both the private sector and international investors in the UAE's investment climate.

The minister's insights were shared in light of the upcoming third annual conference of Investopia, a global investment initiative inaugurated by the UAE government in September 2021. Scheduled for 28th and 29th February in Abu Dhabi, the conference will explore 'Emerging Economic Frontiers: Investing in the New Economy Growth Sectors'. Al Marri emphasized the critical role of the private sector in this evolving economic and investment landscape, stating it is central to addressing global changes and challenges.

Under the guidance of the UAE's leadership, efforts have been made to identify and develop over 16 sustainable and flexible economic sectors. These include health technology, agriculture, education, financial services, and artificial intelligence. According to Al Marri, these sectors are pivotal in ensuring the sustainability and strengthening of the national economy.

The minister's statements reflect a strategic approach by the UAE to diversify its economy and reduce reliance on oil revenues. By focusing on emerging sectors that promise growth and sustainability, the UAE is positioning itself as a leading global investment destination. The Investopia conference serves as a platform to showcase these efforts and attract further investment into these key sectors.

This economic strategy aligns with broader global trends towards diversification and sustainability in economic development. The UAE's proactive measures in identifying and nurturing growth sectors demonstrate its commitment to building a resilient and dynamic economy capable of navigating future challenges.

As the Investopia conference approaches, stakeholders from around the world will be watching closely to see how the UAE continues to evolve its economic landscape. The event promises to offer valuable insights into the opportunities presented by new economy growth sectors, further cementing the UAE's status as an attractive investment hub.

With inputs from WAM