The UAE’s economy is likely to grow by 5 percent in 2024, Abdullah bin Touq Al Marri, Minister of Economy, said on Tuesday ahead of the Investopia 2024 conference.
The minister pointed out that more than 73 percent of the national economy is now non-oil, a historic first for the country.
“This achievement reflects the confidence of the private sector and investors around the world in the UAE’s investment environment,” he said.
He made the statements on the occasion of the third annual conference of Investopia, the global investment platform launched by the UAE government in September 2021. Investopia 2024 will take place on 28th and 29th February in Abu Dhabi under the theme ‘Emerging Economic Frontiers: Investing in the New Economy Growth Sectors’.
“The private sector is a key pillar in the new economic and investment landscape,” he said. “It is at the heart of global changes and challenges.”
The minister’s projection is in line with that of a prominent rating agency last month.
Tatiana Leskova, associate director of corporate ratings at S&P Global, said in January that UAE’s GDP is likely to touch 5 percent this year.
Growth will be driven by strong momentum in the hospitality, wholesale and retail, and financial services sectors, she said.
Earlier this month, the agency revised its forecast upwards, and projected the GDP to grow at 5.3 percent.
The forecast, however, pales in comparison to the projections by the UAE Central Bank late last year.
It expected the country’s economy to grow at 5.7 percent, in a forecast issued in December.
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