UAE sets target to achieve AED3 trn in economic growth

Country pursuing its objective through five key directions
UAE sets target to achieve AED3 trn in economic growth
Non-oil sector contributed 72.4 percent to country's economy last year

The UAE Ministry of Economy has unveiled its ambitious plan to achieve a twofold increase in the size of the country’s economy three trillion dirhams ($820 billion) by 2031. This vision will be pursued through the implementation of five key trends.

Five key directions

The Ministry’s strategic roadmap encompasses five key directions aimed at positioning the State as a global hub for cutting-edge technology, expanding support for digital economy strategies, embracing and advancing the fourth industrial revolution, exploring new market opportunities, and attracting top global talent to work in the UAE.

Read more: UAE economy to grow by 3.3 percent in 2023: Report

According to local newspapers, Fatima AlHajri, director Investments and Talent Attraction, UAE Ministry of Economy, highlighted during a symposium held on the sidelines of the World Investment Forum in Abu Dhabi that the country’s ongoing economic diversification endeavors are yielding positive outcomes.

Last year, the non-oil sector made a significant contribution of 72.4 percent to the state’s economy, while the oil sector accounted for 27.6 percent.

Establishing 25 new overseas offices

Over the recent period, Dubai’s overseas rooms have witnessed the opening of 25 new offices, with an additional 25 offices planned to be opened in the near future. This initiative aims to reach a total of 50 offices within a two-year timeframe, as stated by Salem Al Shamsi, vice president – Global Markets, Dubai Chambers.

Al Shamsi highlighted that the UAE has established itself as a significant hub for foreign investment, driven by the high level of confidence in its investment climate, the effectiveness of its financial and banking system, and the robust regulatory and legislative framework of the State.

Remarkable growth

In 2022, the economy of the oil-rich UAE experienced a growth of nearly 8 percent. As the third-largest oil producer within OPEC, the nation aspires to further enhance its global standing as a center for business and finance.

Earlier, the Central Bank of the United Arab Emirates (CBUAE) announced that the country’s GDP is projected to achieve a year-on-year growth of 3.3 percent in the current year, following a growth rate of 3.8 percent recorded during the first quarter.

As per the quarterly review report for the second quarter of this year, the CBUAE reaffirmed its projection of a 4.3 percent growth rate for the country’s economy in 2024. This projection is aligned with the anticipated expansion of both the oil and non-oil sectors.

According to the Emirates News Agency (WAM), the non-oil GDP is anticipated to experience a growth of 4.5 percent by the end of 2023, with a further increase to 4.6 percent by the end of 2024.

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