In 2024, both oil and non-oil sectors are expected to strengthen the UAE GDP growth to reach
around 3.4% from 2.8% in 2023, driven by robust domestic demand; particularly in the tourism, real
estate, construction, transportation, and manufacturing sectors, according to the World Bank
projections.
‘’The UAE made significant strides towards creating an attractive environment for investments and
business. Based on the recently published report by IMD, the UAE ranked number 12 (out of 63
countries) in the World Competitiveness Index in 2022 and led the world across several indices, ‘’
Issam Abu Suleiman, Regional Director of the Gulf Cooperation Council (GCC) at the World Bank,
told the Emirates News Agency (WAM).
‘’For the region, we also notice clear commitment by other countries in pushing forward their own
reform agendas and promoting private sector-led growth and competitiveness. There are many
common grounds and lessons learnt that could become of great value from close regional
collaboration in this area,” he said.
According to the Ministry of Economy, the UAE achieved a record economic growth last year, as the
GDP grew by 7.6 percent, which is one of the highest rates of economic growth in the world.
The non-oil foreign trade of the UAE achieved record growth rates in 2022, reaching AED 2.233
trillion, with a growth rate of 17 percent compared to 2021. The country has exceeded the AED2
trillion barrier for the first time in history.
