The UAE’s economy remained robust, growing beyond hydrocarbons into a diverse, dynamic powerhouse, said Abdulaziz Al Nuaimi, Assistant Undersecretary of Economic Affairs at Ministry of Economy. He was delivering the keynote address at the UAE Growth and Investment Forum organised by Gulf News at Jumeirah Emirates Towers.
Citing the 6.7 per cent non-hydrocarbon GDP in the last quarter of 2023, which outpaced the overall growth of 4.3 per cent, Al Nuaimi said the UAE’s non-oil economy was powering the country forward, bearing fruits of years of diversification efforts. Tourism, transportation, financial services, construction, real estate, and communications sectors were driving this growth, with non-oil GDP expected to grow at 5.4 per cent this year.
With $238 billion in assets under management, the UAE is also solidifying its status as a capital destionation. It’s also witnessing migration of wealth and talent with 6,500 millionaires expected to make the country home this year alone.
However, Al Nuaimi emphasised that the country’s success wasn’t built on permissiveness. “On the contrary, we've worked tirelessly to ensure the integrity of our financial systems. Our message is clear: the UAE welcomes legitimate business and investment, but we have zero tolerance for financial misconduct.”
Despite these achievements, the country remained ambitious, he reiterated in his address while shedding light on the efforts of his think tank at the Ministry of Economy, which was exploring ways to reform financial market regulations, boost private banking services and increase SME access to funding.
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