UAE Economy Projected To Grow By 5% In 2024, Says Minister

Minister of Economy Abdullah bin Touq Al Marri has expressed optimism about the UAE economy, forecasting a growth rate of up to 5% for the current year.

Speaking on Tuesday ahead of the third annual conference of Investopia, which will take place under the theme of "Emerging Economic Frontiers: Investing in the New Economy Growth Sectors," Al Marri noted that more than 73% of the country's economy is now non-oil, marking a historic first for the country.

The annual conference of Investopia is a global investment platform that was first launched by the UAE government in September 2021. The conference will be held on Wednesday and Thursday in Abu Dhabi.

"This achievement reflects the confidence of the private sector and investors around the world in the UAE's investment environment," he said, as reported by WAM. "The private sector is a key pillar in the new economic and investment landscape."

"It is at the heart of global changes and challenges. And in implementation of the directives of the wise leadership, the UAE has identified the most sustainable and flexible economic sectors, which have reached more than 16 sectors," he added.

These 16 sectors include health technology, agriculture, education, financial services, artificial intelligence, and other sectors that contribute to enhancing the strength of the national economy and maintaining sustainability in economic sectors.

The country has been focusing on sustainability to curb the impact of climate change on a global level.

Earlier this week, luxury yacht builders gathered in Dubai from around the world emphasized that prioritizing sustainable manufacturing of high-end marine crafts in the $13 billion market is required to address climate change issues.

To encourage the reduction of carbon footprint, UAE-based digital data center Moro Hub presented a Green Certificate to the General Directorate of Residency and Foreigners Affairs (GDRFA) in December.

Dubai Electricity and Water Authority's (DEWA) managing director and CEO Saeed Mohammed Al Tayer explained that digital transition helps in supporting the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050, which aims to produce 100% clean energy by 2050 and makes Dubai a platform of innovation and smart technologies.