Skip to content Skip to Search
Skip navigation

UAE economy to grow 5.7% despite global challenges

By Pramod Kumar
UAE’s non-oil foreign trade reached AED1.24t in the first half of 2023, up 14.4% year on year, said finance ministry undersecretary Younis Haji Al Khoori Wam
UAE’s non-oil foreign trade reached AED1.24t in the first half of 2023, up 14.4% year on year, said finance ministry undersecretary Younis Haji Al Khoori

The UAE economy is projected to grow by 5.7 percent in 2024 despite prevailing global economic challenges, according to the Gulf state’s finance ministry undersecretary Younis Haji Al Khoori.

“Our efforts to diversify the economy and promote sustainable growth have proven effective. The country expects non-oil GDP growth to reach 5.9 percent in 2023 and grow by 4.7 percent in 2024,” he told the UAE state-run Wam news agency.

Al Khoori said that the UAE’s non-oil foreign trade reached AED1.24 trillion in the first half of 2023, rising 14.4 percent year on year.

Foreign direct investment inflows reached about AED83.5 billion last year.

The official added that the UAE’s purchasing managers’ index climbed to 57.7 in October 2023, reaching its highest level since June 2019.

“This post-Covid-19 surge signifies the pace of recovery and the full resumption of economic activity in the country,” Al Khoori added.

The Central Bank of the UAE in December revised its forecast for economic growth to 5.7 percent for 2024, up from an earlier projection of 4.3 percent.

The overall GDP is forecast to grow by 3.1 percent in 2023, the central bank said in a report.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]