UAE economy expected to grow by 5%, says Minister

The UAE economy is expected to grow by 5 per cent in 2024, driven by an increase in foreign direct investment and strong growth in the non-oil sector.

That’s according to Minister of Economy, Abdulla bin Touq Al Marri, who said that more than 73 per cent of the national economy is now non-oil, which is a historic first for the country.

Speaking ahead of the third annual ‘Investopia’ conference in Abu Dhabi, the minister emphasised that the private sector is a key pillar in the UAE’s economic and investment landscape.

"The UAE has identified the most sustainable and flexible economic sectors, which have reached more than 16 sectors, including health technology, agriculture, education, financial services, artificial intelligence, and other sectors that contribute to the sustainability of economic sectors and enhance the strength of the national economy," he told state news agency WAM.

Investopia, which was launched by the UAE government in September 2021 takes place from February 28-29 under the theme 'Emerging Economic Frontiers: Investing in the New Economy Growth Sectors'.