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'.
The UAE has confirmed its steadfast commitment to leveraging cutting-edge technology to boost operational efficiency and enhance the quality of government services as it marked its participation in the official inauguration of the Global Government Technology Centre (GGTC) in Berlin.
Dubai's Roads and Transport Authority (RTA) has announced its digital revenues for 2023 grew by 16.8 per cent, reaching AED 3.705 billion compared to the previous year.
The Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Serbia is the first with a country that is not a member of the World Trade Organisation, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade has said.
The Ministry of Finance announced the UAE Cabinet approved amendments to a Federal Decree-Law on Value Added Tax (VAT), which is set to exempt investment fund management services from VAT to stimulate growth in the investment management sector and increase the UAE’s attractiveness as a leading investment hub.
Brazil's Supreme Court said on Friday that lawyers representing social media platform X did not pay pending fines to the proper bank, postponing its decision on whether to allow the tech firm to resume services in Brazil.