UAE’s economy set to expand by 5.7% in 2024, according to MoF Undersecretary

Younis Haji Al Khoori, the Undersecretary of the Ministry of Finance (MoF), has projected a remarkable 5.7% growth for the UAE economy in 2024, demonstrating resilience amid prevailing global economic challenges. Despite a backdrop of global economic slowdown and challenging financial conditions, the UAE remains steadfast in its pursuit of sustainable growth and economic diversification.

In a statement to the Emirates News Agency (WAM), Al Khoori emphasized the effectiveness of efforts to diversify the economy and foster sustainable growth. The country anticipates non-oil GDP growth to soar to 5.9% in 2023 and to maintain a robust 4.7% growth trajectory in 2024.

Highlighting key economic indicators, Al Khoori revealed that the UAE’s non-oil foreign trade surged to a record AED 1.239 trillion in the first half of 2023, reflecting a notable 14.4% increase from the corresponding period in 2022. Additionally, foreign direct investment (FDI) inflows to the country reached approximately AED 83.5 billion in 2022, underlining the nation’s attractiveness to global investors.

Al Khouri also underscored the resurgence of economic activity, citing the Purchasing Managers’ Index (PMI), which surged to 57.7 in October 2023, marking its highest level since June 2019. This robust post-COVID-19 rebound signals a swift recovery and the complete restoration of economic vibrancy across the nation.

Moreover, Al Khoori attributed the UAE’s economic success to its innovative strategies, which align with the visionary directives of the UAE’s leadership and the ‘Principles of the 50.’ These principles prioritize economic development as a supreme national interest, reflecting the country’s unwavering commitment to progress and prosperity.

As the UAE charts its course towards economic growth and resilience, it stands poised to overcome global challenges and emerge as a beacon of stability and prosperity on the world stage. Through visionary leadership and strategic initiatives, the UAE continues to carve a path towards a prosperous future for its citizens and residents alike.