International recognition has significantly boosted confidence in the national economy. This has led to increased foreign investment, improved credit ratings, and enhanced global competitiveness.
Damian Hitchen, CEO of Saxo Bank in the Middle East and North Africa, forecasted the UAE’s economy to expand by over 4 percent in 2024, driven by OPEC’s increased oil production quota and momentum in non-oil sectors.
He mentioned that the UAE’s appeal is evidenced by its record $23B in foreign direct investment in 2022, marking an all-time high. Additionally, the UAE ranks 14th globally in attracting professional talent, according to the Boston Consulting Group.
Hitchen emphasised the pivotal roles of the tourism and aviation sectors in boosting the economy, enhancing trade, and transforming the UAE into a global transportation and logistics hub.
Vijay Valecha, Chief Investment Officer at Century Financial, anticipated that the UAE’s economy would maintain strong growth exceeding 4 percent this year, supported by robust performances in non-oil sectors.
He highlighted the importance of economic diversification away from oil, focusing on sectors like renewable energy, technology, financial services, tourism, construction, and real estate, which collectively account for over 70 percent of the UAE’s GDP. Valecha predicted that the UAE would lead the Gulf and Arab countries in economic performance in 2024, credited to strategic initiatives and forward-looking policies.