UAE’s Economy to Achieve 5% Growth by 2024
UAE’s Economy Minister, Abdullah bin Touq Al Marri, forecasts a 5% increase in the nation’s economic growth by 2024.
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During his discussion with the media, Al Marri revealed that the non-oil sector now constitutes over 73% of the UAE’s economy, which is a landmark achievement. He credited this success to the global confidence in the UAE’s investment environment.
His announcements were part of the lead-up to the third Investopia conference, set for February 28th and 29th in Abu Dhabi, focusing on ‘Emerging Economic Frontiers: Investing in the New Economy Growth Sectors’.
Al Marri stressed on the essential role of the private sector in the dynamic economic and investment landscape, vital for adapting to global shifts and challenges. Following the UAE leadership’s strategy, the country has identified over 16 dynamic and sustainable economic sectors, including health technology, agriculture, education, and artificial intelligence, crucial for maintaining and bolstering the economy’s strength.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
