UAE’s GDP set to rise by 3.9% in 2024, driven by increased oil production and global economic recovery, per World Bank’s Spring 2024 Gulf Economic Update.
Oil output is expected to increase by 5.8%, while non-oil sectors such as tourism and manufacturing are projected to expand by 3.2%, contributing to overall growth. The report highlights the UAE’s sustained strategic spending growth, with a focus on sustainable, green, and digital development. It also notes a 9.1% GDP current account surplus, driven by non-oil exports, investments, and trade agreements. GCC countries, including the UAE, are reported to have strong financial reserves due to expansion in oil, gas, and non-oil exports. The UAE has approved a US$10 billion investment in tourism infrastructure and initiated the establishment of a significant public-private partnership portfolio worth US$10.9 billion. Additionally, the UAE is actively pursuing structural measures and strategic investments to diversify its economy and enhance industrial capabilities. Key initiatives include Abu Dhabi’s US$10 billion investment in tourism infrastructure, ADNOC Gas’s US$13 billion gas expansion plan globally and locally over the next five years, and the approval of a large public-private partnership portfolio worth US$10.9 billion in Dubai. The report confirms a recovery in employment to pre-pandemic levels in the UAE, along with reinforcement of the Emiratisation strategy through a new budget of US$1.74 billion aimed at integrating 36,000 citizens into the private sector by 2024.
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