UAE economic growth expected to exceed 5.5% in 2024

Damian Hitchen, CEO of Saxo Bank in the MENA region, believes that the UAE economy will continue to grow in 2024. This growth is expected to exceed 5.5 percent, mainly due to investments in technology and renewable energy.

Hitchen mentioned that the UAE’s strategic location, business-friendly environment and forward-thinking policies attract investors and companies from around the world. He is optimistic about project and investment opportunities in the UAE and the Middle East in the coming years.

Besides, Hitchen He highlighted the UAE’s important role in global financial markets, with its economic plans closely linked to global trends. He further noted that the country benefits from its strategic location and world-class infrastructure, offering various opportunities for commercial activities.

Damian He explained that the UAE’s commitment to innovation and global partnerships enhances its global economic position, supporting its economy. He mentioned that the country has made progress in diversifying its economy away from oil by investing in sectors such as tourism, technology, renewable energy and financial services. These efforts have reduced dependence on oil revenues.

He highlighted that the UAE has successfully diversified its economy by supporting innovation and entrepreneurship, attracting foreign investments. Programs such as the Golden Visa and free zones help attract talent and companies, helping economic diversification. The UAE’s flexible strategy for economic diversification has positioned it as a key player in the global economy.

He spoke of the UAE’s investments in technological innovations such as artificial intelligence and blockchain, creating opportunities for technology startups and institutions. He also mentioned the UAE’s role as a major financial centre, with the expansion of fintech services and Dubai and Abu Dhabi experiencing rapid growth in this sector.

Damian He highlighted that the United Arab Emirates, a key global tourist destination, continues to attract a record number of tourists. He mentioned that infrastructure and real estate projects are also attracting many investors, and that all sectors benefit from the country’s economic diversification efforts, strategic location and business-friendly environment, contributing to economic growth in the UAE.

Damian Hitchen The economies of the Gulf Arab states are expected to continue to recover, with the economy of the Arabian Gulf region projected to grow by 2.5 percent in 2023 and 3.2 percent in 2024. This growth is attributed to the diversification efforts, increased government spending and infrastructure projects that drive economic growth. in this countries.

Regarding the global economic outlook, he analyzed the various factors influencing the global economy, including challenges such as supply chain issues and inflationary pressures. Governments, central banks and international organizations are addressing these challenges to support economic growth.

It noted differences in growth rates between countries, regions and sectors: some are experiencing a decline while others are growing. It is crucial to seize growth opportunities and adapt to different global conditions.

The CEO explained the US Federal Reserve’s recent decision to maintain interest rates, considering factors such as economic data, concerns about rising inflation and employment trends. This decision reflects the Federal Reserve’s commitment to long-term economic stability and the fight against inflation, with the goal of achieving an annual inflation rate of 2 percent.

News source: Emirates News Agency