ABU DHABI — The United Arab Emirates (UAE) has achieved remarkable economic growth, surpassing expectations and positioning itself among the world’s highest performers with a growth rate of 7.6% in 2022. Led by surging oil and gas prices, the UAE’s expansion included a robust 6.6% growth in the non-oil sector, solidifying its position as a key player in the global economy.
Abdullah bin Touq Al Marri, the UAE Minister of Economy, expressed confidence in the country’s economic trajectory as it exceeded the projections set by the International Monetary Fund (IMF). Al Marri highlighted that the IMF forecasted a 3.5% growth for the UAE’s economy in 2023, surpassing the global average of 2.8%. This positive outlook aligns with the UAE’s ambitious 2031 Vision, which aims to double the size of its economy by 2031.
Recognizing the need for economic diversification to reduce vulnerability to external shocks, the UAE government remains committed to its ongoing efforts in this regard. Abu Dhabi, in particular, plans to invest $2.7 billion to double the size of its manufacturing sector by 2031. Moreover, the adoption of the UAE Circular Economy Policy 2031, focusing on manufacturing, food, green infrastructure, and sustainable transport, reflects the government’s commitment to transforming into a more diversified economic powerhouse.
Indrajit Banerjee, an economic research analyst at GlobalData, emphasized the significance of these diversification initiatives and development projects in strengthening the UAE’s economy and reducing its susceptibility to external shocks. While challenges lie ahead for the UAE’s economic growth in 2023, the ongoing efforts to diversify and fortify various sectors will play a vital role in ensuring sustained progress.
In an effort to foster collaboration, nurture talent, and drive innovation, the inauguration of the Harvard Business School Club – The House was celebrated. This think-tank embodies the entrepreneurial spirit that lies at the heart of the UAE’s economic vision. By providing a platform for knowledge exchange, mentorship, and partnership, The House aims to contribute to the economic development of the UAE and the broader region.
The UAE’s remarkable economic performance underscores its commitment to sustained growth and positions it as a global economic powerhouse. With a focus on diversification, innovation, and collaboration, the UAE is poised to maintain its upward trajectory and solidify its status as a key player in the international economic landscape.
