UAE’s Non-Oil Economy Driving National Growth

Abdulaziz Al Nuaimi, Assistant Undersecretary of Economic Affairs at the Ministry of Economy, delivered a keynote address at the UAE Growth and Investment Forum, organized by Gulf News at Jumeirah Emirates Towers. Highlighting the resilience of the UAE’s economy, Al Nuaimi pointed out the remarkable growth of the non-hydrocarbon sector, achieving a non-hydrocarbon GDP increase of 6.7% in the last quarter of 2023, surpassing the overall growth rate of 4.3%. He emphasized the significant contributions from tourism, transportation, financial services, construction, real estate, and communications to this growth, predicting a 5.4% rise in non-oil GDP for the current year.

Global Investment Destination

Over the years, the UAE has emerged as a prime location for global investment due to international confidence in its economy and institutions. In 2023, the country ranked second globally in Foreign Direct Investment (FDI) inflows, attracting $30.6 billion (Dh112.4 billion). “We offer stability, opportunity, and a conducive framework for capital to thrive,” said Al Nuaimi. Key financial centers like Abu Dhabi Global Market and Dubai International Financial Centre have fortified the UAE’s status as a global financial hub, drawing hedge funds and investment managers worldwide.

“These centers offer the common law framework necessary for international business, supported by a pool of skilled professionals essential for intricate financial operations,” Al Nuaimi explained. The UAE’s financial ecosystem now boasts approximately 55,000 professionals across various sectors including law, regulation, banking, administration, investment management, auditing, consulting, brokerage, and investment.

With $238 billion in assets under management, the UAE continues to attract wealth and talent, expecting 6,500 millionaires to make the UAE their home this year.

Integrity and Zero Tolerance

Al Nuaimi stressed the UAE’s commitment to maintaining the integrity of its financial systems, underlining a zero-tolerance policy towards financial misconduct. “We welcome legitimate business and investment, but we remain vigilant against financial wrongdoing,” he asserted. Beyond the financial sector, the UAE is promoting industrialization and manufacturing, boosting the connectivity between free zones and ports, thus positioning itself as a crucial part of the global supply chain.

“Our strategic geographic location and top-notch shipping and airline connections to the East and West establish the UAE as a central point in the global economy,” he noted. Despite these significant achievements, Al Nuaimi reiterated the country’s continuous ambition. He also discussed the initiatives by his think tank at the Ministry of Economy aimed at reforming financial market regulations, enhancing private banking services, and increasing SMEs’ access to funding. “Our objective is not to dictate economic growth but to provide a legal and regulatory framework that enables our economy and entrepreneurs to adapt swiftly to the evolving global landscape,” he concluded.

Venue Partner and Sponsors

The Venue Partner of the UAE Growth and Investment Forum is Jumeirah Emirates Towers, well-known for its convenient access to the Emirates Towers metro station. A popular venue for events and conferences in Dubai, the Godolphin Ballroom features beautifully crafted ceilings and crystal chandeliers and can accommodate up to 900 guests.

The event is supported by various sponsors, including the Platinum Sponsor Free Zones Authority of Ajman, Silver Sponsor Creative Zone, and Technology Partner Tally. Additional support partners include Hussain Al Shemsi Chartered Accountant, TMSL, FAME Advisory, Ahmad Alagbari Chartered Accountants, BSA Law, Dhanguard, Hawksford, Fast Business Center, MICS, Triliv, Lawgical Group, and Neeja Corporate Services.