UAE economy continues to achieve strong and accelerated growth

Abdulla Bin Touq Al Marri, Minister of Economy and Tourism, said that the UAE economy continues to achieve strong and accelerated growth, supported by a clear leadership vision, flexible and advanced legislation, and a globally competitive business environment.

In statements to the Emirates News Agency (WAM) on the sidelines of the “Investopia Partners” event held today in Abu Dhabi, the UAE Minister Economy and Tourism said projections indicate that the national economy will grow by more than 5% during the current year, alongside growth exceeding 5.5% in non-oil sectors, which are expected to account for 78% of the country’s GDP. This, he noted, reflects the resilience of the national economy and the diversity of its growth drivers.

He explained that this positive performance is driven by the country’s clear strategic vision and the continuous updating of economic legislation and policies. Over the past years, more than 40 laws and regulations governing the business ecosystem have been updated, contributing to facilitating business operations and enhancing the competitiveness of the investment environment.

Bin Touq also highlighted the significant growth in the number of companies registered in the national economic register, which increased from around 650,000 companies five years ago to more than 1.45 million at present, underscoring the country’s attractiveness to businesses and investments from around the world. He expressed expectations that the number of companies will reach two million by 2031.

He further stressed that the leadership’s directives to enhance ease of doing business and adopt flexible policies and legislation, particularly the Commercial Companies Law, have reinforced the UAE’s position as a global platform for family businesses that choose the country as a main headquarters to manage their investments and operations worldwide.

 WAM