UAE took significant strides in diversifying economy

Abdulla Bin Touq Al Marri, Minister of Economy, affirmed that the UAE has made significant strides in diversifying its national economy and strengthening its global and regional competitiveness, under the guidance of its wise leadership. As a result, non-oil sectors now account for 74.6 per cent of the country’s real GDP. He highlighted that the industrial sector is one of the key drivers of economic growth and diversification and that it plays a pivotal role in achieving the national goal to double the country’s GDP to Dhs 3 trillion by the next decade in line with the ‘We the UAE 2031' vision.

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In this context, he said: "The transformative industries sector contributed 11.3 per cent to the UAE's real GDP during the first nine months of 2024, reaching Dhs 149.4 billion, marking an increase of 2.3 per cent compared to the same period in 2023. Its contribution to the country’s non-oil GDP exceeded 15 per cent during this period.” He continued: “The sector is expected to contribute Dhs 193 billion to the national economy in 2024. By the end of 2022, it had attracted approximately Dhs 40 billion in foreign direct investment (FDI), accounting for seven per cent of the UAE's total FDI.” He affirmed that the ‘Make it in the Emirates’ platform reinforces the industry's role as a key pillar of national economic diversification and global competitiveness. He further highlighted the significance of continued collaboration between public and private sector entities to accelerate digital transformation across industries, supporting the development of a knowledge-based, innovation-driven economy while also driving sustainable economic development.

The Minister of Economy noted that the Forum is a local and regional platform with growing influence in advancing global industrial growth.