UAE economy set to enjoy continued growth, says World Bank

The UAE’s economy is set to enjoy continued growth during the remainder of 2024 and into 2025, according to Roberta Gatti, Chief Economist of the Middle East and North Africa (MENA) region of the World Bank.

Gatti was speaking at the launch of the World Bank Group’s joint initiative with the Abu Dhabi Global Market Academy to promote financial literacy, economic knowledge and sustainable development in the region. At the event, Gatti highlighted the UAE’s role as a regional hub for trade, business, and travel, driven by its progress in economic diversification and reduced reliance on oil.

She projected that the UAE’s GDP will grow by 3.4% in 2024, with continued fiscal and monetary surpluses in the medium term.

Gatti also noted that the Middle East and North Africa region’s average growth is expected to reach 2.2% in 2024, a moderate increase from 1.8% recorded last year, but one percentage point below the pre-pandemic average recorded before the Covid-19 pandemic.

She attributed the region’s growth rate to the performance of Gulf Cooperation Council (GCC) economies, which are expected to grow by 1.9% in 2024, compared with 0.5% in 2023, supported by the expansion of the non-oil sector in most GCC economies.

Gatti anticipated GCC growth to accelerate to 4.2% in 2025, with developing oil-exporting countries growing at 3.3% and developing oil-importing countries at 3.5% during the same year.

She also emphasised the critical importance of women’s participation in the economy to support prosperity in the MENA region, noting that closing the gender employment gap could increase the region’s GDP per capita by 51%.

Dubai Chamber of Commerce continues to flourish

A total of 51,561 new companies joined the Dubai Chamber of Commerce during the first nine months of 2024, representing year-on-year growth of 4% compared with the same period last year.

The value of members’ exports and re-exports during Q1-Q3 2024 reached AED 224 billion (£61 billion), representing year-on-year growth of 7%. A total of 578, 268 certificates of origin were issued during the nine-month period, also reflecting year-on-year growth of 7%. In addition, 3,259 ATA Carnets were issued and received for goods with a combined value of more than AED2 billion.

Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, said: “Dubai is continuing to cement its position as a leading global hub for trade and investments, while enhancing the competitiveness of its business-friendly environment to attract foreign direct investment.”

He added: “We are committed to doubling our efforts to support Dubai’s sustainable economic development journey in collaboration with partners from the public and private sectors. The chamber remains dedicated to promoting business growth, safeguarding the interests of the business community, attracting foreign direct investment, and creating more opportunities for companies operating in the emirate to expand and achieve sustainable grow both locally and internationally.”

Dubai Chamber of Commerce reviewed 154 laws and draft laws in cooperation with Business Groups during Q1-Q3 2024, with the resulting recommendations achieving an adoption rate of 46%. A total of 146 meetings were held with Business Groups and Business Councils during this period including Annual General meetings. The chamber also facilitated 69 meetings between Business Groups and Councils and key government entities and established seven new Business Councils representing the interests of investors from Costa Rica, Greece, Poland, Mexico, Colombia, Kazakhstan and Georgia.

As part of its efforts to raise awareness among companies regarding updates on business-related laws and regulations, Dubai Chamber of Commerce organised 27 legal events during the first nine months of this year. The events, which were attended by 2,111 representatives from private sector companies across diverse industries, sought to ensure compliance with regulations governing the business landscape and promote the adoption of best practices.

Dubai Chamber of Commerce is one of the three chambers operating under the umbrella of Dubai Chambers. As the umbrella organisation of Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, Dubai Chambers empowers the local business community, builds and reinforces international partnerships, and accelerates the growth of the digital economy to boost business, trade, and investments.