Non-oil sectors contribute 74% of UAE’s GDP – Al Marri at Gateway Gulf - Mubasher Info

Mubasher: Abdullah bin Touq Al Marri, the UAE’s Economy Minister, underlined that the contribution of non-oil sectors to the country's gross domestic product (GDP) reached 74%.

On the slides of the Gateway Gulf Investment Forum 2024, Al Marri pointed out that this landmark encourages investors and businessmen to expand and invest in these sectors.

The minister noted that the Gulf country achieved a milestone in diversifying its national economy and shifting to a new economic model based on innovation in line with the "We the UAE 2031" vision.

There are 1.50 million commercial licences in the UAE markets, recording inflows of foreign direct investment (FDI) projects in 2023, which exceed $30.60 billion, with an annual growth rate of 35%.

The UAE ranked first globally as the best place to start and establish businesses in 2024, and second globally as the largest recipient of new project investments worldwide in 2023.

Al Marri highlighted that the Gulf countries enjoy remarkable power regarding the economy worldwide due to their effective influence and investment environment that embraces key global companies.

He affirmed that the UAE seeks to back joint Gulf cooperation in various fields, especially economics and investment, while exploring available opportunities to enhance economic integration.

During the two-day event, he briefed the participants in the forum on the developments in the business and investment environment across the country, which witnessed a radical change during the past period.

The UAE updated legislation in the economic sectors, such as the law on family companies, cooperatives, commercial agencies and trade, through modern technology, and securing full direct foreign ownership.

The first day of the Gateway Gulf 2024 investment event gathered 250 attendees of government ministers and business leaders worldwide.

Translated by: Omnia Ahmed

Source: Mubasher Source: {{details.article.source}}