‘UAE’s non-oil economy is powering the country forward’

The UAE economy has remained robust, growing beyond hydrocarbons into a diverse, dynamic powerhouse, said Abdulaziz Al Nuaimi, Assistant Undersecretary of Economic Affairs at Ministry of Economy. He was delivering the keynote address at the UAE Growth and Investment Forum organised by Gulf News at Jumeirah Emirates Towers. Citing the 6.7 per cent non-hydrocarbon GDP in the last quarter of 2023, which outpaced the overall growth of 4.3 per cent, Al Nuaimi said the UAE’s non-oil economy was powering the country forward as a result of diversification efforts. Tourism, transportation, financial services, construction, real estate, and communications sectors were driving this growth, with non-oil GDP expected to grow at 5.4 per cent this year.

Destination for global capital

Over the years, the UAE has grown into a prime destination for global investment, reflecting the international community’s confidence in its economy and institutions, he said. In 2023, the country ranked second globally in FDI inflows, attracting $30.6 billion (Dh112.4 billion). “We offer stability, opportunity, and a framework that allows capital to thrive. This reputation drives the influx of funds and talent to our shores,” Al Nuaimi explained.

Financial centres such as Abu Dhabi Global Market and Dubai International Financial Centre have also been instrumental in cementing the country’s status as a global financial hub attracting hedge funds and investment managers from around the world. “These centres offer the common law framework that international business requires, coupled with the density of skilled professionals needed for complex financial operations,” he said. “We've achieved a critical mass, with about 55,000 employees covering law, regulation, banking, administration, investment management, auditing, consulting, brokerage, and investment. This ecosystem is now sufficiently deep, broad, and mature to allow investment to thrive.”

With $238 billion in assets under management, the UAE is solidifying its status as a capital destionation. It’s also witnessing migration of wealth and talent with 6,500 millionaires expected to make the country home this year alone.

Zero tolerance for financial misconduct

However, Al Nuaimi emphasised that the country’s success wasn’t built on permissiveness. “On the contrary, we've worked tirelessly to ensure the integrity of our financial systems. Our message is clear: the UAE welcomes legitimate business and investment, but we have zero tolerance for financial misconduct.”

Al Nuaimi also pointed out that the country’s efforts extended beyond the financial sector and highlighted the economic incentives offered to industrialisaiton and manufacturing, linking free zones to ports and positioning the country as a vital part of the global supply chain. “Our geographic location and world-class shipping and airline connections to the East and West make the UAE the pivot point of the global economy,” he said.

Despite these achievements, the country remained ambitious, he reiterated in his address, while shedding light on the efforts of his think tank at the Ministry of Economy, which was exploring ways to reform financial market regulations, boost private banking services and increase SME access to funding. “Our goal is not to dictate how the economy should grow but to create the legal and regulatory framework that allows our economy and entrepreneurs to respond nimbly to the evolving global landscape,” he said.

Venue Partner of The UAE Growth and Investment Forum

The Venue Partner of the forum is Jumeirah Emirates Towers, which offers easy access to Emirates Towers metro station. A preferred venue for events and conferences in Dubai, Godolphin Ballroom features beautifully crafted ceilings and crystal chandeliers and can accommodate up to 900 guests.

Sponsors and Partners

The Platinum Sponsor for the event is Free Zones Authority of Ajman, Silver Sponsor is Creative Zone and Technology Partner is Tally. Support Partners of the event are 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.