The United Arab Emirates (UAE) is targeting investments worth $160 billion in the new economy sectors over the next three decades, according to Abdullah bin Touq Al Marri, the UAE Minister of Economy.
He emphasized that the growth prospects of the global economy are linked to creating more investment opportunities in the new economy sectors. These sectors include space industry, food and agriculture, healthcare, transportation, renewable energy, circular economy models, advanced technology, as well as investments in digital infrastructure development, artificial intelligence, and virtual reality.
Speaking at the “Make it in the UAE” forum, Al Marri stated that the UAE achieved record-breaking growth rates in 2022, with a Gross Domestic Product (GDP) growth of 7.6%, one of the highest economic growth rates globally. He noted that the projections for 2023 indicate that the UAE’s economy will continue to grow at a rate of 3.9%, with non-oil GDP growth reaching 4.2%. Furthermore, in 2024, the GDP growth rate is expected to rise to 4.3%, with non-oil GDP growth at 4.6%.
In line with these developments, the UAE aims to transform into a global model for green growth and circular economy, contributing to the sustainability of economic growth. This will be achieved through collaboration with partners to open new markets for local exports, enhance the competitiveness of the national economy, and develop a business-friendly environment.
Al Marri highlighted that the industrial and manufacturing sector is a priority and a cornerstone for enhancing the UAE’s soft power and a key objective for boosting its competitiveness in international markets.
The Minister highlighted that the country’s domestic industries are capable of competing in regional and global markets across various sectors, including aviation, transportation, logistics services, renewable energy, mining, food industries, petrochemicals, pharmaceuticals, and more.
The UAE Minister of Economy, expects the national economy to witness higher growth in 2023. Several factors contribute to this anticipation, including the rise of the Purchasing Managers’ Index (PMI) to its highest level in five months, with the highest rate recorded in the past five years.
