UAE’s economic growth in 2024

In 2023, it is expected that the country’s economy will increase by 3.3%, according to the UAE Central Bank’s forecasts. In 2024, the increase will be 4%, due to the growth within the non-oil sector. The main reasons are government initiatives, a large influx of tourists and technological advances.

Real estate, construction and tourism are among the main factors for the country’s economic growth in 2024. Other priority areas include wholesale trade, industry, financial services, as well as oil and gas.

The country’s ability to host major international events will help achieve the UAE’s ambitious goal of attracting 40 million visitors by 2030. The country also plans to increase the number of hotel rooms to 250,000 over the same period.

One of the major upcoming events in the country is the Cop28 climate summit, which is expected to attract 70,000 people to the UAE. The summit will be held from November 30 to December 12 during the peak winter tourism season.

According to experts, the UAE banking sector will remain stable and profitability will rise to pre-pandemic levels as a result of higher interest rates. In the first half of this year, the profits of the four largest UAE banks increased sharply. First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD and Dubai Islamic Bank all reported a cumulative net profit of USD 7.4B compared to USD 4.4B for the same period in 2022.