World Bank expects UAE non-oil economy to grow by 4.8% in 2023

Staff Reporter, Gulf Today

The World Bank has projected that the real GDP of the UAE will grow by 2.8 per cent in 2023, as the non-oil sector is expected to achieve strong growth of 4.8 per cent, driven by robust domestic demand, particularly in tourism, real estate, construction, transportation, and manufacturing sectors.

In a press conference held on Wednesday  in Dubai to announce the new World Bank Gulf Economic Update (GEU) titled, “The Health and Economic Burden of Non-Communicable Diseases in the GCC”, the bank officials said that the current account balance in the UAE is expected to rise to 11.7 per cent in 2023, as well. The report expected the UAE to achieve a surplus in public finances of 6.2 percent in 2023.

The economies of the Gulf Cooperation Council (GCC) are projected to grow to grow by 2.5 percent in 2023 and 3.2 percent in 2024. The region had a remarkable GDP growth of 7.3 per cent in 2022, which was fuelled by a strong increase in oil production for most of that year.

This issue of the GEU focuses on how non-communicable diseases (NCDs) have become the leading cause of mortality and morbidity, accounting for close to 75 percent of all deaths and disability in the region. Of these deaths and disability, more than 80 percent are attributed to just four main NCD categories: cardiovascular diseases, diabetes, cancer, and respiratory diseases.

The report also highlights the substantial cost of NCDs to the economies of the GCC countries. A recent study published in the Journal of Medical Economics, a collaborative effort between experts at the World Bank and key stakeholders from across the GCC, estimated the direct medical costs of seven major NCDs to be around $16.7 billion in 2019 alone.

The report added that many of the GCC countries have already taken impressive steps to address such risk factors, including taxing tobacco products and sugary drinks, restricting or banning the advertisement, promotion or sponsorship of tobacco.

Dubai wins bid:  Dubai has won the bid to host the International Trademark Association (INTA) Annual Meeting in 2026, as the city was selected as the host of the premier global gathering of professionals and experts in the field of trademarks and intellectual property during the opening ceremony of the 2023 INTA Annual Meeting held in Singapore on 17th May, making Dubai the first city in the Middle East to host the prestigious event.

Held annually, the event brings together over 8,000 experts in the field of intellectual property, including lawyers, trademark owners, government officials and academics to discuss vital issues related to intellectual property rights, with a particular focus on trademarks and copyrights.

The successful bid for the INTA Annual Meeting 2026 was the result of a remarkable collaboration between the Emirates Intellectual Property Association (EIPA) and the UAE Ministry of Economy, Dubai’s Department of Economy and Tourism, the Dubai Chambers and Dubai Police. Dubai’s selection as the venue for the largest global gathering of intellectual property professionals reflects its emergence as a leading destination for international events

Major General Dr. Abdul Quddus Al Obaidly, Chairman of EIPA, said, “EIPA is delighted to confirm that Dubai has been chosen to host the International Trademark Association’s Annual Meeting in 2026. Dubai serves as an ideal location to host the prestigious event that will see various experts converging to share their insights, experiences and expertise in diverse aspects of trademark law and practice.”

He added, “The UAE’s successful bid to host the event is a direct outcome of the combined endeavours and fruitful collaboration between various local and federal entities. It also serves as a powerful testament to the country and its leadership’s profound commitment to recognising the crucial role of intellectual property. We aim to ensure that the 2026 INTA Annual Meeting surpasses all expectations and becomes the best ever annual meeting in the organisation’s history.”

Abdullah Al Saleh, Under-Secretary of the UAE Ministry of Economy, stated, “The UAE’s selection as the host for the International Trademark Association’s Annual Meeting in 2026 speaks volumes about the country’s prominent global standing in the realm of intellectual property, particularly trademarks. It also exemplifies the UAE’s steadfast commitment to fostering a thriving business and investment environment, underpinned by a robust system for safeguarding intellectual property rights. Moreover, this choice underscores the UAE’s resolute emphasis on international cooperation and enhancing strategic partnerships in the fields of economy, trade and innovation.”

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, We are proud to contribute to successfully attracting major global events such as the INTA Annual Meeting to Dubai. With an ecosystem designed to encourage innovation, Dubai is home to a thriving community of start-up incubators and accelerators, as well as regulatory sandbox schemes for the development and testing of new tech business models. Trademarks and intellectual property are key considerations for any business, and we look forward to supporting this important event that will help empower both local and global business communities. We remain committed to accelerating the growth of businesses in the emirate and cementing Dubai’s position as a global business and trade hub.”