UAE economy projected to grow by 5.7% in 2024 despite global woes - GulfToday

UAE economy projected to grow by 5.7% in 2024 despite global woes

A grand view of the skyscrapers in Abu Dhabi.

A grand view of Etihad Towers in Abu Dhabi, a key attraction for local and global tourists.

Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF), said the UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including global economic slowdown and difficult financial conditions.

In statements to the Emirates News Agency (WAM), he said, “Our efforts to diversify the economy and promote sustainable growth have proven effective. The country expects non-oil GDP growth to reach 5.9% in 2023 and to grow by 4.7% growth in 2024.

Al Khoori highlighted that the UAE’s non-oil foreign trade hit a record Dhs1.239 trillion in the first half of 2023, marking a 14.4% increase from the same period in 2022. Additionally, foreign direct investment (FDI) inflows to the country reached about Dhs83.5 billion in 2022.

Al Khouri also noted that the Purchasing Managers’ Index (PMI) in the UAE climbed to 57.7 in October 2023, reaching its highest level since June 2019. “This post-COVID-19 surge signifies the pace of recovery and the full resumption of economic activity in the country.”

He added that the innovative strategies of the UAE reflect a commitment to work according to the vision of the UAE wise leadership and the ‘Principles of the 50’ which have made economic development a supreme national interest.

Meanwhile, the UAE Ministry of Finance organised the Suppliers as Partners Forum to highlight the efforts of building relationships with suppliers as partners to the success of government entities. The forum reflects the UAE government’s approach to building deeper relationships with the private sector, which the Ministry of Finance translates through its partnership and cooperation with suppliers and broadening the sustainable relationship by streamlining the customer experience and proactively anticipating their needs to them meet them, in line with the UAE Digital Government Strategy 2025 and the UAE Strategy for Government Services.

The forum was attended by Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, Mariam Al Amiri, Assistant Undersecretary of Financial Management Sector, and several leaders from federal entities including the Ministry of Finance, the Ministry of Human Resources and Emiratisation, the Ministry of Economy, and the Ministry of Industry and Advanced Technology.More than 270 suppliers and service providers participated in the Forum to shed light on the role of the Digital Procurement Platform in enabling relationships between government entities and business sector, both locally and internationally.

The forum also featured a number of brainstorming breakout sessions focused on creating more effective relationships, and discussing the future of the platform and growth prospects.Younis Al Khoori, said: “The Federal Supplier Register is playing an increasingly important role in the Digital Procurement Platform, which connects government entities with suppliers whom we consider partners to success.

Our efforts to develop the Federal Supplier Register and the Digital Procurement Platform reflect the Ministry’s commitment to proactively identifying all requirements of government entities and businesses alike, which is a primary objective of the next phase of the government’s work. In a world that demands more agile and effective tools and approaches, as well as significant shifts in how resources are managed and more collaborative efforts, we are at the forefront of government innovation.

This aligns with the advancements across key industries and fulfils the nation’s future needs. Such an environment requires cultivating and strengthening active collaborations with the private sector, including suppliers, via the Digital Procurement Platform. Therefore, the Ministry of Finance is guided by the leadership’s vision and its strategic direction towards digital transformation in procurement processes at the federal level.”During the forum, outstanding suppliers were awarded across three categories - Longest Serving Supplier, Most Promising SME Supplier, and Most Promising Entrepreneur Award - in recognition of their collaboration with government entities to build bridges, spread the spirit of competition, raise morale and motivate them to further develop their work, contributing to setting the best quality standards in accordance with the strategic plans of government entities and achieve the highest standards of excellence in government services.The Supplier Register aims to simplify the customer’s journey, as the Ministry of Finance has enhanced the system’s processes to boost supplier satisfaction, and increase the number of suppliers registered in the platform, bringing the total number of registrations in the Federal Supplier Register to more than 10,000 suppliers.

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