UAE economy to grow 6% in 2023

The UAE Minister of Economy, Abdulla bin Touq Al-Marri, said that the country’s non-oil sector’s strong performance would boost economic growth beyond the 6% mark in 2023.

The non-oil sector rose by 4.5% in the first half of the year, contributing to a 3.8% total GDP growth rate.

“The national economy is steadily progressing toward rapid and sustained growth,” Al-Marri said.

The minister emphasized that new engines have been implemented in the previous three years to accelerate growth and ensure continuity, with the UAE’s GDP expected to expand by 2031.

“This plan would consider development in new economic areas as well as the implementation of creative strategic initiatives to further elevate them,” he noted.

“The ministry is still reviewing further legislation that might help to strengthen the national economy’s competitiveness while expanding its capacities,” according to Al-Marri.

This strategy includes revising competition and consumer laws as well as managing competition, which is critical to consolidating the economy’s general appeal.

“It requires ensuring a solid and fair competitive environment; this will boost production, foster innovation, help customers get products and services at lower prices, and improve the economy’s overall effectiveness,” he added.

“The Cabinet would propose a legislative revision to the Consumer Protection Law and other specialties that will give competent local authorities a larger role,” Al-Marri said.

During the first half of 2023, the UAE’s non-oil international trade reached an all-time high of 1.13 trillion dirhams ($337.6 billion).

The strong first-half performance was driven by record non-oil exports, which totaled 205 billion dirhams in the first half of 2023, up 11.9 percent from the same period in 2022, according to news agency WAM in August, citing Ministry of Economy numbers.

Non-oil exports in the first six months of 2023 surpassed those in 2017.