UAE aims to double its economy to AED 3 trillion by 2031

The UAE Ministry of Economy aims to double the size of the country’s economy to three trillion dirhams by 2031.

“This is through five main directions, including working to make the country a global center for new technology and supporting digital economy strategies, supporting the Fourth Industrial Revolution, opening up new markets, and attracting the best international talent to work in the UAE” the UAE Ministry of Economy explained.

“The contribution of the non-oil sector to the UAE economy reached 72.4 percent last year, while the contribution of the oil sector reached 27.6%,” Fatima Ghanem Al Hajri, head of the investment and talent attraction department at the ministry, explained.

Salem Al Shamsi, Vice President of Global Markets at Dubai Chambers, said that the UAE is a major center for foreign investment due to the great confidence in the investment climate, the efficiency of the financial and banking systems, and the regulatory and legislative framework in the country.

Earlier, Younis Al Khouri, UAE undersecretary of the Ministry of Finance, predicted that the country’s economy would grow by 3.8% in 2023.

“UAE’s economy will grow thanks to the open financial policy of the state and its attraction of capital, a lot of foreign companies based in the UAE, and comprehensive economic agreements signed by the state,” Al Khouri said.