UAE’s non-oil economy grows by 4.5% in 2023

The non-oil economy in the UAE is growing by 4.5% this year thanks to the country’s diversification efforts, according to a report by Forex.

The GCC’s key players, especially the UAE, are making leaps towards economic diversification by embracing long-term visions that help them expand their industrial base, open different sectors to investment, reduce reliance on fossil fuels, and comply with environmental objectives and global sustainability.

The report said that in recent years, the Middle East has become a vital center for start-ups, especially in technology, with many factors paving this positive path.

The GCC’s prosperous start-up sectors include e-commerce, fintech, health technology, transport, and logistics, as well as renewable energy.

The government’s efforts in the UAE are aimed at doubling the contribution of the digital economy to the country’s GDP from 9.7% to 19.4% over the next 10 years, in line with Vision 2030, which provides for the emergence of nearly 115 new technology start-ups annually.

Technology start-ups have a promising future in the GCC, despite some challenges to address, as they contribute to economic diversification in the region and drive technological progress.