• UAE’s real GDP is expected to grow by 3.9% in 2024 and further to 4.1% in 2025, according to the World Bank’s Global Economic Prospects report.
• The World Bank revised its forecast for the UAE’s real GDP growth in April 2024 to 3.9% for 2024, up from the previous prediction of 3.7% in January.
• Growth projections for the Middle East and North Africa indicate an increase to 2.8% in 2024 and 4.2% in 2025, with the GCC countries expected to strengthen growth to 2.8% in 2024 and 4.7% in 2025.

The UAE’s real GDP is projected to grow by 3.9% in 2024 and 4.1% in 2025, according to the World Bank’s latest Global Economic Prospects report.

In April 2024, the World Bank revised its forecast for the UAE’s real GDP growth to 3.9% for 2024, up from its January prediction of 3.7%. Growth in the Middle East and North Africa is expected to rise to 2.8% in 2024 and 4.2% in 2025, Emirates news agency WAM reported.

The Gulf Cooperation Council (GCC) countries are forecasted to see growth strengthen to 2.8% in 2024 and 4.7% in 2025.

Economies of oil exporters are projected to grow by 2.9% in 2024 and 4.2% in 2025, while those of oil importers are expected to achieve growth rates of 2.9% in 2024 and 4% in 2025.

The projected growth in the UAE’s real GDP can be attributed to several key factors: Diversification Efforts: The UAE has been actively diversifying its economy away from oil dependency, investing in sectors such as tourism, real estate, aviation, and technology.

The Government Reforms also consider a factor behind GDP growth as pro-business government reforms, including changes in visa policies, introduction of long-term residency visas for investors and talented individuals, and improvements in ease of doing business, have created a more favorable business environment.

Additionally, innovation and technology: The UAE’s focus on becoming a global hub for technology and innovation, with initiatives like Smart Dubai and investments in artificial intelligence and renewable energy, has positioned it as a leader in the region. This has attracted high-tech industries and startups, contributing to GDP growth.