An expert identifies factors for the growth of the non-oil economy in the UAE

An expert identifies factors for the growth of the non-oil economy in the UAE
An expert identifies factors for the growth of the non-oil economy in the UAE

Thursday, May 18, 2023 / 10:16 a.m

The UAE has established itself as one of the world’s most developed and prosperous economies, while the country is looking forward to strengthening its position as a distinguished economic destination thanks to the growth it is witnessing in the non-oil sectors, by relying on ambitious visions and qualitative strategies.

Confirming the upward methodology that the UAE is following, the World Bank forecasts the growth of the country’s non-oil economy by 4.8% during 2023, to prove that the UAE has succeeded in its vision of diversifying sources of income, and according to economist Tariq Qaqish, this success was governed by a group of factors that contributed The non-oil economy has achieved unprecedented growth over the past few years.

Attractive environment

Qaqish explained, “The UAE environment, which is attractive to foreign investments and investors, has a prominent role in building a sustainable economic base, in addition to the recent tourism development in the country, and the country’s possession of a distinguished geographical location that has contributed to making the country a global center for trade and the focus of investors’ attention.”
He stated that the UAE’s interest in technology and innovation, encouraging startups and international technology companies to move to the UAE and invest in future technology such as artificial intelligence, robotics and clean technology, has strengthened the economic system.

Developed infrastructure

He pointed out that the modern and advanced infrastructure, including roads, airports, ports and logistical networks, played a vital role in promoting investments and facilitating the movement of goods, which reflected positively on sustainable economic development, in addition to the great interest it attaches to renewable energy projects and enhances sustainability in other sectors such as smart mobility. , which is considered one of the main pillars of development and prosperity.
He did not overlook the role of political stability and security, in addition to the laws, legislations and incentives provided by the government, which in their entirety are considered important factors in attracting investments and promoting economic growth.

Economic diversification

He said: “The growth of the UAE’s non-oil economy during 2023 is attributed to economic diversification, the development of sectors such as tourism, trade and technology, in addition to investing in advanced infrastructure and innovation, providing an appropriate investment environment, political and security stability, in addition to international partnerships and a strategic vision for the future. These factors have reinforced The growth of the non-oil sectors and contributed to achieving strong economic development in the country.

PREV Emirates News Agency – Mohamed bin Zayed University for Human Sciences participates in the Education Interface Exhibition
NEXT Egypt Group .. The secret behind the exclusion of CAF, the Gabon national team, from the African nations