United Arab Emirates: Non-Oil Economy to Grow by 4.7%

In 2024, the so-called non-oil sector of the national economy of the United Arab Emirates is expected to grow by 4.7 to 5 percent. Michael Bolliger (pictured), director of emerging markets investments at UBS Global Wealth Management, told Emirati news agency Wam, “The United Arab Emirates’ diversification and budget surpluses have demonstrated and continue to demonstrate an excellent ability to adapt to any global challenges.”

“The United Arab Emirates’ non-oil sector,” Bolliger emphasized, “is heading for sustained growth, driven by expanding tourism and real estate sector, increased government spending on capital projects, and strong inflows of foreign direct investment.” In particular, the real estate sector in the United Arab Emirates is expanding rapidly, with home sales up 60% and mortgage inquiries increasing thanks to low interest rates.

Foreign capital inflows have been steadily increasing, and ADNOC Gas has announced the sale of securities that could bring “significant value.” The United Arab Emirates’ oil and gas company itself wrote in a statement released to international media that the company is “considering selling a further 3-5% stake in its gas division.” International financial analysts estimate that a potential sale of shares in the Emirates giant could help raise more than $3.5 billion, based on the closing price on Tuesday, November 26.

“ADNOC is continually exploring strategic opportunities to facilitate further growth and prioritize shareholder value, including in ADNOC Gas,” states the press release, according to “the value of ADNOC Gas would be significantly enhanced by inclusion in indices from a broader market and with a much larger shareholder base.”

The United Arab Emirates is very active in expanding international contacts: yesterday in Abu Dhabi, Emirati President Sheikh Mohamed bin Zayed Al Nahyan received for talks Philippine President Ferdinand Marcos Jr.

“I welcomed President Ferdinand Marcos Jr. to Abu Dhabi today to discuss opportunities to further deepen cooperation between the UAE and the Philippines in vital areas including economy, trade, and sustainable development,” President Mohamed bin Zayed Al Nahyan wrote on his official social media pages. “As our two countries celebrate 50 years of friendship and cooperation,” the Emirati president emphasized, “we remain committed to strengthening ties and bringing long-term benefits to our peoples.” In this context, the Philippines and the United Arab Emirates agreed to deepen their bilateral relations, focusing on the economy, trade, and sustainable development.

The dense international agenda of the United Arab Emirates will continue and organically develop the XVII Verona Eurasian Economic Forum, organized by the Italian Conoscere Eurasia Association, which will be held in the Emirate of Ras Al Khaimah from December 5 to 6.

To participate in this important prestigious international event, please follow the link