The UAE economy is among the most competitive regionally and globally

The national economy has succeeded in maintaining its rapid levels of growth and consolidating its position as one of the most prominent and active economies regionally and among the most competitive globally.
A report by the Emirates News Agency “WAM”, on the occasion of the country’s celebrations of the 53rd Union Day, reviewed the most important and prominent economic achievements achieved by the country during the year 2024. The UAE adopted the largest federal budget compared to the budgets of previous fiscal years after adopting the general budget plan for the Union for the fiscal year 2025, with total revenues. It amounted to 71.5 billion dirhams, with total estimated expenses amounting to 71.5 billion dirhams.
For its part, the UAE Central Bank expects the country’s gross domestic product to grow by 4% in 2024, supported by the improved performance of the oil sector, with growth reaching 6% next year 2025, while the International Monetary Fund expected, last October, a growth in the per capita share of GDP. The real GDP of the UAE will increase by 2.5% in 2024, with this growth rising to 3.4% in 2025.
The UAE received a sovereign credit rating of (AA-) with a stable outlook from the international credit rating agency Fitch, and an “Aa2” rating in creditworthiness, which is the strongest sovereign rating in the region with a stable outlook, by the international rating agency. “Moody’s.”

Bonds and instruments
The government treasury bonds program and the dirham-denominated Islamic treasury sukuk program continued to achieve their exceptional successes during the year 2024, as since their launch in 2022 until the end of last August, they witnessed the issuance of treasury bonds worth 11.2 billion dirhams, and Islamic treasury sukuks worth 13.8 billion dirhams, with a total amounting to 25 billion dirhams. dirham, which reflects the high confidence enjoyed by the investment environment in the UAE as one of the most competitive economies and progress in the world.

System efficiency
Last February, the Financial Action Task Force (FATF), the international organization concerned with combating money laundering and the financing of terrorism, announced that the UAE had completed the implementation of all 15 recommendations contained in its action plan, which embodied recognition of the efficiency of the system for confronting the crime of money laundering and reducing illicit financing. Its success in creating an incubating economic environment for companies ensures their growth and business prosperity.

Economic partnerships
During the year 2024, the UAE will strengthen its international partnerships with strategic markets around the world with the aim of consolidating its position as a major gateway for the flow of trade and logistics services, as the number of comprehensive economic partnership agreements completed by the UAE reached about 18 agreements, of which six agreements have fully entered into force, and seven Others have been officially signed, and the procedures for ratifying them are currently being completed, in preparation for their sequential implementation to begin soon, while the talks on the remaining agreements have been completed successfully and their final terms have been reached in preparation. To be officially signed soon.

Exceptional exports
The UAE’s exports in the first half of 2024 amounted to what it exported during a full year, before “Corona” in 2019, and its foreign trade approached 1.4 trillion dirhams within 6 months, with a 25% growth in its non-oil exports, while its goal remains to achieve 3 trillion dirhams. Non-oil foreign trade by the end of this year.

Global competitiveness
The UAE has risen to advanced ranks in global competitiveness reports, advancing to seventh place globally in the annual Global Competitiveness Report 2024, issued by the Global Competitiveness Center of the International Institute for Administrative Development in the Swiss city of Lausanne. The UAE’s positive performance contributed to its ranking at the global forefront in more than 90 indicators of the report.
The UAE ranked first regionally in the Human Development Index 2023-2024 report, issued by the United Nations Development Programme, and ranked 17th globally out of 193 countries included in the report.
The UAE ranked first in the world for the third year in a row in the Global Entrepreneurship Monitor report for the year 2023-2024, after recording a score of 7.7, which is a record number recorded for the first time in the history of the report since its launch.
The UAE came in first place in the Middle East and North Africa region, and 18th in the world in the Travel and Tourism Development Index issued by the World Economic Forum. It also ranked second in the world in the number of new foreign direct investment projects, according to the report of the United Nations Conference on Trade and Development. UNCTAD.
In the United Nations e-Government Survey 2024 report, the UAE ranked first in the world in the Communications Infrastructure Index, and also ranked first in the North Africa and West Asia region in the Global Innovation Index report.

Travel and tourism
The tourism sector continued to achieve positive results that enhance its contribution to the growth and sustainability of the national economy, as revenues from hotel establishments in the country increased to reach more than 24.6 billion dirhams during the first half of this year, achieving a growth of 7% compared to the same period in 2023.
The number of guests at hotel establishments in the seven emirates also increased to approximately 15.3 million guests during the first six months of 2024, with a growth rate of 10.5% compared to the same period last year.
Abu Dhabi Airports, Dubai International Airport, and Sharjah International Airport recorded more than 103 million passengers until the end of last September, while the General Civil Aviation Authority expected that passenger traffic at the country’s airports would reach about 150 million passengers by the end of this year.