Dubai hopes that 2024 will be a turning point for the emerging economy as the country looks to be a strategic player in connecting economies and fostering growth among small businesses.
At the Dubai Business Forum earlier this month, H.E. Abdullah bin Touq Al Marri told delegates that Dubai anticipates a GDP growth rate of 3.6% this year, mostly driven by the non-oil sector.
The United Arab Emirates’ location and infrastructure is what drives growth for the region.
The country has signed a Comprehensive Economic Partnerships Agreements with key developing countries including India, Indonesia, and Türkiye.
Through these agreements the UAE hopes to remain an instrumental gateway to regional and global markets.
“The UAE economy grew by 3.7% in real terms in the first half of 2023,” said Al Marri.
“This represents robust growth against the backdrop of global and regional uncertainty and is still a higher figure than any of the other GCC countries. Moreover, the non-oil sector registered a growth rate of 5.9%. The UAE’s economic growth is a testament to our resilience, diversification, and commitment to openness and international cooperation.
“The performance of the national economy has exceeded expectations, supported by structural reforms such as 100% foreign ownership, the enactment of the commercial transactions law, and the revamp of the residency system,” Al Marri said.
A CALL TO INVESTORS
Dubai has also launched of a venture capital fund worth AED500 million (R2.5 billion).
The fund is designed to finance technology startups and supports the economic objectives outlined in the Dubai Economic Agenda, by promoting the growth of small and medium-sized enterprises in various emerging sectors.
The main function of this new investment fund is to allow the existing gaps in corporate finance to be better developed, especially at the developmental stage.
Dr Mohammed Al Zarooni, executive chairperson of Dubai Integrated Economic Zones Authority (DIEZ) said: “Our goal is to empower entrepreneurs from various corners of the world to nurture and establish innovative enterprises.”