UAE’S 2024 growth expected to be over 5.5%
Damian Hitchen, CEO of Saxo Bank in the MENA region, believes that the UAE economy will continue to grow in 2024. This growth is expected to be over 5.5%, mainly due to investments in technology and renewable energy.
In his statement to the Emirates News Agency (WAM), Hitchen mentioned that the UAE'S strategic location, business-friendly environment, and forward-looking policies attract investors and companies worldwide. He is optimistic about the opportunities for projects and investments in the UAE and the
Middle East in the upcoming years.
Additionally, Hitchen highlighted the UAE'S significant role in global financial markets, with its economic plans closely tied to global trends. He also noted that the country benefits from its strategic location and top-notch infrastructure, offering various opportunities for commercial activities.
Damian explained that the UAE'S commitment to innovation and global partnerships enhances its global economic position, supporting its economy. He mentioned that the country has made progress in diversifying its economy away from oil by investing in sectors like tourism, technology, renewable energy, and financial services. These efforts have reduced reliance on oil revenues.
He highlighted that the UAE has successfully diversified its economy by supporting innovations and entrepreneurship, attracting foreign investments. Programmes like the Golden Visa and free zones help attract talents and companies, aiding economic diversification. The UAE'S flexible strategy for economic diversification has positioned it as a key player in the global economy.
He discussed the UAE'S investments in technological innovations like artificial intelligence and blockchain, creating opportunities for startups and tech institutions. He also mentioned the
UAE'S role as a major financial centre, with financial technology services spreading and Dubai and Abu Dhabi experiencing rapid growth in this sector.
Damian highlighted that the UAE, a key global tourist destination, continues to attract record numbers of tourists. He mentioned that infrastructure and real estate projects are also drawing many investors, with all sectors benefiting from the country's economic diversification efforts, strategic location, and businessfriendly environment, contributing to economic growth.