Other BriefingsUAE Plans To Double GDP To Over US$800 Billion By 2030
Plus the latest on UAE-Turkiye economic engagement following Erdogan’s visit
The United Arab Emirates is looking to accelerate economic growth over the coming six-seven years as it seeks to double its gross domestic product to over US$800 billion by the end of the decade.
“The focus is to grow by 7 per cent per annum,” Abdulla bin Touq Al Marri, the UAE economic minister, has stated in an interview with Bloomberg. “We need to double our economy to Dh3 trillion (US$817 billion) by the end of 2030.”
The UAE saw its economy grow almost 8 per cent in 2022, thanks in part to higher crude prices and production. This year, the International Monetary Fund projects GDP will accelerate at a slower pace of 3.5 per cent.
The UAE is seeking bilateral trade deals and partnerships to achieve its goals, Al Marri said. However, challenges including lacklustre growth in China and disruptions to global financial systems, which are creating risks, Al Marri added.
The UAE is OPEC’s third-largest producer, and has been pushing to develop its position as a global hub for business and finance. It has signed trade deals worth billions of dollars over the past two years with countries including India, Indonesia Israel, and Turkiye.
This week, during Turkish President Recep Tayyip Erdogan’s visit to Abu Dhabi, the UAE pledged to ramp up financial help for Turkiye with deals that could be worth more than US$50 billion and include buying US$8.5 billion of Turkish bonds.
The two countries are still working on finalizing the details. It will “come in very shortly and very soon.” Al Marri said.
Dezan Shira & Associates assist foreign investors into Dubai and maintain an office in the city. Please contact us at dubai@dezshira.com for advisory assistance; or refer to our ‘Doing Business’ guide below.
Related Reading
An Introduction to Doing Business in Dubai 2023
About Us
Middle East Briefing is one of five regional publications under the Asia Briefing brand. It is supported by Dezan Shira & Associates, a pan-Asia, multi-disciplinary professional services firm that assists foreign investors throughout Asia, including through offices in Dubai (UAE), China, India, Vietnam, Singapore, Indonesia, Italy, Germany, and USA. We also have partner firms in Malaysia, Bangladesh, the Philippines, Thailand, and Australia.
For support with establishing a business in the Middle East, or for assistance in analyzing and entering markets elsewhere in Asia, please contact us at dubai@dezshira.com or visit us at www.dezshira.com. To subscribe for content products from the Middle East Briefing, please click here.
