Abu dhabi: Abdulla bin Touq Al Marri, Minister of Economy and Tourism, announced that the UAE economy is on track to achieve significant growth, fueled by strategic leadership, modern legislation, and a competitive business environment.
According to Emirates News Agency, during the ‘Investopia Partners’ event in Abu Dhabi, the Minister highlighted projections indicating that the national economy is expected to grow by more than 5% this year. Additionally, non-oil sectors are anticipated to see growth exceeding 5.5%, potentially contributing 78% to the country’s GDP. This showcases the resilience and diverse growth drivers of the national economy.
He further stated that the positive trend is a result of the UAE’s strategic vision and the continuous revision of economic laws and policies. Over 40 laws and regulations have been updated in recent years, streamlining business operations and boosting the investment climate’s competitiveness.
Bin Touq noted a substantial increase in the number of companies listed in the national economic register, rising from approximately 650,000 five years ago to over 1.45 million currently. This growth underscores the UAE’s appeal to global businesses and investors, with expectations that company numbers will reach two million by 2031.
The Minister emphasized that leadership efforts to simplify business processes and implement flexible legislation, especially the Commercial Companies Law, have fortified the UAE’s status as a global hub for family businesses, establishing the country as a preferred headquarters for managing investments and operations worldwide.
