UAE Economy Defies Expectations with Robust 4% GDP Growth

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The International Monetary Fund (IMF) said on Monday the United Arab Emirates was experiencing strong economic growth, with overall real GDP projected to grow by about 4% this year, higher than earlier estimates.


In its latest statement at the end of its mission, the IMF team highlighted that the UAE's economic growth is broad-based, driven by strong activity in sectors such as tourism, construction and financial services.

"Demand for real estate from abroad, with increasing connectivity both bilaterally and multilaterally, coupled with the UAE's reputation as a safe haven, continues to drive housing prices and leads to higher rents, while also contributing to a healthy household financial environment,” the statement noted.

Overall economic growth is expected to receive additional support this year from an increase in hydrocarbon GDP, partly due to higher crude oil production as a result of the UAE's increased OPEC+ quota.

As one of the world's leading oil exporters, the UAE is rapidly working on plans to diversify its economy away from oil and attract foreign investment, with non-oil GDP now making up half of total GDP. is more than 70%.

The IMF also emphasized that expedited public and private investments and structural reforms, particularly in sectors like renewable energy and technology, "have the potential to drive growth even beyond current expectations."

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