During the year 2024, the UAE economy took steady steps towards achieving the economic goals of the “We are the Emirates 2031” vision, which aims to double the country’s gross domestic product to reach three trillion dirhams by the next decade.
The UAE economy has maintained its rapid pace of growth, as the Central Bank of the UAE expects the country’s gross domestic product to grow by 4% during the year 2024, exceeding the expected growth rate of the global economy, which amounts to only 2.7%, according to the United Nations Trade and Development Organization (UNCTAD).
During the year 2024, a group of indicators and achievements emerged that established the position of the national economy as one of the most prominent and active economies regionally, and among the most competitive globally, as the UAE adopted the Union’s general budget plan for the fiscal year 2025, with total revenues amounting to 71.5 billion dirhams and total estimated expenditures amounting to 71.5 billion dirhams, thus making it The larger budget compared to previous years’ budgets.
At the end of the third quarter of this year, the total banking assets in the Emirates, including bank acceptance certificates, amounted to 4.4 trillion dirhams, while total credit reached 2.16 trillion dirhams, and total bank deposits rose to 2.76 trillion dirhams.
Banks operating in the country pumped 105.6 billion dirhams into the private sector during the first nine months of 2024.
In a related context, the Central Bank’s gold balance exceeded 23 billion dirhams at the end of last September, and its gold balance has grown since the beginning of this year by more than 27.76%, or more than five billion dirhams, from its level of 18.147 billion dirhams at the end of last year.
The UAE also obtained a sovereign credit rating of (AA-) with a stable outlook from the international credit rating agency Fitch, and an Aa2 credit rating, which is the strongest sovereign rating in the region with a stable outlook, by the rating agency. Moody’s International.
In turn, the government treasury bonds program and the dirham-denominated Islamic treasury sukuk program continued to achieve their exceptional successes during the year 2024, as since their launch in 2022 until the end of last August, they witnessed the issuance of treasury bonds worth 11.2 billion dirhams, and Islamic treasury sukuks worth 13.8 billion dirhams, with a total of 13.8 billion dirhams. 25 billion dirhams.
In addition, the Financial Action Task Force (FATF), the international organization concerned with combating money laundering and the financing of terrorism, announced last February that the UAE had completed the implementation of all 15 recommendations contained in its action plan, which embodied recognition of the efficiency of the system for confronting the crime of money laundering and reducing illegal financing. The project, and its success in creating an incubating economic environment for companies.
The UAE has strengthened its position as a major gateway for the flow of trade and logistics services, by expanding its international partnerships with strategic markets around the world, as the number of comprehensive economic partnership agreements it has completed has reached about 24 agreements, some of which have fully entered into force, and others have been officially signed, and are being completed. Currently completing the ratification procedures.
During the first half of 2024, the UAE’s exports amounted to what it exported during a full year before “Corona” in 2019, and its foreign trade approached 1.4 trillion dirhams within six months, with a 25% growth in its non-oil exports, while its goal remains to achieve three trillion dirhams in non-oil foreign trade. oil production by the end of this year.
Optimistic expectations for the real estate sector
The real estate sector has strengthened its gains and achievements, supported by optimistic expectations for its growth in the coming years, due to the increasing and exceptional demand, as the UAE ranked among the top 10 for those planning to buy a home, according to the wealth report issued by Knight Frank, the global real estate consultancy. The size of the real estate market in the UAE is expected to reach more than 2.56 trillion dirhams by the end of 2024, according to a report by the global “Statista” platform. The industrial sector has emerged as one of the most important tributaries of the national economy, as the number of industrial companies in the Emirates reached more than 10,000 companies at the end of last October.
Follow our latest local and sports news and the latest political and economic developments via Google news