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The UAE’s economy, in recent years, has been making significant efforts to diversify and reduce its dependence on oil revenues. Ranking as one of the world’s fastest-growing economies, it aims to maintain a yearly growth of 7% to double its gross domestic product by 2030. 

Recently, Abdulla bin Touq Al Mari, UAE’s minister of economy, stated that the country’s target is to achieve a $816 billion economy by the end of 2030. In 2022, the UAE’s GDP reached $446 billion at constant prices and $506 billion at current prices, indicating a growth of 22.1% compared to the previous year.

The country’s foreign trade in 2022 amounted to $554 billion, growing 17% year-on-year. The nation has bilateral trade agreements with global partners like India, Turkey, Israel, and Indonesia to boost its economy. It recently pledged significant financial support for Turkey during President Erdogan’s visit, signing various memoranda of understanding.

The UAE’s ties with India have also driven economic growth, as both countries experienced a fast-paced economic expansion in 2022. As per the IMF, the UAE’s economy will continue to grow faster, with a projected expansion of 3.9% in 2024.

Economists expect a positive outlook for the second half of 2023, attributing it to a strong rebound in the real estate, travel, and tourism sectors. Additionally, the UAE has undertaken various development projects, investing $23 billion in July 2022 to boost construction and create job opportunities. Ongoing projects, such as the railway network and urban tech district in Dubai, are expected to contribute to a 2% average rise in construction activities from 2023 to 2025.