The UAE’s strong business climate, developed infrastructure, and favorable policies have supported economic growth, particularly in the non-oil sectors. Despite the challenging economic climate, the World Bank said the UAE economy would grow by 4.1% this year.

The UAE’s economy will likely expand due to a strong recovery in the non-oil economy, Issam Abu Suleiman, the Regional Director for the Cooperation Council for the Arab States of the Gulf at the World Bank, said. “The UAE economy has secured good performance in the past year, and we expect it to continue with the same performance in 2023.” 

“On a global scale, there remains an immediate need for policy coordination to minimize vulnerabilities and promote food and energy security,” said Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, during the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting.

Last month, at the World Government Summit in Dubai, IMF managing director Kristalina Georgieva said the Gulf economies are performing well due to the “relentless” pursuit of reforms and not just because of high oil and gas prices.

“They have been opening up more space for private investments and jobs generated by competitive businesses.”