Dr. Jihad Azour, Director of the Center East and Central Asia Division on the Worldwide Financial Fund (IMF), affirmed that the UAE financial progress is projected to steer Gulf Cooperation Council (GCC) nations in 2025, primarily pushed by the non-oil sector.
In statements to Emirates Information Company (WAM) on the sidelines of a convention organised by the Dubai Worldwide Monetary Centre (DIFC) in collaboration with the IMF on Regional Financial Outlook for the Center East and Central Asia – October 2024’, Dr. Azour acknowledged that the UAE’s non-oil sector is anticipated to realize progress charges of 4 p.c to five p.c in 2025. “This strong progress underscores the effectiveness of the nation’s financial insurance policies.”
Dr. Azour recommended the UAE’s adaptability to international financial and geopolitical shifts, highlighting its place as a key centre between main financial blocs and a hub for worldwide occasions.
“Regardless of international challenges, the UAE economic system has demonstrated swift adaptability and leveraged trendy expertise to excel,” he stated, noting that the UAE has managed to maintain excessive progress charges.
He highlighted a number of elements bolstering the UAE’s financial outlook, together with funding in digital and technological sectors, renewable power, and inexperienced initiatives, alongside the UAE’s coverage of diversifying funding sources and enhancing local weather sustainability.
Dr. Azour stated that the UAE economic system has undergone vital adjustments lately because of international dynamics, noting that the COVID-19 pandemic, probably the most notable challenges, enhanced the UAE’s adaptability and resilience. “By way of the adoption of superior applied sciences, the UAE improved its providers, boosting competitiveness and reinforcing its standing as a worldwide financial and monetary hub.”
He identified that the UAE has bolstered its fame as a first-rate vacation spot for international investments via vital investments in promising sectors like expertise, technological infrastructure, and renewable power. “Key financial occasions, corresponding to Expo 2020 Dubai and the COP28 local weather convention, additionally contribute to this enhanced enchantment.”
Dr. Azour underscored that the UAE, particularly Dubai, has turn into a secure haven for traders and strategic planning locations, noting that funding in promising sectors will play a key position in advancing the UAE and Dubai economies and increasing new horizons for each.
In regards to the Center East area, Dr. Jihad Azour defined that the financial panorama varies by the kind of economic system in every nation. He pressured that the present precedence is to boost financial stability and enhance medium-term progress prospects.
Dr. Azour affirmed the IMF’s dedication to supporting Center Japanese and North African economies, highlighting that the Fund has supplied US$13.4 billion in funding to the area, together with Pakistan, this yr. He projected a modest financial progress enchancment in 2025, anticipating the expansion fee to rise from a median of two.1 p.c this yr to 4 p.c subsequent yr.
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