UAE Minister of Economy, Abdullah bin Touq Al Marri, said that Dubai’s GDP is expected to grow by 3.6 per cent this year, mainly driven by the non-oil sector. This is reported by
Pretoria News, a partner of the TV BRICS network.

The country’s geographical location and infrastructure are driving growth. The UAE has signed comprehensive economic partnership agreements with key developing countries such as India, Indonesia and Turkey.

The Minister believes that these agreements will enable the UAE to remain a key player in regional and global markets. The UAE economy grew by 3.7 per cent in real terms in the first half of 2023, indicating steady growth.

The non-resource sector grew by 5.9 per cent. The UAE’s economic growth reflects the country’s resilience, diversification, openness and international co-operation.

Dubai has also launched a Dh500 million (US$136 million) venture capital fund that finances technology startups and supports economic goals.

The fund helps SMEs in various emerging sectors. Its main function is to help with corporate financing, especially in the development stage.

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