ABU DHABI, 1st May, 2024 (WAM) -- Dr Mahmoud Mohieddin, the Executive Director at the International Monetary Fund (IMF), the UN Special Envoy on Financing the 2030 Sustainable Development Agenda, has lauded the UAE's efforts in successfully diversifying its economy away from oil and towards a knowledge-based and innovative model.
In statements to the Emirates News Agency (WAM) on the sidelines of the Economy Middle East Summit 2024 today at the Abu Dhabi Global Market, Mohieddin said that the UAE has achieved high levels of economic diversification, exceeding their set current target, with the non-oil sector accounting for about 74% of the country's total GDP.
Mohieddin stressed the importance of the Economy Middle East Summit, which is being held for the first time in the UAE capital Abu Dhabi, to discuss the latest developments in the global and regional economy, highlight investment opportunities in the UAE and the region, and explore the prospects for the economy of the MENA region and its ability to adapt to the new global reality.
“There has been a noticeable improvement in growth rates and economic indicators in the UAE, with a decline in inflation rates. This reinforces the country's economic diversification policy, in conjunction with increased investment in new economic sectors, such as the green economy, the digital economy, and smart investments that benefit from the digital transformation,” the international economist said.
Mohieddin explained that the UAE's growth targets align with the sustained experiences of countries like Japan, Singapore, and Malaysia, which have enjoyed consistent growth for roughly 25 years
He pointed out that the UAE economy has the potential to achieve high growth rates with the presence of huge investments and human capital.