Dr Jihad Azour, Director of the Middle East and Central Asia Department of the International Monetary Fund (IMF), affirmed that the UAE’s economic growth is expected to take the lead among Gulf Cooperation Council (GCC) countries in 2025, mainly driven by the non-oil sector. sector.

In statements to the Emirates News Agency (WAM) on the sidelines of a conference organized by the Dubai International Financial Center (DIFC) in collaboration with the IMF on the regional economic outlook for the Middle East and Asia Central – October 2024 Dr Azour said the UAE’s non-oil sector is expected to achieve growth rates of 4 to 5 percent in 2025. “This robust growth underlines the effectiveness of the country’s economic policies.

Dr Azour praised the UAE’s ability to adapt to global economic and geopolitical changes, highlighting its position as a key center between major economic blocs and a hub for international events.

“Despite global challenges, the UAE economy has demonstrated rapid adaptability and leveraged modern technology to excel,” he said, highlighting that the UAE has managed to maintain high growth rates.

He highlighted several factors strengthening the UAE’s economic outlook, including investments in the digital and technology sectors, renewable energy and green initiatives, as well as the UAE’s policy to diversify investment sources and improve climate sustainability.

Dr Azour said the UAE economy has undergone significant changes in recent years due to global dynamics, noting that the COVID-19 pandemic, one of the most notable challenges, has strengthened the adaptability and resilience of the United Arab Emirates. “Through the adoption of cutting-edge technologies, the UAE has improved its services, thereby strengthening its competitiveness and strengthening its status as a global economic and financial hub.”

He highlighted that the UAE has strengthened its reputation as a preferred destination for global investments through significant investments in promising sectors such as technology, technological infrastructure and renewable energy. “Key economic events, such as Expo 2020 Dubai and the COP28 climate conference, are also contributing to this increased appeal. »

Dr. Azour highlighted that the UAE, particularly Dubai, has become a safe haven for investors and strategic planning destinations, noting that investments in promising sectors will play a key role in the development of the Arab Emirates’ economies United and Dubai and in opening new horizons for both.

Regarding the Middle East region, Dr. Jihad Azour explained that the economic landscape varies depending on the type of economy of each country. He stressed that the current priority is to strengthen economic stability and improve medium-term growth prospects.

Dr Azour affirmed the IMF’s commitment to supporting the economies of the Middle East and North Africa, highlighting that the Fund has provided $13.4 billion in financing to the region, including Pakistan, this year . It forecast a slight improvement in economic growth in 2025, expecting the growth rate to increase from an average of 2.1 percent this year to 4 percent next year.

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