ABU DHABI, 1st May / WAM / Dr. Mahmoud Mohieldin, Special Envoy of the United Nations Secretary-General on Financing the Sustainable Development Goals and Executive Director of the International Monetary Fund, confirmed the success of the United Arab Emirates in diversifying its national economy, away from oil and shifting towards an economic model based on… Knowledge and innovation.
In statements to the Emirates News Agency, WAM, on the sidelines of the activities of the “Economy Middle East Summit 2024”, which was held today at the Abu Dhabi Global Market, Mohieldin said that the UAE has achieved high levels of economic diversification, exceeding the target at the current stage with the percentage of The non-oil sector accounts for about 74% of the country’s total GDP.
Mohieddin stressed the importance of the Economy Middle East Summit 2024, which is being held for the first time in the Emirati capital, Abu Dhabi, to discuss the latest developments in the global and regional economy, and to shed light on investment opportunities in the UAE and the region, and the prospects for the economy of the Middle East and North Africa region, and its ability to adapt. With the new global reality.
He stated that there is a noticeable improvement in growth rates and economic indicators in the UAE, with lower inflation rates, which enhances the country’s economic diversification policy, in conjunction with increasing investments in new areas of the economy, such as the green and digital economy and smart investments that benefit from digital transformation.
Mohieddin explained that the growth rates targeted by the UAE are in line with the global experiences achieved in a number of countries, such as Japan, Singapore and Malaysia, which lasted for about 25 years, indicating that the UAE economy has the capabilities that enable it to achieve high growth rates with the presence of… Huge investments and human capital.
The Special Envoy of the United Nations Secretary-General for Financing the Sustainable Development Goals, Executive Director of the International Monetary Fund, stated that the global economy is witnessing remarkable developments, noting that some advanced economies, including the United States and Japan, have witnessed a relative improvement in growth rates, and inflation rates have decreased to Levels are lower than in the past two years.
Mahmoud Mohieldin explained that the growth rates of the global economy average 3.2%, noting that a large number of other countries and countries in the Middle East region achieve growth rates lower than that, which requires increased trade and investment activity.