The evolution of Dubai into a preeminent global economic center is largely attributed to the vision and leadership of Sheikh Mohammed bin Rashid Al Maktoum, according to Minister of Cabinet Affairs, Mohammed Al Gergawi. Over the past few decades, the city has undergone a remarkable transformation, driven by a commitment to attracting talent, enhancing trade...
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Category: Economy
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UAE Economy to Experience Robust 7.7% Growth by 2027
The International Monetary Fund (IMF) has reported that the United Arab Emirates (UAE) is on track to achieve an impressive economic growth rate of 7.7% by 2027. This projection highlights the UAE’s resilience and adaptability in an evolving global economic landscape, characterized by geopolitical challenges and fluctuating energy prices. Central to this growth outlook is...
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UAE’s Non-Oil Sector Expands 4.8% in Q1 2026, Boosting Economic Growth
The non-oil sector in the United Arab Emirates (UAE) demonstrated robust growth, recording a 4.8% increase in the first quarter of 2026. This growth has elevated the non-oil economy’s contribution to the country’s Gross Domestic Product (GDP) to a notable 79.4%. This shift highlights the UAE’s ongoing efforts to diversify its economy beyond oil reliance,...
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Fitch Maintains A+ Rating for Ras Al Khaimah, Boosts 2026 Growth Outlook
Ras Al Khaimah continues to solidify its economic standing, as Fitch Ratings has reaffirmed the emirate’s ‘A+’ credit rating. This decision reflects the region’s economic resilience amid global uncertainties, indicating confidence in Ras Al Khaimah’s fiscal management and economic prospects. Additionally, Fitch has enhanced its growth forecast for Ras Al Khaimah in 2026, predicting an...
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Challenges to UAE’s Ambitious 10 Million Jobs Initiative
The UAE government’s bold target of creating 10 million jobs over the next five years is encountering significant challenges stemming from the realities of the labor market. While this initiative aims to address rising unemployment and diversify the economy, factors such as automation, skill mismatches, informal employment, and lack of investment are complicating its execution....
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Oman Unveils Strategic Development Plan for 2026-2030
Oman has officially launched its 11th Five-Year Development Plan, which will govern the nation’s growth strategies from 2026 to 2030, marking a significant milestone in its long-term economic vision. This plan serves as the second implementation phase of Oman Vision 2040, a comprehensive strategy aimed at diversifying the economy and promoting sustainable development. It builds...
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The Continuity Economy: A New Paradigm of National Power
In a rapidly changing global landscape, the resilience and adaptability of nations are becoming essential traits that demonstrate their strength. The UAE has emerged as a prime example of how a commitment to economic continuity can redefine national power amidst various pressures. The concept of the “Continuity Economy” focuses on a nation’s ability to sustain...
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Lessons from Saudi Arabia’s Vision 2030 for Emerging Economies
Saudi Arabia’s Vision 2030 is a transformative strategy that serves as a guide for emerging economies looking to reshape their future. Launched in 2016, Vision 2030 aims to diversify the Saudi economy away from its reliance on oil by fostering sectors such as tourism, entertainment, and renewable energy. This comprehensive plan is a response to...
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UAE Accelerates Economic Diversification as Non-Oil Sector Grows
The latest economic data reveals that the United Arab Emirates is witnessing a significant transformation driven by diversification efforts, with the non-oil sector now constituting nearly 80% of the country’s GDP in the first quarter of the year. This shift underscores the UAE’s strategic focus on reducing its dependency on oil revenues and enhancing its...
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UAE PMI Rebounds to Four-Month Peak as Hiring Activities Resume
The UAE’s Purchasing Managers’ Index (PMI) has reached its highest level in four months, indicating a significant rebound in the non-oil private sector. In July, the PMI climbed as demand in the market began to recover after a decline in June, reflecting a renewed optimism among businesses. The PMI, which is a key indicator of...