DOTP Performance 11 March 2024 United Arab Emirates

  • DOTP Performance 11 March 2024 United Arab Emirates
  • DOTP Performance 11 March 2024 United Arab Emirates
  • DOTP Performance 11 March 2024 United Arab Emirates
  • How will oil prices affect the UAE economy in 2024?
  • Despite the moderation in global oil prices, averaging USD84 per barrel in 2024, and a slowdown in neighboring Gulf economies, the Emirates maintain resilient growth due to their diversified economy. Inflation is anticipated to accelerate to 2.6% in 2024, before slightly decreasing to 2.1% in 2025, which remains above the 2023 level.
  • What is the economic outlook for the UAE in 2024?
  • The UAE economy continues to experience robust growth, with an expected increase of +3.8% in 2024 and a forecasted increase of +4.8% in 2025. Despite the moderation in global oil prices, averaging USD84 per barrel in 2024, and a slowdown in neighboring Gulf economies, the Emirates maintain resilient growth due to their diversified economy.
  • What are UAE's economic priorities for 2024?
  • In January 2024, the UAE Federal Cabinet established five economic priorities for 2024: increasing private sector employment opportunities for Emiratis; expanding housing for Emiratis; strengthening the education sector; growing the non-oil GDP; and improving sustainability.
  • Will UAE Emiratization targets increase in 2024?
  • In 2023, the Cabinet approved extending Emiratization targets to establishments with 20 to 49 employees, to employ one UAE citizen in 2024, and another in 2025. The fine for each UAE citizen not employed in 2024 is $26,300 and will increase to $29,590 in 2025.
  • How did Emirates Group perform in 2024?
  • For the financial year ended 31 March 2024, the Emirates Group posted a record profit of AED 18.7 billion (US$ 5.1 billion), up 71% compared with an AED 10.9 billion (US$ 3.0 billion) profit for last year. The Group’s revenue was AED 137.3 billion (US$ 37.4 billion), an increase of 15% over last year’s results.
  • What will UAE's current account balance be in 2024 & 2025?
  • The annual current account balance is projected to be 7.8% in 2024 and 6.2% in 2025. Oil revenue, along with a rapidly growing real estate and tourism sector, supports the UAE’s central bank in maintaining foreign reserves above seven months of imports.

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