UAE Economy Grows by 4.3% in Q4 2023

The economy of the United Arab Emirates grew by 4.3% year-on-year in the last quarter of 2023, driven significantly by non-oil economic growth. According to data from the Federal Competitiveness and Statistics Centre, the non-oil GDP of the UAE increased by 6.7% during the same period. The financial services, insurance, transportation, storage, real estate, and construction sectors were among the fastest-growing. The Gulf state has also intensified its investments in sectors such as renewable energy and advanced technology. The UAE has accelerated its plans to diversify the economy and attract foreign investment, with non-oil GDP now accounting for over 70% of the total contribution to growth.