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UAE Economy Overview

The UAE maintains its status as one of the most competitive and highly advanced economies in the world while leveraging innovative strategies to boost economic growth and diversification. Major economic development indicators demonstrate the stability of the UAE’s financial ecosystem and the resilience of the national economy.

     
 

High Financial Solvency

The financial reserves of the UAE continue to grow exponentially, according to the Central Bank of the UAE, which reflects the country’s robust banking system and high financial solvency, ensuring its ability to overcome sudden shifts in the financial and economic landscape.

     
 

Steady Growth of GDP

The UAE’s real GDP continues to witness steady growth. According to the World Bank, the UAE economy is estimated to accelerate with the increase in oil prices and production, and the strong non-oil sector performance serving as major contributors to its economic progress.

     
 

Leading Sovereign Wealth Funds

Sovereign wealth funds play a crucial role in stabilising the UAE’s financial sector. Sovereign wealth funds (SWFs) in the UAE, including the Emirates Investment Authority, are ranked among the top SWFs in the region by the Sovereign Wealth Fund Institute.

     
 

Global Investment Destination

The UAE ranks 15th globally and first regionally in Kearney’s Foreign Direct Investment Confidence Index, thanks to its investor-friendly legislation that seeks to protect investors, provide new investment opportunities, and ensure business stability.

     
 

Highly Diversified Economy

Through the UAE’s economic diversification efforts, the country has made significant progress to reduce its reliance on oil and shift towards a competitive economy driven by knowledge and innovation. Currently, non-oil sectors account for 70% of the total GDP.

     
 

Five-year Federal Budget

The UAE’s federal budget from 2022-2026, which has a total value of AED 290 billion, is the largest spending budget in the country's history. The budget aims to prioritise social development, government services upgrade, implementation of federal projects, and economic development.

     

UAE Global Credit Ratings

The UAE’s strong credit ratings from internationally recognised agencies reflect the creditworthiness of the federal government. The robust credit profile of the UAE stems from its high GDP per capita, strong international relations, innovative policies to enhance sustainable development and contributing factors that impact the UAE’s ability to withstand economic and financial challenges.

AA-

Stable Outlook
Fitch Ratings
As of 2022

     

AA2

Stable Outlook
Moody's Investors Service
As of 2022

     
     

UAE Economic Growth at a Glance

The UAE's significant economic transformation and diversification through the years

     
Diversification of GDP
1971

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2019

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Source: UAE Ministry of Economy
     
Contributions of public and private
sectors to investment activities in 2018

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Source: UAE Ministry of Economy
     
The UAE's Federal Budget Over the Years
Numbers are in AED Billion

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Source: UAE Ministry of Finance