The UAE’s economy is poised for accelerated growth, with projections indicating an expansion of over 5% this year, according to statements from the Ministry of Economy. The outlook is particularly strong for the nation’s non-oil sectors, which are expected to grow by more than 5.5% and contribute to 78% of the country’s total GDP.
Speaking at the “Investopia Partners” event in Abu Dhabi, Minister of Economy Abdulla bin Touq Al Marri attributed the strong performance to the nation’s clear leadership vision, flexible legislation, and a highly competitive business environment that continues to attract global talent and investment.
Legislative Reforms Fuel Business Boom
Minister Al Marri emphasized that the positive economic trajectory is a direct result of continuous updates to economic legislation and policies. Over the past few years, the UAE has updated more than 40 laws and regulations governing the business ecosystem.
These reforms have been instrumental in facilitating business operations, enhancing the ease of doing business, and strengthening the competitiveness of the UAE’s investment landscape for both local and international entrepreneurs.
Company Registrations More Than Double in Five Years
The success of these pro-business policies is reflected in the sharp increase in company registrations. The number of companies listed in the national economic register has surged from approximately 650,000 five years ago to over 1.45 million today.
This significant growth underscores the UAE’s increasing attractiveness as a premier destination for businesses and investments. The Ministry anticipates this momentum will continue, projecting the number of registered companies to reach two million by 2031.
A Global Hub for Family Businesses
The Minister also highlighted how targeted policies, particularly the updated Commercial Companies Law, have cemented the UAE’s position as a global platform for family businesses.
These flexible and modern legislative frameworks have encouraged family-owned enterprises to establish their main headquarters in the country, using the UAE as a strategic base to manage their global investments and operations effectively.
About UAE Ministry of Economy
The UAE Ministry of Economy is the federal government body responsible for formulating and implementing economic policies to drive diversification, growth, and competitiveness. It focuses on creating a world-class business environment, promoting trade and investment, and supporting key sectors like tourism, innovation, and SMEs to achieve sustainable development.
Source: Zawya
