The United Arab Emirates is experiencing robust economic growth, with overall real GDP forecast to grow around 4% in 2024, surpassing previous estimates, reports the International Monetary Fund (IMF).

In its latest Regional Economic Outlook report published in April, the IMF had forecast GDP growth for the Gulf oil exporter at 3.5% in 2024.

Within its most recent Article IV end-of-mission statement, the IMF's delegation highlighted that economic growth in the UAE was broad-based, propelled by robust domestic activity in sectors like tourism, construction, and financial services, Reuters news agency reports.

“Foreign demand for real estate, increased bilateral and multilateral ties, and the UAE’s safe haven status continue to drive rapid growth in housing prices and an increase in rents, while adding to ample domestic liquidity,” the IMF’s statement said.

The IMF also noted that overall economic growth is expected to receive further support from increased hydrocarbon GDP growth this year, partly due to the higher crude oil production resulting from the UAE's OPEC+ quota increase.

The UAE, one of the leading oil exporters globally, has expedited its efforts to diversify its economy away from hydrocarbons and attract foreign investment. Non-oil GDP now accounts for over 70% of the overall GDP contribution.

The IMF went on to add that an acceleration in public and private investment and structural reforms, in areas such as renewable energy and technology, “could spur growth more than expected.”