The latest Global Economic Prospects report from the World Bank forecasts that the UAE's real GDP will increase by 3.9% in 2024 and further expand to 4.1% in 2025.

In April this year, the World Bank adjusted its projection for real GDP growth in the UAE to 3.9% for 2024, up from its January forecast of 3.7%.

Meanwhile, in the Middle East and North Africa region, growth is anticipated to accelerate to 2.8% in 2024 and further rise to 4.2% in 2025. 

Similarly, growth in Gulf Cooperation Council (GCC) countries is projected to strengthen to 2.8% in 2024 and increase to 4.7% in 2025.

The economies of oil-exporting nations are expected to experience growth rates of 2.9% in 2024 and 4.2% in 2025. Meanwhile, oil-importing countries are forecast to achieve growth rates of 2.9% in 2024 and 4% in 2025, Gulf News reports.

Furthermore, during the first nine months of 2023, the UAE economy grew 3.3%, according to preliminary GDP data from the Federal Competitiveness and Statistics Centre last month.

During the same period, non-oil GDP experienced a significant surge of 5.9%, constituting approximately 74% of the total GDP contribution.

This growth reflects the UAE's intensified efforts to diversify its economy away from hydrocarbons and attract foreign investment.

Key sectors such as financial services, construction, and transport and storage demonstrated robust growth in the nine months leading up to September last year, as indicated by the figures.

Moreover, in 2023, growth across the Gulf region was anticipated to decelerate significantly compared to 2022. This slowdown was attributed to factors such as oil production cuts for OPEC+ members, reduced crude prices, and global economic challenges, all of which piled pressure on the oil sector.