UAE expects non-oil GDP to grow 4.2% this year, minister says

The UAE expects its non-oil GDP to grow by 4.2 per cent this year, Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, said in Bengaluru on Saturday.

The minister made his remarks as head of the UAE delegation at the meeting of the first G20 finance ministers and central bank governors at the south Indian city.

In his remarks, Al Hussaini reiterated the importance of a globally coordinated multilateral action to promote climate finance, as well as strengthening joint international action to set goals and draw strategies that would achieve the best means of financing and investments needed to combat climate change and mitigate its repercussions.

On infrastructure priorities, the minister highlighted how that the UAE has focused on building cities that bridged digital gaps by leveraging 5G and AI to provide safety and enhance social cohesion. This enables the UAE to reduce emissions in line with its global climate change commitments. “We have leveraged private sector participation in the development of smart cities through collaborative models that incentivise private sector involvement in areas such as clean energy, green buildings and ICT infrastructure development, which we believe to be all critical enablers for the future cities of tomorrow,” Al Hussaini said.

On global economic challenges, Al Hussaini noted: “The UAE’s economy continues to withstand global effects, where we expect to achieve 4.2 per cent of non-oil economic growth by the end of this year. On a global scale, there remains an immediate need for policy coordination to minimise vulnerabilities and promote food and energy security.”

On the sidelines of the meeting, Al Hussaini participated in a number of panel discussions and events. He met the President of the World Bank Group, David Malpass, Managing Director of the IMF, Kristalina Georgieva and several other senior global leaders.