UAE economy set to grow 7.6% this year; highest in more than a decade

UAE economy set to grow 7.6% this year; highest in more than a decade

The UAE’s central bank expects real gross domestic product growth of 7.6 percent this year, an upward revision of more than a percentage point while lowering expectations for growth next year, state news agency WAM said on Monday.

Real GDP was expected to grow 3.9 percent in 2023, revised down from a previous estimate. The UAE’s economy minister said earlier this month that GDP is expected to grow 6.5 percent this year, and more than 7 percent next year.

WTO meeting

The next World Trade Organization ministerial conference will be held in Abu Dhabi in February 2024, the global trade watchdog confirmed in a statement on Twitter on Monday.

The UAE and Cameroon were both vying to host the event and came to an informal agreement for Abu Dhabi to host the first one and Cameroon to do the next, trade sources said last week.

Trade ministers from the body’s 164 members meet every few years at ministerial conferences and seek to agree on new global commerce rules.

Recognition

The Emirates Development Bank has received an award for the “best micro finance bank in the Middle East” by the 2022 Global Banking and Finance Awards, WAM reported on Monday.

The Global Banking and Financing Awards is a global