UAE’s Growth Appeal: What Can Santa Claus and Traffic Tell Us About Growth Potential in a Market?

Despite bold predictions and forecasts, the UAE's growth trajectory is unfathomable.

As mentioned by Reuters, the United Arab Emirates' (UAE) economy grew 4.3% year-on-year in the fourth quarter of 2023.

The country’s high scores for quality of life, management remuneration, health infrastructure, quality of education, and labor force growth make it an attractive place for skilled workers worldwide.

The Economic Integration Committee, led by Minister of Economy Abdulla bin Touq, is developing new laws and initiatives to help emerging sectors  – from renewable energy to artificial intelligence – grow their contribution to GDP and create more jobs, state-run news agency WAM reported.

“Today, the UAE is seen as a pioneer in empowering the new economy sectors, most notably renewable energy, advanced financial technology, artificial intelligence, the Fourth Industrial Revolution, entrepreneurship and space,” bin Touq said.

He added that the country had made a “tremendous breakthrough” in developing a knowledge-based economic model, diversifying its economy and boosting its global competitiveness.

The International Monetary Fund has raised its preliminary forecast for GDP growth in 2024 to 4% from the 3.5% projected in its last Regional Economic Outlook report published in April. A Reuters poll of economists in April also forecast the UAE's GDP growth at 4% in 2024, the fastest among Gulf peers.

So, how does this growth capacity benefit blockchain-enabled technology?

One of the most interesting predictors of where the nation is heading can be experienced in classrooms. Darrach Campbell, Head of Middle East Affairs, shares some insights into his daughter's peculiar request at Christmas.

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