The UAE has surged in Kearney’s 2024 Foreign Direct Investment Confidence Index, leaping from 18th to eighth place. This marks a significant milestone for the Arab world’s second-largest economy as it intensifies efforts to broaden its economic base.
Notably, the UAE also secured the second spot on Kearney’s emerging market index, positioning just behind China, the globe’s second-largest economy, a step up from its third-place ranking in the previous year.
This advancement underscores the UAE’s unwavering commitment to economic diversification, solidifying its status as a beacon for global investment. The newfound ranking mirrors mounting investor confidence, propelled by the UAE’s persistent pursuit of policy reforms.
Fuelled by government initiatives aimed at steering the economy away from its dependence on oil, sectors such as manufacturing, tourism, and technology are experiencing robust growth. Projections by the UAE Central Bank anticipate a 4.2 percent expansion in the country’s economy for the current year.
Source: The National