The UAE’s economy continues to achieve strong and accelerated growth and is expected to grow by more than 5% this year, with non-oil sectors projected to expand by over 5.5%, accounting for 78% of gross domestic product, reported Wam, citing the Economy and Tourism Minister Abdulla bin Touq Al Marri.

The growth outlook reflected the resilience and diversification of the national economy and the diversity of its growth drivers, stated Al Marri while speaking to Wam on the sidelines of the Investopia Partners event in Abu Dhabi.

He attributed the performance to the country’s strategic vision and reforms aimed at strengthening the business environment. 

Over the past few years, more than 40 laws and regulations governing the business ecosystem have been updated to improve competitiveness and ease of doing business, he stated.

Al Marri pointed out that the number of companies registered in the national economic register has risen to more than 1.45 million from about 650,000 five years ago, underscoring the UAE’s attractiveness to global investors.

This figure is likely to hit 2 million by 2031, he stated.

The reforms, including changes to the Commercial Companies Law, had helped position the UAE as a global hub for family businesses managing regional and international operations, he added.