The UAE’s non-oil economy emerges strongly in the last quarter of 2021, hinting at a promising future

Economic performance is the parameter that gauges how well a nation is doing – not only in terms of percentages and net incomes but also in the context of prosperity, future-readiness, and the ability to respond to global and local disruptions. They are indicative of a country’s development and its journey toward a stronger, happier, and brighter future. 

The United Arab Emirates (UAE) has consistently outperformed on these metrics.The foundations for a diversified economy were laid right at the inception of the country, and it has been bearing fruit for all the past decades that have contributed to making the nation one of the fastest-growing in the world. 

In the latest figures released by the Central Bank of the UAE, this aforesaid statement is reinstated. The figures reveal that the UAE’s non-oil economy grew at an annual 7.8 percent in the fourth quarter of 2021. The expansion has been attributed to the easing of pandemic-related restrictions and travel, along with the boosted local and global demand that followed. 

As per the Central Bank’s Quarterly Economic Review, the non-oil economy is estimated to have expanded 3.8 percent in 2021 and is pegged to grow 3.9 percent this year. Here, it is worth noticing that the country’s economy, which decreased 6.1 percent in 2020 due to the understandable global slowdown, has emerged stronger now thanks to the pandemic-mitigation measures and over $105.72 billion in economic support that were injected right at the onset of the pandemic. 

The report also states that the positive outlook for the UAE is anchored in the fact that most of the country’s export ties are with nations that have managed to get the pandemic under control or at least subdue its aftereffects.

There is another connotation to these figures. This indirectly means that the UAE is offering fertile ground and a level playing field for businesses in the non-oil sector to grow and prosper. 

Tourism, technology, and healthcare have largely contributed to this growth and will continue to do so. The country, with its wise leadership, growth-centric policies, high-tech infrastructure, and openness to innovation, presents a perfect opportunity for businesses not just within the UAE but across the region and the world to flourish. It also offers an unmatched chance for small and medium businesses and aspiring entrepreneurs to benefit from all that the country has to offer and join the march towards a secure, sustainable, and innovative future. 

Taking cues from the powerful performance in the fourth quarter of last year, and looking at the trajectory of growth that the nation’s economy followed, it can be said that now is the time—the time to bring your business to this fast-growing country or to give wings to your entrepreneurial dreams. 

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