Highlights of Economic Growth Prospects in the MENA Region at the 2024 Middle East Economy Summit

The Economy Middle East Summit 2024 in Abu Dhabi brought together high-profile leaders and experts to discuss the future growth of the MENA region. The event, held at Abu Dhabi Global Market, featured top-tier attendees such as UAE Minister of Economy Abdulla Bin Touq Al Marri and Salem Al Darei, CEO of ADGM Authority.

The summit’s agenda focused on key challenges and opportunities in various sectors including banking and finance, technology, hospitality, tourism, and the future of mobility. Discussions centered around navigating the global economic landscape beyond 2024 and emphasized the MENA region’s economic outlook amidst new global realities.

Abdulla bin Touq Al Marri highlighted the UAE’s efforts in diversifying its national economy and shifting towards a flexible economic model based on knowledge and innovation. The non-oil sector now accounts for 74% of the country’s total GDP, showcasing the success of the UAE’s economic diversification initiatives in line with the ‘We the UAE 2031’ vision and the UAE Centennial Plan 2071.

The summit served as a platform to shed light on the shifts in global economic dynamics and how to promote sustainable economic growth at local, regional, and international levels. Discussions also delved into the significance of tourism as a key economic driver and explored future technology ecosystems.

Roberta Gatti, Chief Economist for the MENA region at The World Bank, highlighted the region’s return to pre-pandemic growth trends but noted the challenges posed by rising debt and geopolitical uncertainties. The panel discussions covered a range of topics including economic diversification, innovation ecosystems, foreign investments, and the impact of geopolitical shifts on regional economies.

The summit also featured sessions on digital transformation in finance, the importance of tourism as an economic pillar, and the role of strategic partnerships in driving accelerated growth across the Middle East. Joe Chidiac, CEO and publisher of Economy Middle East, emphasized the importance of collaboration and innovative thinking in driving growth in the region.

The event was held in partnership with ADGM, supported by the Department of Economic Development in Abu Dhabi and Visa, with strategic partnerships with Alef Education and Standard Chartered. Overall, the Economy Middle East Summit 2024 provided a platform for visionary leaders, ministers, and industry experts to collaborate and drive accelerated growth in the MENA region.