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United Arab Emirates (UAE) Economic Profile

The United Arab Emirates is a high-income country representing the Middle East region, with an economic scale exceeding approximately $500 billion in GDP as of 2023. Once an oil-dependent economy, it has now undergone a major transformation of its economic structure through a diversification strategy. The oil and gas sector accounts for approximately 30% of GDP, but the non-oil sectors such as financial services, real estate, tourism, and distribution and logistics have grown rapidly and now account for approximately 70% of the total. The establishment of financial hub status centered on Dubai and the strategic management of oil revenues by the Abu Dhabi emirate support economic growth.

The UAE economy in recent years has been supported by multiple positive factors. Since 2023, improvements in investment sentiment accompanying the mitigation of geopolitical tensions within the region, strengthened economic cooperation with Saudi Arabia, and proactive responses to energy transition are noteworthy. Expanding investment in the renewable energy sector, focusing on advanced technology sectors such as AI and FinTech, and the heightened interest in the green economy following the hosting of the 2024 United Nations Climate Change Conference (COP28) are significant. The tourism industry remains solid, with the attraction of many international conferences and events serving as economic drivers.

A notable aspect is the UAE's strategic economic diplomacy. The country actively constructs economic networks with the Middle East, Africa, and Asia regions, strengthening its role as a trade hub. Additionally, aggressive overseas investment strategies by government-backed sovereign wealth funds are a distinctive feature. On the other hand, despite the growth of non-oil sectors, talent development and industrial upgrading remain challenges for long-term economic sustainability.