RIYADH: The UAE is expected to maintain its central bank’s projected growth rate of 5.7 percent in 2024, despite prevailing global economic challenges, a top official said. The Central Bank of the UAE revised the country’s 2024 growth projection from 4.3 percent to 5.7 percent in its Quarterly Economic Review report released in December 2023. Speaking to the state news agency WAM, Younis Hajji Al-Khoori, undersecretary of the UAE’s Ministry of Finance, said that the Emirates is projected to achieve that growth rate in its non-oil gross domestic product this year despite the global economic slowdown and challenging financial conditions. “Our efforts to diversify the economy and promote sustainable growth have proven effective. The country expects non-oil GDP growth to reach 5.9 percent in 2023,” said Al-Khoori. The official highlighted that the UAE’s non-oil foreign trade reached a record high of 1.23 trillion dirhams ($330 billion) in the first half of 2023, a 14.4 percent increase compared to the same period in 2022. He also mentioned that foreign direct investment inflows to the country totaled about 83.5 billion dirhams in 2022. Highlighting the growth of the non-oil private sector in the Emirates, Al-Khoori noted that the country’s Purchasing Managers’ Index soared to 57.7 in October, marking its highest level since June 2019. However, in November, the PMI slightly dipped to 57, while in December it rebounded to 57.4. “This post-COVID-19 surge signifies the pace of recovery and the full resumption of economic activity in the country,” added the official. Al-Khoori emphasized that the strategies adopted by the UAE reflect a commitment to align with the vision of the country’s wise leadership and the ‘Principles of the 50,’ which prioritize economic development as a paramount national interest. As per the UAE government, the ‘Principles of the 50’ comprise 10 guidelines for all institutions in the country, steering the path for rapid transformation in the economic, political, and social sectors over the next 50 years. Earlier this month, Al-Khoori disclosed that the UAE plans to issue sukuk and bonds worth 5 billion dirhams in 2024. He added that the total volume of sukuk and bonds reached 7.7 billion dirhams in 2023.