UAE's Economy Minister Highlights Domestic Strength Amid Tourism Slowdown
UAE’s domestic consumption still strong despite slowdown in tourism, says minister
Image: Khaleej Times
Abdullah Bin Touq Al Marri, UAE's Minister of Economy and Tourism, emphasized the country's focus on structural growth despite a tourism downturn. He noted that domestic consumption remains robust, driven by a diversified economy where non-oil activities constitute over 77% of GDP, allowing the UAE to better withstand geopolitical shocks.
- 01UAE's non-oil activities account for over 77% of its GDP, demonstrating economic diversification.
- 02Minister Al Marri outlined three priorities for recovery: protecting continuity, confidence, and long-term agendas.
- 03He urged businesses to diversify suppliers and enhance logistics to build resilience against disruptions.
- 04The UAE's response to economic challenges includes maintaining fair pricing while addressing cost pressures from energy and logistics.
- 05Al Marri stated that the current situation reinforces the need for continued reforms and accelerated execution.
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Abdullah Bin Touq Al Marri, the UAE Minister of Economy and Tourism, spoke at the Economy Middle East Summit about the country's focus on structural growth in the wake of recent geopolitical challenges. He emphasized that while tourism has faced a downturn, domestic consumption remains strong, supported by a diversified economy where over 77% of GDP comes from non-oil activities. Al Marri noted that the recovery will vary across sectors, and the UAE does not require a new economic model but should instead focus on the right levers such as talent and supply chains. He outlined three key priorities for the UAE's economic response: ensuring continuity, building confidence, and advancing long-term goals. Al Marri advised businesses to diversify their suppliers and logistics strategies to enhance resilience. He acknowledged that while the UAE is committed to keeping goods affordable, some sectors are experiencing genuine cost pressures from rising energy prices and logistical challenges, emphasizing the importance of maintaining a fair and credible market.
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The focus on structural growth and economic diversification is crucial for sustaining domestic consumption and stability in the UAE, particularly in challenging times.
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