The total contribution of non-oil sectors to the UAE's economy grew by 1 per cent between 2020 and 2021, amounting to 72.3 per cent, according to data from the Federal Competitiveness & Statistics Centre.
Sectors including hotels and restaurants (21.3 per cent), retail (14.1 per cent) and health and social services (13.8 per cent) were reported to be the biggest contributors.
In line with its economic diversification agenda, the UAE is introducing reforms and strengthening its business environment.
Most recently, it announced sweeping changes to the country’s visa system, which now includes a 60-day stay for visitors and in some cases allows arrivals without sponsorship.
The country has also benefitted from its handling of the Covid-19 pandemic and hosting Expo 2020 Dubai, despite global pandemic-driven slowdowns.
The Washington-based IMF estimates that the UAE's overall economy grew by 2.3 per cent in 2021, and forecasts growth of 4.2 per cent in 2022, revising its previous figure of 3.5 per cent.
More from the UAE:
- UAE real estate sentiment broadly positive
- Etihad chief expects profitability in 2022
- UAE banking emerges solid and stable
- Ukraine reshapes UAE aviation landscape
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