UAE Economy to Grow 3.9% in 2024, Central Bank Projects

A general view of Abu Dhabi, UAE. (WAM)
A general view of Abu Dhabi, UAE. (WAM)
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UAE Economy to Grow 3.9% in 2024, Central Bank Projects

A general view of Abu Dhabi, UAE. (WAM)
A general view of Abu Dhabi, UAE. (WAM)

The United Arab Emirates' economy grew 3.6% in 2023, the Gulf state's central bank said in its annual report on Thursday, and projected overall output growth to rebound to 3.9% in 2024 on the back of a recovery in various economic sectors.

The UAE economy grew 4.3% year-on-year in the fourth quarter, preliminary government data showed last month, with non-oil economic growth vastly outperforming overall GDP, Reuters reported.

But a decline in oil activity last year on lower production and prices weighed on full year growth.



Egypt Strengthens African Ties with Senegal in Maritime Transport Cooperation

Egypt’s Minister of Industry and Transport with Senegal’s Minister of Fisheries, Infrastructure, and Ports (Egyptian Ministry of Transport)
Egypt’s Minister of Industry and Transport with Senegal’s Minister of Fisheries, Infrastructure, and Ports (Egyptian Ministry of Transport)
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Egypt Strengthens African Ties with Senegal in Maritime Transport Cooperation

Egypt’s Minister of Industry and Transport with Senegal’s Minister of Fisheries, Infrastructure, and Ports (Egyptian Ministry of Transport)
Egypt’s Minister of Industry and Transport with Senegal’s Minister of Fisheries, Infrastructure, and Ports (Egyptian Ministry of Transport)

Egypt is intensifying its efforts to strengthen ties with African nations, with the latest development being a cooperation agreement with Senegal in maritime transport, including a new shipping route between Alexandria and Dakar.

Kamel El-Wazir, Egypt's Deputy Prime Minister for Industrial Development and Minister of Transport, said that there are many projects planned to improve connections with African countries.

He added that Egypt is fully ready to work with Senegal in all sectors, including transportation—land, sea, rail, dry ports, and logistics.

Egypt reaffirmed its commitment to strengthening ties with Senegal during talks between El-Wazir and Senegal’s Minister of Fisheries, Infrastructure, and Ports, Fatou Diouf, in Cairo on Friday.

The discussions focused on enhancing cooperation in infrastructure, ports, and maritime transport.

El-Wazir highlighted President Abdel Fattah al-Sisi’s call for greater cooperation with African countries and noted that Egypt has many specialized companies ready to help develop and manage ports in Senegal.

The minister also welcomed the proposed shipping route between Alexandria and Dakar, offering to train Senegalese port workers in maritime transport and provide training in railways, subways, electric trains, and land transport.

He also mentioned potential collaboration in dry port development.

Earlier this week, Egyptian Foreign Minister Badr Abdelatty met with his Senegalese counterpart in Cairo.

They discussed the situation in the Sahel, West Africa, and the Horn of Africa, as well as Egypt’s water security. Both ministers also explored ways to boost African cooperation and regional integration.