The UAE’s non-oil economy is predicted to expand by 4.7% in 2024, according to Michael Bolliger, CIO Global Emerging Markets at UBS Global Wealth Management. This suggests that the country’s budgetary surpluses and diversification demonstrate a strong capacity to adjust to any global issues.
Speaking to the Emirates News Agency (WAM) during a remote media briefing, he added that the UAE’s non-oil sector is experiencing sustainable growth due to a thriving real estate and tourism industry, higher government spending on capital projects, and significant foreign direct investment (FDI) inflows.
He pointed out that the UAE’s real estate market is growing, with a 60% increase in residential sales and a rise in mortgage applications as a result of low interest rates.
He added that the construction industry continues to be one of the primary engines of the economy, bolstered by the government’s ongoing investment in infrastructure projects. The relaxation of business ownership laws and visa requirements has increased the number of businesses and tenants, encouraging investment in commercial real estate in Dubai and Abu Dhabi.
According to Bolliger, the tourist industry in the United Arab Emirates is also expanding significantly. Dubai’s tourism industry has rebounded to pre-pandemic levels, and the number of foreign visitors has been steadily increasing since the beginning of the year.
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