According to Oxford Economics Middle East’s Managing Director, Chief Economist, and ICAEW Economic Advisor Scott Livermore, the UAE GDP will grow to 4.8% by 2025.
Livermore ascribed the growth of the non-oil economy, which is predicted to rise by 4.6% annually in 2024, in a statement to the Emirates News Agency (WAM).
He said that non-oil industries, particularly travel and tourism, will continue to expand rapidly, with record numbers of people visiting Dubai and using DXB. “We anticipate that visitor numbers will continue to rise sharply, increasing by more than 20% this year and by double digits the following year,” he stated.
According to Livermore, the nation has seen certain difficulties, notably increased interest rates. However, the economy has persevered because of government assistance in implementing growth and diversification programs. He clarified, “As plans around ‘We the UAE 2031,’ D33 in Dubai, and other strategies are implemented, investment activity is expected to be strong in the UAE.”
The speaker underscored that the United Arab Emirates is enhancing its appeal to overseas investors and talent by implementing policies like permitting 100% foreign ownership of onshore companies and reducing establishment costs. These initiatives have facilitated population expansion and supported the real estate sector.
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