Strategic location, strong financial reserves, large sovereign wealth fund, promising investor home economies, consistent government spending, progressive policy of economic diversification, free zones and increased foreign direct investment contribute to the UAE’s robust economy.
UAE’s GDP is expected to expand 3.5% in 2019 compared to 2.8% in 2018 as a result of the announced Dh50 billion stimulus package & host of measures taken to do business easier across UAE.
In 2019, non-oil GDP growth will be 3.4% against 2.6% last year while oil GDP expands to 3.7% this year versus 3%.
Non-oil GDP economic growth in first quarter of 2019 reaches 3.1% but grows faster later. Overall GDP growth for fourth quarter of 2018 is 4.4% as a result of non-oil sector real growth along with acceleration of oil production since October.
International Monetary Fund targeted 3.7% growth in GDP of UAE real for 2019 versus 2.9% last year.
Federal & local governments have initiated measures during second half of 2018 to support growth momentum, aiming to boost growth prospects during 2019 in UAE.
Dh50 billion economic stimulus package announced by Abu Dhabi in addition to 10 economic initiatives to do business easily that boost non-oil GDP over medium term.
These measures aims to relax requirements of foreign ownership by introducing 10-year visas for qualified investors & labors that should fast the inflow of private investment and retention of skilled workers.
In 2018, Global Media Insight published statistics of UAE population with 59.5% of expat population in UAE originate from countries of South Asian & expats from account of India for 27.5% of total expat population in UAE.
“It’s a pleasant surprise that His Highness Sheikh Mohammed has announced a surplus budget with good news that almost 2,500 new jobs will be created. The regional challenges along with the US policies, which include oil prices, trade wars, currency, etc., will have an impact on the UAE economy. Being a forward-looking and progressive budget, a substantial allocation of budget towards health, education and housing will go a long way in further improving the already high standards of living in Dubai”
As the 2020 Expo approaches, the Dubai economy is showing signs of rebounding. (Pixabay) Is the Dubai economy finally turning the corner? At least one major international bank thinks so. It follows a move by the emirate’s leadership to reboot an economy that has been hit hard by corporate job losses, the introduction of VAT and a slowing real estate sector.