A Gulf News report projects enhanced growth for UAE economy in the second half of the current year. The report highlights the country’s stable investment and economic environment as the key growth catalyst.
4% Growth for UAE economy
Significantly, the World Bank forecasts the UAE’s GDP to grow 3.9% this year. The agency expects a 4.1% growth in 2025. Meanwhile, reflecting a similar growth rate, the International Monetary Fund (IMF) expects the national economy to grow by 4% in 2024. Strong activity in the tourism, construction, manufacturing, and financial services sectors will drive the growth.
2023 GDP: AED 1.68 trillion
The country registered positive growth rates across macroeconomic indicators, with GDP touching AED 1.68 trillion in 2023, marking a 3.6% growth.
Interestingly, non-oil GDP at constant prices grew 6.2% to AED1.25 trillion. This makes the UAE economy the fifth globally in the real GDP growth index.
Real Estate: a key player
The real estate sector will continue to play a key role in the country’s economic growth. The report says that real estate and other non-oil sectors like renewable energy, technology, financial services, tourism, and construction, together drive over 70% of the UAE’s GDP.
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