The UAE's non-oil sector is heading towards sustainable growth, driven by a booming tourism and real estate sectors, increased government spending on capital projects, and strong inflows of foreign direct investment (FDI), according to UBS Global Wealth Management.

 

"The UAE's non-oil economy is expected to grow by 4.7% in 2024, as the country's diversification and fiscal surpluses show a great ability to adapt to any global challenges," stated Michael Bolliger, the CIO (Global Emerging Markets) at UBS.

 

The UAE's real estate sector is expanding, with residential sales up by 60% and an increase in mortgage applications thanks to low interest rates, said Bolliger while speaking to Wam at a media briefing.

 

The easing of visa procedures and business ownership laws has boosted the influx of businesses and tenants, supporting investment in commercial property in Dubai and Abu Dhabi, he stated, adding that the construction sector remains one of the main drivers of the economy, supported by the government's continued investment in infrastructure projects.

 

Bolliger pointed out that the UAE's tourism sector is also experiencing significant growth, and that Dubai's tourism sector has recovered to pre-pandemic levels, with continued growth in international visitor numbers since the beginning of the year.

 

“Oil GDP is expected to grow by 4.2% in 2025, and the UAE economy will continue its growth momentum and maintain its positive trajectory in the coming years.-TradeArabia News Service