The UAE economy will expand to 4.8 per cent in 2025 according to ICAEW Economic Advisor and Chief Economist and Managing Director of Oxford Economics Middle East, Scott Livermore.
In a statement Livermore attributed the expansion of the non-oil economy, which is expected to grow by 4.6 per cent year-on-year in 2024.
He added that non-oil sectors, mainly travel and tourism, will continue to grow strongly, with visitors to Dubai and traffic through DXB reaching record levels. "We expect visitors numbers to continue to expand strongly, growing by over 20 percent this year and achieving double-digit growth again next," he said.
Livermore added that the country has faced some challenges, particularly significantly higher interest rates, its economy has weathered the challenge due to the significant government support as growth and diversification plans are implemented.
"Investment activity is expected to be strong in the UAE as plans around 'We the UAE 2031', D33 in Dubai, and other strategies are implemented," he explained.
He also emphasised that the UAE is increasing its attractiveness to foreign investors and talent through schemes such as allowing 100 per cent foreign ownership of onshore companies and lowering costs to establish businesses, which have contributed to population growth and bolstered the real estate market.
He noted that policymakers also focus on innovative and emerging sectors across finance, creative industries, manufacturing, and other sectors.
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