Published on : Wednesday, July 26, 2017
The UAE economy is benefiting more from the rebound in world trade flows and growth in global tourism compared to other GCC economies. The UAE has a more favourable economic outlook because it is the most diversified economy in the GCC. Fuel generates just 22 per cent of the country’s export revenues.
It is expected that the UAE’s GDP growth would reach 1.7 per cent in 2017. Although the growth rate is almost half as fast as in 2016, it has a greater contribution from the non-oil sector, which means GDP growth could accelerate to 3.3 per cent in 2018.
Dubai International Airport is ranked the world’s third-busiest airport and DP World is the ninth-busiest container port globally. Passenger traffic through Dubai International Airport increased 7.4 per cent in the first quarter of the year. Several important infrastructure projects are in the pipeline.
To quote Michael Armstrong, FCA and ICAEW regional director for the Middle East, Africa and South Asia (MEASA), “The UAE is in a stronger position than other countries in the region due to its diversified economy, excellent infrastructure, political stability and ample foreign assets. Its reputation as a trade hub has helped the country to benefit from the rebound in the world economy more immediately than other economies in the GCC.”