Dubai: UAE’s non-oil economy is projected to grow by 4.7% in 2024, according to Michael Bolliger, CIO Global Emerging Markets at UBS Global Wealth Management. This forecast reflects the UAE’s strong diversification strategies and fiscal management, which enhance its capacity to navigate global economic challenges.
According to Emirates News Agency, Bolliger, speaking during a remote media briefing, highlighted the sustainable growth trajectory of the UAE’s non-oil sector. Key drivers of this growth include thriving tourism and real estate sectors, increased government spending on capital projects, and robust foreign direct investment inflows. Residential sales have surged by 60%, with mortgage applications rising due to low interest rates, signifying an expanding real estate market.
The UAE has also simplified visa procedures and business ownership laws, attracting more businesses and tenants, which in turn supports investment in commercial properties in major cities like Dubai and Abu Dhabi. The constructi
on sector remains a vital component of the economy, bolstered by government investment in infrastructure projects.
Bolliger emphasized that the tourism sector is witnessing significant growth, with Dubai’s tourism returning to pre-pandemic levels and international visitor numbers increasing consistently since the start of the year. He also projected that oil GDP would grow by 4.2% in 2025, affirming the UAE’s economic growth momentum.
Furthermore, the International Monetary Fund (IMF) has maintained its forecast for the UAE’s GDP growth at 4% in 2024, with an increase to 5.1% expected in 2025.
