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DUBAI: AN OUTSTANDING ECONOMIC AND BUSINESS GROWTH

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Dubai is a city that is quickly and deeply growing: indeed, Dubai’s business growth recorded a 33-month high in March thanks to both an international tourism and asurge in building projects as output picked up at a marked rate in response to stronger
new business intakes.

It is important to underline that that there will be a further surge in growth across the Dubai non-oil economy due to a strong confidence in future activity that has already grown to the highest level since December, as has been declared by both economists and analysts. To be more concrete, the Minister of Economy Abdulla bin Touq Al Marri said that the UAE economy is expected to grow by 5.0 per cent to 6.0 per cent this year and by the same pace over the next few years to help double the economy by
2031.

This outstanding growth in the non-oil sector of the economy of Dubai has been fueled by two important facts: both the relaxed pandemic measures and the Expo 2020 Dubai which have brought increased economic activity and tourism demand. In fact, Dubai’s travel and tourism and construction sectors also quickened to the highest since June 2019, with the latter driven by a strong will of contractors to complete outstanding projects.

To conclude, Dubai’s economy has witnessed an upturn in consumer confidence thanks to a robust tourism activity resulting from Expo 2020 and a trickle-down effect of higher oil prices. Dubai is the city where many economic, business’, tourism’ and many other sector’s projects will be developed and have already been developed because it wants to establish itself as a safe haven for wealthy individuals.