Dubai – Decypha: The UAE's gross domestic product (GDP) growth is expected to reach 3% this year, according to Ahmed Shams El-Din, head of research at EFG Hermes.
The non-oil sector’s contribution to the GDP is likely to continue its rise on the back of preparations for Expo 2020, in addition to major projects, Shams El-Din added in the annual One on One Conference in Dubai on Monday.
The UAE Government's spending is likely to continue in 2017, with expectations that the UAE market will be one of the most attractive hubs for foreign direct investments (FDIs) in the Middle East, head of research added.
Investors shifted their focus from the oil, gas, industrial, and mining sectors to those of healthcare and education, Shams El-Din noted.
The creation of mergers between UAE banks is normal to create major entities, he said, adding that such transactions are expected to continue in 2017 and 2018.
