Dubai – Mubasher: The UAE’s economy is projected to see significant growth in the near future on the back of rising oil prices, analysts and global organisation have projected.
The World Bank forecast that the UAE’s economy would grow at a robust pace reaching 2% in 2018, 3% in 2019, and 3.2% by 2022.
Meanwhile, the International Monetary Fund (IMF) raised its growth forecasts for the UAE to 2.9% in 2018 from 2.0% and to 3.7% in 2019 from 3.0%.
https://english.mubasher.info/news/3346977/UAE-s-economy-to-rise-3-7-in-2019-IMF
“Oil is moving up rapidly and geopolitical reason points towards further rally. This combination of oil and non-oil based revenue should smoothly drive the UAE economy in the next couple of years and should help in increasing government spending,” commented PhillipCapital’s senior executive officer Rajiv Kumar.
He explained that 47% top-up in infrastructure allocation in the Dubai government’s 2018, and ahead of the Expo 2020, was a step in that direction.
Kumar added that the infrastructure allocation would cover the development of the main expo building along with supporting service projects such as roads, bridges, sewage, transport and metro lines, and the area for post-expo events.
“With this in mind, we should see a huge inflow of investments prior to the expo and beyond," the analyst stated.
Meanwhile, Jarbis Eradian, vice president of the Middle East and North Africa Institute, said that confidence levels were rising in the UAE’s economy, attributing this gain to rising oil prices and financial incentives proposed for the investors.
He further predicted that the UAE's non-oil sector growth would reach 2.8% this year and 3.1% by next year.
