According to Amac News: Michael Bolliger, Chief Investment Officer for Global Emerging Markets at UBS Global Wealth Management, stated that this growth reflects the UAE's strong ability to diversify its economy and generate budget surpluses to adapt to global challenges.
Bolliger added that the non-oil sector in the UAE is moving towards sustainable growth, driven by a booming tourism and real estate sector, increased government spending on capital projects, and strong inflows of foreign direct investment (FDI).
He noted that the UAE's real estate sector is expanding, with residential sales up by 60% and an increase in mortgage applications due to low interest rates.
He also mentioned that the easing of visa processes and business ownership laws has increased the influx of businesses and tenants, supporting investment in commercial properties in Dubai and Abu Dhabi.
Furthermore, he emphasized that the construction sector remains one of the main drivers of the economy, bolstered by the government's continued investment in infrastructure projects.
Bolliger also pointed out the significant growth in the UAE's tourism sector, stating that Dubai's tourism has returned to pre-pandemic levels, with a continued increase in international visitor numbers since the beginning of the year.
The International Monetary Fund (IMF) recently maintained its forecast for the UAE's GDP growth at 4% for 2024, increasing to 5.1% in 2025.