Expected growth drives companies to open new businesses in the UAE

Expected growth drives companies to open new businesses in the UAE

Dubai, United Arab Emirates: The UAE’s economy is expected to grow by over 5% in 2022, according to Al Arabia News, quoting Michael Bolliger, Chief Investment Officer Emerging Markets at UBS Global Wealth Management. The UAE’s economy grew by 3.8% in 2021, due to appropriate government incentives and plans and the vaccination of all citizens and residents, noting that the growth of the non-oil sector also played a significant role in this economic recovery.

All indexes, including the Purchasing Managers Index (PMI) and Business Confidence Index (BCI), showed that the growth of the non-oil sector is still robust after a good start to the year, as the country’s GDP grew by 8.2% in the first quarter of 2022 while oil-related GDP grew by 13%, in line with relevant OPEC+ agreements, added Bolliger and explained: “The increase of the UAE’s real income levels, as a result of rising wages and employment rates, helped support local demand and, therefore, strengthened the country’s wholesale, retail, and real estate sectors.”

These factors are behind a new inflow of investors setting up their businesses in Dubai and other commercial hubs in the UAE. Shadiq Zameen, Vice President of Golden Brokers Dubai, revealed in an interview to Forex-mag.com,