UAE’s economy continues to recover amid global uncertainties in 2022 – Report

UAE’s economy continues to recover amid global uncertainties in 2022 – Report

UAE – Mubasher: The UAE has witnessed a continued recovery from the COVID-19 pandemic at an accelerated pace in 2022, despite the uncertainty spreading the globe, according to a recent report by real estate advisor Savills.

The encouraging performance of the Gulf nation was backed by a resurgence in travel, hospitality, and real estate demand last year.

Savills’ report, which covered the residential, office, and industrial sectors in Abu Dhabi, Dubai, and Sharjah, highlighted that the global economic uncertainties were topped by inflation, rising interest rates, and therefore, a halt in economic growth.

Associate Director, Research at Savills Middle East, Swapnil Pillai, said commented: “There is definitely momentum in the property market across UAE, albeit the performance is likely to vary between sectors and pockets of the emirates going forward.”

Pillai added: “We are not entirely immune to the triad of global economic factors namely interest rate increases, recession fears and labour market concerns, however, we have many underlying domestic factors that can insulate our economy in 2023.”

Residential Market

The residential sector in Abu Dhabi took advantage of a steady rise in the number of regional and global companies expanding their office footprint across the emirate. The volume of residential transactions was strong throughout 2022,