The UAE’s non-oil economy is projected to grow by 4.7% in 2024, reflecting its robust diversification and fiscal strength, according to UBS Global Wealth Management’s Michael Bolliger.
During a media briefing with the Emirates News Agency (WAM), Bolliger highlighted the sustainable growth trajectory of the UAE’s non-oil sector, fueled by thriving tourism and real estate industries, increased government capital expenditure and strong foreign direct investment (FDI) inflows.
“Oil GDP is expected to grow by 4.2% in 2025, and the UAE economy will continue its growth momentum and maintain its positive trajectory in the coming years,” he said.
The real estate market is expanding, with residential sales surging by 60% and a rise in mortgage applications driven by low interest rates, Bolliger added. The easing of visa and business ownership laws has attracted businesses and tenants, boosting investments in commercial properties in Dubai and Abu Dhabi.
The construction sector remains a vital economic driver, bolstered by ongoing government infrastructure investments.The tourism sector is also seeing significant growth, with Dubai’s tourism recovering to pre-pandemic levels and international visitor numbers rising steadily.
Looking ahead, oil GDP is anticipated to grow by 4.2% in 2025, maintaining the UAE’s positive economic momentum. The International Monetary Fund (IMF) recently affirmed its forecast, predicting the UAE’s GDP will grow by 4% in 2024, climbing to 5.1% in 2025.
