The Central Bank of the United Arab Emirates expects the country's economy to grow by 3.5 percent this year led by the activity of the non-oil sector.
The economy grew 2.8 percent in 2018, helped by a rise in oil production and growth in the non-oil sector, recovering from just 0.8 percent growth in 2017.
According to the bank, the announced incentives have played a role in this expected growth, which will help boost the economic growth and consumption, revive the real estate market and improve the labor markets while continuing to support the investors and consumers’ confidence.
In turn, the Abu Dhabi government earlier announced an economic stimulus package of 50 billion dirhams, in addition to 10 economic initiatives to reduce the cost of doing business to help boost the non-oil GDP over the medium term.
Source: (CNBC Arabic Website, Edited)
