Fitch Ratings estimated that the real GDP of the United Arab Emirates will reach 2.6 percent this year and 2.9 percent next year. The non-oil economic sector in the UAE is likely to grow over the next year, supported by the fiscal stimulus, which is moving at a fast pace at the federal and local levels.
According to the report issued by the Foundation, the oil production in the UAE is expected to grow by only 0.5 percent next year, in light of the UAE's commitment to OPEC's production cut policy. The report highlighted the most important incentives during the past two years, noting that the incentives are beginning to bear fruit gradually, and their positive effects on the UAE economy are beginning to form significantly, which was reflected in the readings of a number of economic indicators.
The report also showed the growing optimism about the performance of the non-oil economy in the UAE, supported by “Expo 2020 Dubai.”
Source (Al-Bayan Newspaper, Edited)
