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United Arab Emirates

UAE was the hardest-hit of the Gulf economies in the global downturn, nonetheless the recent winner of World Expo 2020 maintained its name as the regional hub for key industries, including financial services, logistics, and pharmaceuticals.  The UAE, the Arab world’s second largest economy, finished 2013 at 4.5% growth with GDP of $384 billion and is expected to grow in excess of 4.5% in 2014, according to IMF. The country’s debt to GDP is set to decline from 21.6% in 2011 to 19-20% by 2021.
UAE have been so far successful in diversifying its income source to be less dependent on the oil sector and emerging as a global frontier in areas such as tourism, entertainment, education, banking, real estate, pharmaceuticals, and others. Non-oil sectors were biggest contributors to the UAE growth in 2013 and is driving future growth. The non-oil sector grew by 5.4% in 2013, and is expected to expand faster in 2014, led by rising growth in the real estate, construction, and tourism sectors. The UAE’s GDP is forecasted to grow by 4.6% this year, with non-oil growth expected to be 5.9%. This increase will be driven primarily by the private non-oil sector.
The country is still booming on multiple fronts, yet the one that stands out the most is the travel and tourism industry given the Expo 2020 win.