UAE economy to expand 4% in 2024 on non-oil sector growth, S&P says
The UAE's economy is expected to expand by 4 per cent in 2024 and 3 per cent this year, driven by strong growth in its non-oil sector, according to a new report.
The rising number of tourist arrivals, supportive government initiatives and increasing tech advancements are expected to spur the country's economic expansion, S&P analysts said.
Key contributors to the country's economic growth in 2024 include wholesale trade, industry, real estate, construction, financial services and tourism, as well as oil and gas, Trevor Cullinan, sovereign ratings analyst at S&P, told state news agency Wam.
The government's economic and social measures implemented over the last two years “are strategically designed to set the stage for sustained, long-term economic expansion”, S&P said.
“The country's ability to host major international events is expected to play a pivotal role in achieving the UAE's ambitious goal of attracting 40 million visitors by 2030, accompanied by plans to expand the number of hotel rooms to 250,000 during the same period.”
The economic growth forecast is in line with projections from the UAE Central Bank, which expects the country's economy to expand by 3.3 per cent this year.
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