{"id":88000,"date":"2024-01-16T00:00:00","date_gmt":"2024-01-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-economy-to-grow-5-this-year-sp-says\/"},"modified":"2024-01-16T00:00:00","modified_gmt":"2024-01-16T00:00:00","slug":"uae-economy-to-grow-5-this-year-sp-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/16\/uae-economy-to-grow-5-this-year-sp-says\/","title":{"rendered":"UAE economy to grow >5% this year, S&P says"},"content":{"rendered":"

Economic growth in the UAE will accelerate to more than 5% in 2024<\/strong>, outpacing the 2.8% growth expected for the global economy, S&P Global Ratings\u2019 Associate Director of Corporate Ratings Tatiana Leskova tells state news agency Wam<\/a>. The country\u2019s GDP grew at an estimated 3% in 2023, Leskova estimates, with nearly 6% growth in the non-oil sector, despite \u201csubpar growth levels\u201d in the global economy. <\/p>\n

This is higher than most other projections: <\/strong>The World Bank expects to see 3.7% growth in 2024, it said in its Global Economic Prospects report (<\/a>pdf<\/a>)<\/a>, up from the previous estimate of 3.4% in the June edition of its report. The Arab Monetary Fund sees the UAE\u2019s GDP growing at a 4.3% clip<\/a> this year, while the Central Bank of the UAE is more bullish, saying last month it sees the economy growing at a 5.7% clip in 2024.<\/p>\n

Driving the growth:<\/strong> Economic growth in 2024 and 2025 are set to be underpinned by sustained momentum in Dubai\u2019s hospitality, wholesale, retail, and financial services sectors, Leskova said. <\/p>\n

Real estate shows its defensive mettle:<\/strong> The UAE, and particularly Dubai, have shown relative resilience to global economic challenges, attributed to \u201climited sensitivity to interest rates and contained inflation,\u201d Leskova explained. Dubai \u2014 where more than 80% of real estate sales are made with bank notes \u2014 witnessed an increase in mortgage transactions, despite higher interest rates, she added. Dubai also remains the most appealing destination for real estate investments, despite the emergence of gaming hotels in Ras Al Khaimah, she said. <\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai\u2019s hospitality, wholesale, retail, and financial services sectors are expected to drive growth<\/p>\n","protected":false},"author":1,"featured_media":88001,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[19,7,20,548],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-uae","tag-gdp","tag-sp","wpautop","entry"],"acf":{"mongo_id":"82342bed-947d-41ed-9499-33132df1f9fd","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1026.jpg","photo_position":"above","homepage_title":"","full_issue_title":"S&P sees UAE GDP growing at more than 5% this year, outpacing global economic growth","related_issue":[87996],"teaser":"Dubai\u2019s hospitality, wholesale, retail, and financial services sectors are expected to drive growth","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.4d4b0ec9-511b-4feb-9a6c-0dc395424683.mp3"},"yoast_head":"\nUAE economy to grow >5% this year, S&P says - 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