UAE growing as a huge economic leader?

Oct 07 2019 / By Shreyas Tanna

United Arab Emirates has made some amazing progress in its economy since It was formed in the 60s and the rapid progress that it made in such a short time is the result of innovative and future based thinking of the administrations of the nation and the founders of the nation.

The economy of the country is said to gain a boom by the end of 2019 and the coming year. Driven by robust government spending for Expo 2020 Dubai-related infrastructure projects coupled with some deregulation in the private sector that supports foreign investment activity, the UAE economy is projected to accelerate this year. Consumer prices in the UAE, on an annual basis, fell 1.5 per cent in June. This was a stronger drop than Mays 1.1 per cent fall. "A weak real estate market and a base effect should limit upward price pressures going forward." The country’s economic growth was strong in the second quarter, as oil production expanded robustly in year-on-year terms despite the ongoing Opec output cuts which fared in favour of the country’s energy sector. Cedric Lizin, head of UBS Wealth Management Dubai, said a recent survey showed clearly that investors in the UAE are among the worlds most optimistic when it comes to their local economy.

In the UAE, 84 per cent of high net worth individuals and business owners take an optimistic stance on the state of the economy, almost unchanged compared to last quarters results, according to UBS Global Wealth Managements new quarterly Investor Sentiment survey.