UAE benefits from rebound in global trade and tourism

DUBAI / Emirates Business

The UAE is benefitting more from the rebound in world trade flows and growth in global tourism than other GCC economies, according to ICAEW. In a new report, released on Tuesday, the accountancy and finance body says the UAE has a more favourable economic outlook because it is the most diversified economy in the GCC. Fuel generates just 22% of the country’s export revenues.
The report ‘Economic Insight: Middle East Q2 2017’, produced by Oxford Economics, ICAEW’s partner and economic forecaster, anticipates UAE’s GDP growth will reach 1.7% in 2017. Although the growth rate is almost half as fast as in 2016, it is represented by a greater contribution from the non-oil sector, which means GDP growth could accelerate to 3.3 percent in 2018.
The UAE’s infrastructure investments have helped unlock this growth potential. Dubai International Airport is ranked the world’s third-busiest airport and DP World is the ninth-busiest container port globally.
Michael Armstrong, FCA and ICAEW Regional Director for the Middle East, Africa and South Asia (MEASA), said: “The UAE is in a stronger position than other countries in the region due to its diversified economy, excellent infrastructure, political stability and ample foreign assets.”