UAE to benefit from oil recovery
The UAE economy will pick up momentum next year due to strong performance by the oil sector and non-oil trade. The GDP is expected to reach at 3.7% next year and will climb to 3.9% in 2025 as non-oil sector activity may continue its buoyant performance to support strong growth in oil sector.
The dirham has been officially pegged to the US dollar at a rate of AED 3.67 per USD since February 2002, with a de facto peg since 1980. There is no change expected in the current exchange rate system until 2028.
2024 OUTLOOK
3.7% GDP growth
2.2% Average inflation
4.24% Repo rate
LONG-TERM TRENDS
(3-year average) Year
GDP Growth (In%)
Inflation (In%)
2020-22
2.4
1.0
2023-25
3.5
2.5
2026-28
3.4
2.1
Sectors to Watch
Trade
Logistics
Oil
Tourism
Real Estate
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INVEST GCC: DAVOS 2024
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