UAE Economy Expected to Grow by Over 5% in 2022
The UAE’s economy is expected to grow by over 5% in 2022, according to Al Arabia News, quoting Michael Bolliger, Chief Investment Officer Emerging Markets at UBS Global Wealth Management.
The UAE’s economy grew by 3.8% in 2021, due to appropriate government incentives and plans and the vaccination of all citizens and residents, noting that the growth of the non-oil sector also played a significant role in this economic recovery.
All indexes, including the Purchasing Managers Index (PMI) and Business Confidence Index (BCI), showed that the growth of the non-oil sector is still robust after a good start to the year, as the country’s GDP grew by 8.2% in the first quarter of 2022 while oil-related GDP grew by 13%, in line with relevant OPEC+ agreements.
Bolliger explained: “The increase of the UAE’s real income levels, as a result of rising wages and employment rates, helped support local demand and, therefore, strengthened the country’s wholesale, retail, and real estate sectors.”
These factors are behind a new inflow of investors setting up their businesses in Dubai and other commercial hubs in the UAE.
Shadiq Zameen, Vice President of Golden Brokers Dubai, revealed in an interview to Forex-mag.com, that one of the world’s leading brokers plans to expand to the other Emirates of the UAE.
“The last 6 months have been great for us, we have rooted firmly in Dubai and created a solid client base from the UAE. The business has developed as per our projections, and we do expect to expand our office to other parts of the UAE and the Middle East in general in the near future.”
Golden Brokers was awarded with two prizes at the Forex Traders Summit last year in Dubai.
According to the survey of investors, the Forex Traders Summit organizer chose Golden Brokers as the fastest company in the respective broker category.
“Recently we have been opening our Dubai office. We have been responding to the growing demand of clients, investors and traders. The dynamic economic development of the UAE and its positive outlook confirms our choice to focus on the Middle East,” concluded Shadiq Zameen.