DUBAI: His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, announced that the emirate’s GDP in the second quarter of 2024 grew 3.3% year-on-year to reach AED116 billion. The Crown Prince said […]
WASHINGTON: The UAE’s economy is looking strong for the coming years, with the World Bank’s latest MENA Economic Update predicting a GDP growth of 3.3% in 2024 and 4.1% in 2025. The report, titled “Growth in the Middle East and North Africa,” also points out that the UAE will lead in real GDP per capita […]
Abu Dhabi: The Statistics Centre – Abu Dhabi (SCAD) has released preliminary estimates revealing a 4.1 per cent growth in the emirate’s gross domestic product (GDP) during the second quarter of 2024, compared to the same period last year. The growth is largely fueled by the continued expansion of non-oil sectors, underscoring the success of […]
COLOMBO: Economy of Sri Lanka grew faster than expected in the second quarter, bolstering sentiment ahead of a crucial election that could affect policy as the country recovers from its worst crisis in decades, agencies reported. Gross domestic product rose 4.7 percent in the three months to June from a year ago, the Statistics Department […]
DUBAI: Abdallah Abu Al Sheikh, Founder of Astra Tech, and CEO of Botim, said that AI is projected to have a transformative impact on the UAE’s economy, contributing up to 14% of its GDP by 2030, which is equivalent to approximately $100 billion (AED367 billion). Also read: Australia proposes a legal minimum age for children […]
DUBAI: The UAE’s tourism sector is showing impressive growth in both international tourist arrivals and hotel bookings, aligning with the UAE Tourism Strategy 2031. This strategy aims to attract AED100 billion in tourism investments and boost the sector’s GDP contribution to AED450 billion by 2031. In 2023, tourism contributed 11.7 percent to the UAE’s GDP, […]
DUBAI: Dubai’s economy is doing really well, with growth in many key areas. In the first three months of 2024, Dubai’s GDP grew by 3.2%, reaching AED 115 billion. This is thanks to improvements in several important sectors. The transportation and storage sector, and the financial and insurance sectors both grew by 5.6%. The trade […]
The World Bank’s latest Global Economic Prospects report forecasts a steady rise in the UAE’s real GDP. In 2024, the GDP is expected to grow by 3.9%, with a further increase to 4.1% anticipated for 2025. This projection reflects an upward revision from the World Bank’s previous forecast in January 2024, where they estimated a […]
Dubai: Abdullah bin Touq Al Marri, Minister of Economy, Chairman of the Emirates Tourism Council, stressed that the tourism sector contributed to the UAE’s economy, registering an 11.7 percent increase in Gross Domestic Product (GDP) in 2023, amounting to AED220 billion. Speaking at the opening day of the Arabian Travel Market (ATM) 2024, Al Marri […]
Washington: The World Bank has revised its projections for the UAE’s real GDP growth, anticipating a growth rate of 3.9% in 2024, up from the previous forecast of 3.7% made in January. In its latest economic update on the Middle East and North Africa (MENA) region, the World Bank also raised the UAE’s economic growth […]
Abu Dhabi: Leading credit rating agency, S&P Global Ratings, expects the UAE GDP to grow by 5.3 percent in 2024. This is better compared to 3.4 percent in 2023. The agency said UAE banks reported exceptional profits for 2023 due to lower provisioning requirements and higher interest margins. In addition to improved liquidity levels as […]
