I expected that the amendment of the weekly work system would contribute to improving companies' trade

Dubai Chamber: Tourism and retail will lead the emirate's economy growth in 2022

During a seminar organized by the Chamber on the future of the economy in the country and Dubai.

From the source

A recent analysis of the Dubai Chamber expected that the emirate's economy will witness sustainable growth during the next year, supported by the growth in the activities of the tourism and retail sectors, noting that the UAE economy in 2022 will witness an estimated annual growth in gross domestic product of 3.4%, due to the expected growth in domestic demand, The recovery of global oil prices, and the return of global demand for goods, commodities and services since mid-2020 and beyond.

This came during an economic symposium organized by the Chamber at its headquarters under the title: "The Future Ahead: The Economic Scene of the UAE and Dubai and Opportunities in Dubai's Exports", in the presence of a number of representatives of the private sector in Dubai.

According to the analysis revealed by the Chamber, it is expected that the amendment of the weekly work system will contribute to improving the opportunities for companies’ trade in the UAE with other countries in the short to medium term, while the transport, communications, trade, hospitality, real estate and business services sectors are expected to contribute a strong impetus to the recovery. The UAE economy during the period between 2022 and 2025.

Other factors that will support the UAE economy include the strong recovery of public and private sector investments, strong export activity due to the recovery of global trade with the expected removal of global supply chain obstacles, successful vaccination campaigns, recovery of oil prices and accommodative monetary policies, and improved expectations and confidence of consumers and businesses.

In addition, it is expected that the new measures adopted by the government to stimulate business and facilitate trade, such as reducing government fees and the cost of doing business, launching new trade strategies, and adopting legislative changes in investment and labor laws, will have positive effects on the economy in the short to medium term. .

Data from the Chamber revealed that Dubai’s exports and re-exports recovered during the first half of this year, reaching pre-pandemic levels.

The Chamber's research found that increasing exports of various new products will support the growth of Dubai's trade, based on the Dubai Industrial Strategy 2030 in diversifying product exports.

According to the Dubai Chamber macroeconomic model, the UAE economy began to recover in 2021 by recording an estimated annual growth in gross domestic product of 3.1% and 3.8% in GDP, excluding the oil sector.

• The Chamber expected that the UAE economy will witness an annual estimated growth in gross domestic product of 3.4%.

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