Supported by significant growth in the real estate, tourism, industry and banking sectors
Experts: A significant recovery in the UAE economy in 2023
Dubai has become a favorite destination for tourists from all over the world.
The initiatives taken by the state to support the economy and modernize the legislative system and residency laws have made it a favorite for many foreign investors.
Economists unanimously agreed that the UAE economy will witness a great boom and recovery during the current year 2023, supported by great growth in various economic sectors, foremost of which are: real estate, tourism, industry, finance and banking, in addition to the growth of the private sector at great rates.
They told «Emirates Today» that the UAE succeeded during the past year 2022 in attracting many international investment companies, especially with the listing of a number of successful companies in the money market, led by «Tecom», «Salik», «Taleem», and others.
They emphasized that the initiatives taken by the state to support the economy, modernize the legislative system, and residency laws, as well as security and stability, and the great digital transformation, made it a favorite for many foreign investors and families, in light of the turbulent conditions that the global economy went through during the year 2022, noting that the state The UAE was the fastest country to recover from the “Covid-19” pandemic, and the economic sectors returned to work fully in a quick time, which is a test of the country’s ability to deal with emergency crises in general.
In detail, the Emirati economist, Ahmed Al Darmaki, said that the UAE economy is expected to witness a boom during the current year 2023, for several reasons, foremost of which is the legislative system for economic sectors, which included important amendments to attract more foreign investments, as well as partnership policies between the two sectors. The public and private sector, which led to the strengthening of the private sector, and provided it with great opportunities for growth, and the golden residency laws that began to reflect positively on the various economic sectors, which reflect a far-sighted vision of the leadership.
Tourism and industry
Tourism and industry
Al Darmaki expected that the tourism sector would achieve significant growth, thanks to the UAE’s policies that made it a preferred destination for visitors from all over the world, the abolition of restrictions related to the “Corona” pandemic in countries of the world, the growing strength of the banking sector, and the injection of more liquidity across various sectors, while maximizing profits. Banks, increased tendency to lend.
Al Darmaki pointed out that there is a government trend, which appeared clearly recently, represented in supporting the industrial sector, and expanding in the main industries, which results in facilitating the terms of lending to factories, so that the UAE will form an industrial base for many promising industries during the coming period.
Al Darmaki stressed that the UAE economy was not affected by sharp economic fluctuations, as happened in other global economies, which supports its stability during the year 2023.
For his part, the economic expert, Ali Al-Hamoudi, said that the UAE economy is expected to witness a significant recovery in 2023, coinciding with the growth of the private sector at large rates, and the great growth witnessed by various economic sectors, especially the real estate and tourism sectors, as well as the financial and banking sector. .
Al-Hamoudi pointed out that the dirham's pegging to the dollar will contribute to increasing the profits of the banking sector in 2023, with its increased appetite for lending, in light of the rise in oil prices, in addition to the dollar, which has reached levels not reached in more than 40 years, which greatly supports business and its expansion.
He pointed out that the real estate sector will achieve significant growth in 2023, in light of the new residency laws, and the desire of many, especially Europeans with wealth and investment portfolios, to take the UAE, especially Dubai and Abu Dhabi, as their headquarters, their families and their businesses.
Al-Hamoudi expected the tourism sector to grow at significant rates during the year 2023, after the country, especially Dubai, succeeded in becoming a preferred destination for tourists from all over the world.
Al-Hamoudi warned that global markets may face a real threat of economic recession during 2023, expressing his confidence that the UAE economy will avoid this, due to high oil prices and the strong performance of non-oil economic sectors such as real estate, tourism and hospitality, and logistics.
In the same context, the economic and financial expert, Amjad Nasr, expected an economic boom in the UAE during the current year 2023, especially in light of the rise in oil prices, the strength of the dollar, and the significant growth of various basic economic sectors, after the country succeeded, with the testimony of the whole world, in Facing the Corona virus pandemic, to be the fastest recovering country, and the return of economic sectors to work fully in a quick time, which is a test of the state's ability to deal with emergency crises in general.
Nasr said that the UAE has succeeded in attracting many international investment companies to invest in it during the year 2022, especially with the listing of a number of successful companies in the financial market, including Tecom, Salik and Taaleem.
He stressed that the continuity of “business” and its non-affection by the repercussions of “Corona”, the distinguished strategic location of the UAE, the legislation that attracts investment, the speed of business completion, and the great digital transformation are important factors that supported the UAE, as a major center for investment in the world.
Nasr stated that the UAE has succeeded in being among the four largest countries in the world in investing in sukuk, and is also considered one of the most important centers of the Islamic economy in the world, at a time when the new year is expected to witness more investments in sukuk.
Nasr pointed out that the financial sector was able, during the year 2022, to achieve important developments in terms of the quality of individual services, digital transformation, and the completion of a large percentage of transactions via smart phones and the Internet, stressing that the UAE is one of the most advanced countries in this field at the global level, which supports it. A global destination for residence and investment.
Nasr pointed out that there are challenges that the economy may face during 2023, like other global economies, as a result of external conditions, such as "geopolitics" in Europe, and supply chain challenges.
Real estate investment and hospitality
Real estate investment and hospitality
The economic and financial expert, Amjad Nasr, expected an increase in the demand for real estate investment during the year 2023, after the success of the UAE in focusing on establishing attractive real estate projects, especially for those looking for what is known as the “second home”, in addition to the growth of logistical services, and export and re-export services that characteristic of the country.
He said that in 2023, the UAE will be able to consolidate its position as a major destination in the field of tourism and hospitality, after it provided the world with a unique experience at Expo 2020 Dubai, based on hospitality, tolerance, pluralism, and advanced and attractive laws for residence and investment.
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