The UAE has seen dramatic and sweeping changes over the last 30 years. Now boasting one of the tallest skylines in the world, Dubai in particular has developed beyond recognition. The UAE is now one of the world’s wealthiest countries, and there seems to be no holding back the development of this global superpower.
A Country Built on Oil
The oil industry is responsible for the phenomenal injection of wealth into the UAE. However, given the international decline in oil prices, the development of the country now relies more heavily on other sectors, including tourism and construction: As a desirable holiday destination, Dubai in particular is benefitting from wealthy tourists; the construction industry is booming in response to the increasing demand for housing and working space.
It would appear that the UAE economy is successfully adapting to ‘life after the oil boom’; heavy investments in alternative sectors is continuing to drive growth (3.9% so far in 2018). The accelerating growth of this established economy represents an exciting prospect for investors. But where are the most promising investment opportunities?
- Gold – Gold is associated with being able to maintain a relatively stable price over the long-term. However, the current price of gold in the UAE is low, which makes it a particularly attractive medium-long term investment opportunity.
- Property – New buildings constantly refresh the UAE skylines; the country has established itself as a truly outstanding place to live, work and play. Dubai in particular drives itself forward with unrelenting determination and ambition; the desire is to be the best – with the tallest and most luxurious buildings in the world and happiest people. Given the surging demand for living and working space, investing in UAE property could prove to be very lucrative over the medium-long term.
- Forex – In the second half of 2018, the UAE stock market is predicted to grow between 2 and 5%. The sheer ambition of the emirates is reason enough for people to feel optimistic about their future prospects.Forex trading with UAE dirham could therefore be an interesting option for investors.
The UAE was built on the oil industry, but it is now showing the world that it have a successful future without it. And this future looks increasingly bright. With people from all over the world longing to live in the UAE – or even just visit on holiday – opportunities abound for businesses and investors. For many, the ethos and spirit of the country alone is worth investing in.
Have you ever been to the UAE? Have you considered investing in the country?