UAE Economy: Projected Growth and Development

At the moment, Sultan Al Mansouri, the Minister of Economy, sees positive economic growth and development for the country, an economy that is strong and sustainable (Al Mansoori – Khaleej Times).

According to the Federal Competitiveness and Statistics Authority (FCSA), a UAE federal government entity created by Presidential Decree No.6 of the year 2015 that conveys statistics by subject and UAE ranking results and trends to gauge the country’s performance along its development agenda, “competitiveness was essential to achieve sustainable economic growth.”

After UAE’s economy slight drop in the World Economic Forum’s (WEF) annual global competitiveness index in 2015, the Head Office of FCSA – Dubai has worked “to strengthen the UAE’s position across all global competitiveness indicators and promote sustainable development,” said Sarah Townsend, the chief reporter at Arabian Business. The UAE has benefitted from a proactive approach to trade and investment that has brought, as consequence, high levels of competition and innovation. This means that it is relatively easy to do business there. In fact, “expats rank the UAE 2nd best country in the world to start a business,” added Courtney Trenwith, the Deputy Editor, Arabian Business. There is, then, a higher level of confidence in the local economy.

Due to its economic growth and market recovery potential, the UAE is among the best countries globally for overseas investment. In fact, investors are looking for long-term gains believe that cities like Dubai are a safe and established global business center.

The UAE is seen implementing more economic reforms and is working on issues by creating synergy among investors and the community; it is “the mainstay of the persistence of Dubai’s progress and strengthening its international competitiveness,” shows the report entitled “Hamdan Bin Mohammed: Community Synergy is the Mainstay of Dubai Progress” issued by Dubai Statistics Center (DSC). By pursuing inventive and courageous reforms and sticking to them, new development opportunities (and more jobs) are created.

The UAE is a favorable place to work and live and a promising destination for visitors, given its steady growth in its economy and population says an official in the Ministry of Economy that told Gulf News about the increase migration of expats and foreigners in the UAE in recent time. This is due to the growing opportunities for financial gain, and an environment supportive of quality of life services, thanks to the favorable investments in health, education and other sectors. According to the Ministry of Planning, these are just some of the factors that prompted many to consider Dubai home.

Many believe the UAE a model other countries should emulate. Many of the citizens across the UAE (drawn from each of the seven emirates) have expressed a high degree of satisfaction with the lifestyle that has evolved to reflect a consumer-driven culture.

Looking ahead, increased job prospects, higher salaries and a better quality of life are all instrumental to achieve positive economic, social, and environmental outcomes; it is something that Dubai Plan 2021 seeks to realize and that makes the emirate more attractive and livable. The Economist Intelligence Unit’s “Livability Ranking and Overview August 2015” report put Dubai as the third most improved city over the past five years. UAE’s government focus on competitiveness will ensure such positive key socio-economic indicators for all its cities and regions will add up to its quality of life and superior living conditions and will serve the needs of present and future generations of residents.

UAE Economy: Projected Growth and Development

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