UAE GDP growth to meander around 8%

Inayat-ur-Rahman, Business Editor

The UAE is back on the global growth outlook driven by higher oil prices and strong domestic consumption. The country’s economic growth  is going to meander around  8% in 2022 based on the premise that investors’ confidence is very high-and rising-income levels due to oil boom.

This was revealed by Kashif Ansari, Co founder and CEO of IQI Global, during an exclusive interview with Gulf Today, adding that  the UAE has really got a huge boost as the climate for growth landscape remains solid and global investors are coming back to Dubai in a big way.

“We are bullish on the property sector which remains attractive for investors from Europe, Russia, Pakistan, India, Canada, Africa, and USA.”

“If you analyse the latest report from UBS—the top wealth management bank with AUM equivalent to $4 trillion, Dubai ranks among the most important choice for investors in terms of security, price and affordability, luxury, comfort, and world class living standards.” Ansari added.

The veteran CEO praised the recent initiative taken by Dubai to launch Dhs100 billion fund for attracting tourism in the City of Wonders, adding that it would give a colossal boost to the tourism sector, which is vital for diversifying the economy. “Currently, the UAE ranks among the top 10 global destinations for tourism, with 22 million passengers flying into the country’s airports in the first quarter of the year alone. Expected to touch over 60-75 million passengers by year end.”   Ansari added.

“Economist magazine in its cover story in September issue -2022 talked about the booming time in Gulf and many global investors and companies are relocating to UAE to benefit from the rising wave of economic prosperity and strong growth trajectory.”

According to the latest report  dated Nov 11-2022: Rents up 27.3% this year amid property booms. Average price of buying property jumps 9.2% as Dubai real estate market thrives in 2022. In addition, the average price of renting an apartment went up by 27.5% and average villa rents hiked 25.7%. As of October, the average annual apartment and villa asking rents reached Dhs91,795 and Dhs273,740, respectively.

“The highest average annual apartment and villa rents were respectively seen in Palm Jumeirah, where average rents reached Dhs 242,250. “In the sales market, however, average prices rose by 9.2%, in the year to October,” Ansari concluded.