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Abu Dhabi, February 10 / Jean-Michel, Economic Director for Europe, the Middle East and Africa at Bank of America, expected that the non-oil GDP of the UAE would increase by 5% in 2023.
Michel said, in statements to the Emirates News Agency, WAM, that the non-oil GDP in the UAE will benefit from the strong activity of the tourism and real estate sectors.
Bank of America’s expectations are in line with other international institutions and banks, as the International Monetary Fund expects the UAE’s non-oil economy to grow by 4% in 2023, while the World Bank expects it to grow by 4.7%.
Michel stated that the recent initial public offerings in the financial markets in the UAE, in addition to the introduction of the corporate tax, highlight the momentum of the government’s continuous and proactive efforts to support the economy.
The UAE markets witnessed 11 initial offerings last year, which raised 51.2 billion dirhams, after it attracted subscription requests of about 1.454 trillion dirhams, in a move that contributed to increasing the depth of the markets, enhancing its investment attractiveness, and attracting a new segment of investors.
The economic director for Europe, the Middle East and Africa at Bank of America indicated that the Emirate of Dubai recently launched its economic vision for the next decade, which includes ambitious growth goals, expecting that the emirate will achieve a financial surplus during the current year, supported by the path of the financial policies adopted.
The “Dubai Economic Agenda D33”, which was launched in early January, includes 100 transformational projects, with ambitious economic goals that seek to double the size of Dubai’s economy during the next decade up to 2033, and consolidate its position among the top 3 economic cities around the world.
