IMF Forecasts 4% GDP Growth in the UAE by 2024: A Golden Opportunity for Entrepreneurs!

The IMF also praised efforts by UAE officials to strengthen financial regulation, reduce problem loans, and further protect against money laundering – all of which will help ensure the stability and sustainability of economic growth.

With forecasts of nearly 4% growth yearly, the UAE seems poised to provide many opportunities for business owners and entrepreneurs looking to develop their businesses. The combination of a strong projected economy and a supportive environment for businesses means that now could be an ideal time for ambitious individuals to consider expanding there.

What is driving the UAE’s Economic Growth?

Key sectors are expected to drive the UAE’s continued economic growth in 2024. Industries like wholesale trade, manufacturing, real estate, construction, and financial services are forecasted to expand significantly. Tourism is also anticipated to be a significant contributor as visitors flock to the country. Of course, oil and gas will still provide support as historically essential sources of revenue.

The various economic and social policies enacted by the government over the past two years seem strategically positioned to fuel sustained, long-term expansion. Measures to support businesses, attract talent and investment, and advance diversification efforts are laying the foundation for stable growth well into the future.

Continuing to host prestigious global events will also play a pivotal role in achieving ambitious tourism targets. Considering recent visitor numbers, the goal of welcoming 40 million visitors annually by 2030 appears well within reach. Complementing this, plans are underway to expand hotel room capacity to over 250,000 rooms during that same timeframe to accommodate rising demand.

UAE’s Diverse Economic Resilience: Non-Oil Sectors, Tourism, Real Estate, and Banking

Non-oil economic activity remains vibrant in the UAE. Several factors are boosting the non-oil private sector, like an influx of workers and visitors to the country. Investors, consumers, and businesses also have an optimistic outlook, fueling more growth.

The UAE’s tourism industry is anticipated to maintain its growth trajectory, fueled by hosting major global events like the COP28 climate summit scheduled for November. Abu Dhabi and Dubai will remain at the forefront, attracting businesses and tourists to the country. Additionally, Dubai’s real estate sector is expected to become more adaptable, with housing prices projected to stabilize due to solid demand.

In the second quarter alone, Dubai residential real estate values jumped 17% year-over-year. This 10th quarter of uninterred expansion underscores the thriving economy and population increases. Housing trends will keep supporting construction and associated industries going forward.

Business appears to be booming for the top banks in the UAE. A recent report from rating agency Moody’s found that the four largest – First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, and Dubai Islamic Bank – saw their combined net profits spike significantly in the first half of this year.

Specifically, profits jumped to $7.4 billion compared to just $4.4 billion during the same period last year. This rosy performance is primarily attributed to rising interest rates and the country’s strong economic momentum.

The banks benefit from higher interest rates, while inflation in the UAE remains relatively low. The rating agency Moody’s expects the banks’ profits to continue to grow in the second half of 2023, with return on assets improving to 2%.

This is good news for the UAE economy, as it shows that the banking sector is strong and healthy. The banks play a crucial role in supporting the country’s economic growth.

How can Entrepreneurs Capitalize on the UAE’s Economic Growth?

For entrepreneurs looking to take advantage of the UAE’s thriving economy, there are ample opportunities to capitalize on its remarkable growth. The UAE has been recognized as the leading Arab nation for economic prospects, as outlined in the World Citizenship Report 2023. This ranking reflects the country’s dedication to fostering economic expansion and progress, making it an appealing destination for investors and entrepreneurs.

Moreover, the UAE has recently been acknowledged as the most competitive economy in the Arab region, further solidifying its position as a hub for economic opportunities. Entrepreneurs can leverage the UAE’s strategic location, business-friendly policies, and ongoing efforts to diversify its economy to establish successful ventures.

With a per capita GDP of $36,284.6, significantly surpassing the global average, the UAE is one of the world’s most dynamic and rapidly growing economies. Its commitment to economic liberalization and its welcoming environment for foreign investment have attracted businesses from across the globe. Entrepreneurs seeking to capitalize on this growth can explore various sectors and industries, tapping into the vast potential of the UAE’s flourishing economy.

Investment Opportunities for Businesses in the UAE 

The UAE’s booming economy has become a magnet for investors seeking fresh opportunities. Numerous business opportunities are just waiting to be explored in this vibrant country. One area that stands out is the real estate market, which is experiencing high demand for residential and commercial properties.

But that’s not all – the UAE offers many other enticing business opportunities. There’s something for everyone, from tourism and hospitality to technology and finance. The government has even introduced several initiatives to attract foreign investment, such as a new long-term visa system, complete foreign ownership for non-citizens, and low taxes.

Speaking of technology, the UAE is making great strides in this field. It’s a hotbed for startups and established companies, with ample chances to provide innovative solutions in cybersecurity, cloud computing, and artificial intelligence.

With all these opportunities at your fingertips, investing in the UAE could be a game-changer for your business aspirations. The thriving economy, the government’s initiatives, and the country’s technological advancements create a recipe for success. So, if you’re looking for a lucrative investment destination, look no further than the UAE. It’s time to seize the moment and embark on a remarkable journey towards growth and prosperity.

Technological Advancements and Innovation 

The UAE is a global leader in technological advancements and innovation, focusing strongly on emerging technologies such as cybersecurity, cloud computing, and artificial intelligence (AI). This presents several opportunities for entrepreneurs and established companies alike.

Key areas of technology with potential for growth and innovation:

  • Cybersecurity: The UAE invests heavily in cybersecurity to protect its critical infrastructure and digital economy. This is creating opportunities for businesses that develop and deliver cybersecurity solutions.
  • Cloud computing: The UAE is also a significant adopter of cloud computing, with businesses of all sizes moving to the cloud to improve efficiency and reduce costs. This is creating opportunities for businesses that provide cloud computing services and solutions.
  • Artificial intelligence (AI): The UAE is also investing in AI to develop new products and services and improve the efficiency of its economy. This is creating opportunities for businesses that develop and deploy AI solutions.

Embrace the Opportunity: Set up Your Business in the UAE with ExpressPRO

The UAE’s economic growth is shining bright, with the IMF projecting robust GDP growth of 4% by 2024, driven by diversified sectors and forward-thinking policies. Opportunities abound for entrepreneurs from thriving non-oil sectors and a booming tourism industry to a resilient real estate market and prosperous banking sector.

The UAE’s commitment to fostering economic expansion and its status as the most competitive economy in the Arab region make it an attractive destination for investors and entrepreneurs.

If you’re an entrepreneur looking to capitalize on the UAE’s economic growth, there’s no better time than now. ExpressPRO can help you set up your business in the UAE, whether you prefer to operate in a free zone or a mainland area.

With our expertise and knowledge of the local business landscape, we can assist you in navigating the legal and licensing requirements, finding the right location, and providing ongoing support.

Don’t miss the opportunity to be part of the UAE’s remarkable growth story. Contact us today and turn your business aspirations into reality in the thriving UAE.

Set up Your UAE Company with ExpressPRO

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Mohsin Khan
Mohsin Khan
15:52 18 May 24
First of all thanks to Express PRO to have a man like Mr.Rohit I know he is giving me the right direction towards reaching my dreams. He is very professional, friendly, helpful and no matter how many... times I ask question they never failed to answer my concern and explained all the details that i need. I would strongly recommend their service if you want a better future here in Dubai. No words can explain how lucky I am to find a consultation company Expess Pro like this. All transaction were smooth and easy. Thank you again Mr.Rohit for all the help.They are truly knowledgeable, skilled and has empathy throughout the process. No doubt, the company’s success and the recommendations of their clients speaks for more
Sajjid Patel
Sajjid Patel
14:12 17 May 24
Rohit provided a very quick and efficient service to help us renew our company license. A big thanks to Rohit and the ExpressPro team for their thorough professionalism.
Muhammad sarfaraz uddin
Muhammad sarfaraz uddin
12:02 16 May 24
I recently contacted ExpressPRO to set up my business in Dubai and I couldn't be happier with their service. The entire process was smooth and efficient, thanks to their professional and... knowledgeable team. They guided me through every step, from company formation and trade license acquisition to opening a bank more
Plat E
Plat E
07:51 14 May 24
This is the first time we setup business in Dubai. The business setup was done smoothly. When we moved forward to the visa processing, initially the information given to us was not been communicated... correctly by another department. Hassan had demonstrated his professionalism to make the process done in proper manner. Despite some delays in the process, which were entirely outside of Hassan’s control, he managed to navigate these challenges with grace and persistence. He helps us to solve all the problems and ensure everything was in order, his efforts did not go unnoticed. We highly recommend him for his outstanding service and dedication to his clients. Thank you once again for your helps!read more
Oriane International
Oriane International
08:00 07 May 24
Prompt reply and coordination and excellent services by Irshad Ismail. He assisted very professionally and helped me to get my license on time.
07:55 24 Apr 24
I am very lucky to met you, Hassan. Throughout the entire application process, I encountered issues like my name being written in reverse order, even during the medical check-up, you were online to... answer my questions in real-time. You were attentive to my worries even on weekends and during the Ramadan period. When Dubai faced its first major flood in 75 years, I still received your immediate response. Your dedication is truly commendable.The process for obtaining residency in Dubai is now longer due to the increasing population influx. Fortunately, applying through ExpressPro has been a breeze - fast, efficient, professional, and with prompt responses that provide peace of mind. I highly recommend this company. Once again, thank you, Hassan. May Allah bless youread more
Mj Tolentino
Mj Tolentino
13:45 23 Apr 24
As for my experience with the Express Pro company, they were very prompt in sharing updates of what is happening and the progress of documents.Double thumbs up to Mr. Paul's assistance on making... things happen at the promised certain time. We made the right choice coming to you and Thank you for your support. All the best to Express more
Sheen Gurrib
Sheen Gurrib
10:02 22 Apr 24
I had such a smooth and quick experience. Hassan was so helpful, always keeping me updated and making sure it was done super fast! Strongly recommend!
Alessandro Nadalin (Alex)
Alessandro Nadalin (Alex)
13:06 08 Apr 24
Decided to process some of the visas in our family through them, they were extremely helpful and got everything done easily 🙂 I would gladly recommend Mahmoud Hafez, who we worked with
Erika Matullano
Erika Matullano
12:05 03 Apr 24
I recently had the pleasure of utilizing the exceptional services of ExpressPro for my business setup in Dubai, and I must say, it was an outstanding experience from start to finish.Professional and... Knowledgeable StaffI want to extend my heartfelt gratitude to Mr. Paul Pasumbal, whose exceptional patience and dedication made the entire process smooth and hassle-free. His prompt responses to all my queries, unwavering support, and expert guidance were truly commendable. His in-depth knowledge and willingness to go the extra mile exemplify the professionalism at ExpressPro.I also want to acknowledge Mr. Hassan and Ms. Girlie for their efficient handling of all my documents. Their expertise and attention to detail were instrumental in ensuring a seamless process.Efficient Business Setup and Legal demonstrated a remarkable level of efficiency and expertise in navigating the legal and administrative procedures related to business setup in the UAE. Mr. Hassan for emailing me all the forms needed for the processSeamless Company Formation ProcessThe entire team at ExpressPro, especially Paul Pasumbal, Girlie, and Hassan Ali, delivered nothing short of professionalism, helpfulness, and extensive knowledge throughout the company formation process. Their dedication and support were instrumental in making my entrepreneurial journey in Dubai a reality.Expert Advice and Exceptional SupportI cannot thank Mr. Paul Pasumbal enough for his unwavering commitment to addressing all my concerns and providing expert advice at every step of the company formation process. His wealth of knowledge and genuine willingness to assist made a significant difference in my experience with ExpressPro.In conclusion, I wholeheartedly recommend ExpressPro to anyone seeking business setup services in Dubai. Their exemplary team, led by individuals like Mr. Paul Pasumbal, Ms Girlie, and Mr. Hassan Ali, sets a benchmark for professionalism, expertise, and customer-centric approach. Thank you for making my entrepreneurial journey a seamless and gratifying more
13:02 19 Mar 24
very efficient and knowledgeable about procedure and how-to of the legal and administrations procedures in the UAE. Hassan and Rohit have provided me with excellent guidance for my company set-up and... employee legislation process. I clearly recommend them with no more
Umair Khalid
Umair Khalid
09:57 19 Mar 24
It’s been a good experience.
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