UAE economy will grow by 4.4%: Oxford Economics

Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by 4.4% in 2024. This growth is being driven by a number of factors, including government initiatives to support economic diversification.

In his statement to the Emirates News Agency (WAM), Scott Livermore, Chief Economist, Oxford Economics Middle East, and Managing Director, said that the firm is optimistic about the growth outlook in the UAE. “The government is working hard to support growth and economic diversification in the country through direct support and initiatives that make the UAE a more attractive destination for investment and business,” he said.

Scott highlighted government initiatives, including visa programmes, 100 percent foreign ownership of companies, and new trade agreements. These efforts align with the “We are the Emirates 2031” vision, with Dubai’s “D33” Economic Agenda focusing on growth, foreign investment, and trade, and Abu Dhabi aiming to double manufacturing by 2030. The Abu Dhabi National Oil Company (ADNOC) is investing in oil production and new energy sources like hydrogen.

Scott predicted a 4.2% growth in non-oil GDP this year, driven by diversification strategies, such as developing energy alternatives, tourism, financial services, and high-tech sectors. The travel and tourism sector remains vital for economic growth, along with real estate, creative industries, and logistics.

Oxford Economics’ chief economist expected continued growth in the real estate market and a strong recovery in travel and tourism, with Dubai surpassing pre-pandemic visitor levels by the first half of 2023.

Scott anticipates a 40 percent increase in international visitors to the UAE this year, driven by the UAE’s National Tourism Strategy to become a major global tourist destination by 2031. Regarding corporate tax, Scott noted that the UAE’s tax rates are low compared to other countries, with exemptions for various entities, aiming to create a supportive business environment.

Meanwhile, the Big 5 Global, the MEASA region’s largest construction industry event, is scheduled for December 4th to 7th, 2023, at the Dubai World Trade Centre. The event expects 2,200+ exhibitors and 68,000+ attendees from 150+ countries, fostering networking, partnerships, and knowledge exchange.

It brings together stakeholders from contractors, developers, architects, engineers, and innovators to ESG advisors and policymakers, fueling the construction industry’s growth.

The MEASA construction sector is thriving, with $7 trillion in active projects and $3.8 trillion in recent awards, as reported by ABiQ. The event provides a prime opportunity for global and local companies to connect with decision-makers.

The UAE Ministry of Energy and Infrastructure continues to support the event, emphasizing industry collaboration and addressing climate change impact.

Ben Greenish, Senior Vice President - Construction, dmg events, organiser of Big 5 Global, said, “For 43 years, Big 5 Global has continued to serve as a true testament to the region’s attractiveness in the global construction arena, bringing together groundbreaking ideas, cutting-edge technologies and unparalleled expertise. The event not only enhances the diversity of offerings with the participation of 2,200+ exhibitors but also fosters international collaborations and promotes cross-border partnerships as stakeholders from different parts of the world come together to share products and services whilst driving the industry towards a sustainable future.”

In its 44th edition, Big 5 Global is once again accompanied by eight specialised events covering the entire construction value chain. These include Big 5 Heavy, Middle East Concrete, Windows Doors & Facades Event, Gulf Glass, HVAC R, Middle East Stone, the Urban Design & Landscape Expo and FM Expo.

Twenty country pavilions shine the spotlight on construction solutions from Germany, Italy, Greece, Saudi Arabia, Singapore, Spain, the UK, Türkiye, Cyprus, India, Austria and China, among others. “The return of Austria’s participation at Big 5 Global after 5 years underscores the importance of showcasing innovations on a global stage.

“It comes at a time when Austria is seeking to meet new buyers in the booming MEASA market and engage in partnerships,” added Greenish.

The event gathers over 50,000 products and solutions and welcomes a host of new-to-show brands such as ARISTON from Italy, Henkel from Germany; Stanley Black & Decker and Milwaukee Tool from the US; UAE-based Galadari, Genavco, ModDsys and Mapei; SIEMENS (GCG Group) from Kuwait, among others.

Some of the exhibiting brands include DUTCO TENNANT, Emirates Steel, Grundfos, Honeywell, NAFFCO, SCHÜCO, RAKTherm and USG ME.

Big 5 Global spotlights eight key product sectors, including building construction, interiors, technology, and solar products. It gathers industry leaders, experts, and innovators from various fields, optimising the regional construction market’s potential.

In 2023, alongside Big 5 Global, there are Big 5 Global Leaders’ Summit, Big 5 FutureTech Summit, and Big 5 Talks, featuring 10 streams covering Project Management, Concrete, Architecture, Solar, Facilities Management, and more.

“As we convene at this year’s Big 5 Global Leaders’ Summit, I am reminded that our shared commitment to sustainability must evolve from pledges to actions. The government, private and public sector must work together to maintain and define the roadmap needed to rapidly increase the adoption of energy efficiency and wellbeing in our built environment. Through dialogues at the summit, alongside other industry thought leaders, we’ll explore ideas and discuss ways to drive a sustainable future for the industry,” said Dr. Ali Al Jassim, Chair, Emirates Green Building Council, commenting on his participation at the summit.

“Through Big 5 Global, we bring diverse expertise, foster a culture of thought leadership and expose the MEASA region’s construction industry to new innovations and best practices. This exposure to global viewpoints at the summits encourages thought leaders to think beyond their local contexts and adapt to global trends,” added Greenish.

This year’s Big 5 Global will celebrate the 3rd edition of Big 5 Global Impact Awards, recognising innovation, sustainable development, technology and digital achievements in the construction industry in 19 categories. With shortlists being announced, 100 finalists will undergo intense competition to lift the winner’s trophy.

WAM