UAE continues to be on investors' radar

Inayat-ur-Rahman, Business Editor

The UAE continues to be on the global investors radar due to the strong momentum in the economy which is growing at the phenomenal pace. The economy has really picked up very strongly in the last 3 to 4 years and investors are parking funds as the potential for growth looks very strong and solid. This was stated by Kashif Ansari, Group CEO, Juwai IQI Malaysia, during an exclusive interview with Gulf Today on Wednesday.

According to the latest report from World Bank, the UAE’s real GDP is projected to grow by 3.9 per cent in 2024 and expand to 4.1 per cent in 2025. The World Bank raised its forecast for real GDP growth in the UAE to 3.9 per cent in 2024, compared to its January forecast of 3.7 per cent. Growth in the Middle East and North Africa is expected to pick up to 2.8 per cent in 2024 and 4.2 percent in 2025.

He noted that Dubai real estate market has become the new global currency. Dubai has announced that property owners on Sheikh Zayed Road (from Trade Centre Roundabout to Water Canal) and in the Al Jaddaf area can now convert their properties to freehold ownership. Strategic move and good for the real estate market in Dubai. This move aims to boost Dubai’s real estate sector and attract more investment, in line with the Dubai Real Estate Strategy 2033. Dubai is the new global center for international, sophisticated and smart investors for smart investments.

Ansari mentioned about the future of oil market which looks bullish. He said that oil prices are going to meander around $83 to $117/ barrel in 2025 based on the premise that economies are recovering, depreciating dollar and supply shortages can be expected. Dubai has taken the lead in becoming the data hub center. Dubai’s Gulf Data Hub, in partnership with global private equity firm KKR & Co., is set to invest $5 billion to expand its data center capacity in the UAE and Middle East. Significant move in the technology area.