A recent report issued by the International Monetary Fund (IMF) announces one of the highest growth rates for the UAE economy this year which will be mainly driven by Dubai’s economic performance. IMF representatives described the initiatives of the Dubai government in terms of job creation as bold, even so these will most likely trigger a 4% increase in the emirate’s economy. Our company formation consultants in Dubai can assist foreign investors interested in starting a business in this emirate.
Not only did the IMF describe Dubai’s government initiatives as bold, but it also commended the emirate for seeking new ways of attracting foreign investors. Moreover, Dubai will most likely seek for other industries will which increase its economy by the end of the year. It should be noted that Dubai is expected to have an accelerated growth rate compared to other Arab countries on the background of higher spending and the investments to be undertaken with the preparation of Expo 2020. The increase in global trade is also highly to trigger Dubai’s economic growth which was estimated at 4% at the end of 2017.
Seen as an impediment for foreign investors, the introduction of the value added tax in the UAE is actually going to increase the country’s Gross Domestic Product thanks to the additional income. With the Dubai government’s pledge to inject a part of the money into new projects and other support programs for small and medium-sized enterprises, the introduction VAT will not be an impediment for foreign investors, according to statistics.
On a regional basis, oil exporting companies are expected to perform better in 2017 compared to 2016.
The IMF also had some recommendations for Dubai, among which the creation and implementation of new measures which would support foreign investments, as well as a boost in job creation were two of them.
Foreign investors interested in the support measures granted to companies in the emirate this year, please contact our Dubai company formation agents. Our local representatives can also assist those interested in starting a business in Dubai.