The last report issued by the Institute of International Finance (IIF) released a report on the Dubai economy which indicates the emirate will register the highest economic growth among all Gulf Cooperation Council (GCC) countries in 2017 and 2018. Since Dubai diversified its economy it growth started accelerating, putting in on the map of the best performant areas in the GCC. If you want to open a company in Dubai and need assistance, you can rely on our company registration services.
The report issued by the IIF outlined the economic growth registered by Dubai since the diversification has started. The results show the ascending trend it followed: from 2.9% in 2016 to 3.2% (the projection for the end of 2017) and up to 3.5% - the increase expected at the end of 2018. Also, the forecast issued by the Institute falls in line with the projections of the International Monetary Fund (IMF).
The Gross Domestic Product of Dubai is expected to rely on tourism, transportation and retail. However, the approaching Dubai 2020 has also driven investments in infrastructure to a whole new level which has helped the economy in the last 2 years.
The other two industries to grow in the next years are real estate and construction.
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And not only foreign investors, as the government is expected to spend more money on the projects related to Expo 2020. If in 2017, the expenses with the infrastructure rose by 27%, in the years to come these spending are forecasted to grow even more. This year, Dubai was also ranked as one of the most visited cities in the world.
With respect to the economic growth, the IMF and the IIF say that one of the reasons of Dubai’s non-oil economic growth also relies on the introduction on the value added tax. Also, the emirate’s stability is essential for foreign investors’ confidence to do business here.
Foreign enterprisers interested in investing in Dubai are welcomed to contact our company formation agents for guidance.