UAE economy to grow 4% in 2024, Standard & Poor’s says

Standard & Poor’s Credit Ratings Agency (S&P) expects the UAE’s economy to grow by 3% this year. It will rise to about 4% in 2024, with major support from the non-oil sector.

“The UAE government has implemented a wide package of economic and social initiatives over the past few years. which will lead to long-term growth,” Standard & Poor’s analysts said.

The analysts expected the continued growth of the tourism sector in the Emirates by supporting the country’s hosting of major events and activities. which helps achieve the goal of increasing the number of visitors to 40 million by 2030 and the number of hotel rooms to reach 250,000 during the same period, according to the Emirates News Agency, “WAM.”

They also expected that the UAE banking sector would continue to demonstrate strong fundamentals, continue improving profitability, and exceed pre-Covid-19 pandemic levels, supported by rising interest rates.

“The real estate sector in Dubai will show greater flexibility amid expectations of stable housing prices in light of strong demand,” Standard & Poor’s analysts said.