UAE ECONOMY TO GROW 3%: Driven by growth in non-oil sectors like tourism, government initiatives and technology, the UAE’s economy is set to grow by 3 per cent in 2023 and 4 per cent in 2024. According to S&P, the robust tourism sector and international events are key to attracting 40 million visitors by 2030, with plans for 250,000 more hotel rooms. The UAE banking sector also remains strong, with rising interest rates improving profitability. Dubai’s real estate sector will see stable housing prices and strong demand. S&P highlighted key contributors: oil and gas, wholesale trade, industry, real estate, construction, financial services, and tourism. The non-oil economy will be bolstered by inflows of expatriates and tourists and positive sentiment from investors, consumers, and the private sector. (By Dhanusha Gokulan, Chief Reporter)
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