UAE ECONOMY CHUGS ALONG ON EXPO BOOST: A strong GDP growth, improved borrowing sentiment, increase in tourist numbers, spike in property sales, a steady inflow of FDI and a likely hike in salaries – these are just six factors that point to a surging economy that has left the pain of the COVID pandemic far behind. Even though the recent political upheaval in Europe has squeezed supplies and jacked up fuel prices, causing a spike in inflation, the economy has done well to keep the crisis at bay. The UAE central bank’s quarterly report indicated that total real GDP increased by 8.2 per cent annually in the first quarter of 2022. Growth is expected at 5.4 per cent in 2022 and 4.2 per cent in 2023. The number of international guests arriving in Dubai more than tripled in a year, increasing from 1.27 million in Q1 2021 to 3.97 million in Q1 2022. Hotel occupancy is up, too. The UAE has magnificently built on the propulsion provided by the Expo 2020. [COMMENT BY: Anupam Varma, Assistant Editor]
Dubai Media Office