We all know UAE and especially Dubai is a business hub. Technological developments have given many job opportunities to the people over the world. Not only business but tourism is also increasing as international tourist are preferring UAE because of the unexceptional skyscrapers. Recently, referring to news overheard economy growth is expected in increasing rate in UAE. What are the different factors for this economy growth?
UAE will experience a strongest economy by the end of the year 2022. Compared to 2021, when the economy growth was only increased by 3.8%, this year it will record it as 5%. As we all know, that oil sector is the main factor for growth in UAE but government planned many policy changes that improved the growth in non- oil sector business. Today, outsourcing is one of the most accepted business in UAE. Slowly technology is evolving in many sectors in Dubai. Therefore, there are going to be vast economical changes considering this sector. Businesses other than oil managed to kick start their journeys at 8.2% in first quarter of 2022 and oil business grew by 13%.
Other factors including Expo city Dubai and many other skyscrapers are inviting many tourist from around the world. Apart from those pandemic days, more tourist are planning to go to Dubai as in the coming days there will be FIFA world cup of 2022. Which will also allow ticket holders to have access to multiple entry visa. Such polices are motivating people to visit UAE than any time before.
The process of setting up a business in UAE is easy but managing it is difficult, because UAE and especially Dubai is a hub for business. There are many people around you who are proving same kind of business. But, this progress of setting up businesses is providing people from around the world to increase the GDP as in terms of non -oil businesses. In the coming years, UAE will experience strongest ever economy growth as seen in many years.