UAE Economy Remarkable Development and Growth
The UAE’s GDP growth by 3% in 2020, indicating that the UAE economy is on the path to recovery, and is likely to receive more momentum with the support of the “Dubai Expo” and recent government incentives.
The UAE economy is on the path to recovery
The UAE’s hosting of the Expo is a huge and historic achievement and will serve as a point of contact for millions of visitors from all over the world. As it will be a leading station to experience the latest in the world of creativity and innovation, noting that this event is a source of inspiration for future generations of entrepreneurs. As well as enhancing its place The country’s reputation as a leading and advanced centre for doing business.
The UAE economy will grow at a rate higher than the expected growth of the economies of the Gulf Cooperation Council in 2020, estimated at 2.5%. According to the report of the International Monetary Fund issued last October. It indicates that the Gulf growth will be driven by the recovery of real GDP growth of oil by 1.9% compared to 1.4% In 2019 and 2.5% in 2018.
Evolution and growth
The UAE witnessed during the past ten years a remarkable development and growth at the level of financial services infrastructure in conjunction with the boom and growth of the Dubai International Financial Center. The rise of Abu Dhabi Global Market operations, noting that the economy continues to reap value and wealth. It enhances private banking services. Especially after Local banks are now competing with their international counterparts. And expectations for oil prices. In light of the large booms of natural resources that have swept the region. The most important and likely link. That brings together current events and global markets are the stoppage of oil supplies, which would lead to a significant increase in prices.
The sensitivity of oil prices to shocks and fluctuations in the region. Which depends on the current demand budget, global stock levels, and the market situation. It indicates that the market is currently experiencing a slight increase in supply. Expecting that this trend will continue during 2020 and that supplies from outside OPEC will witness, In the United States, Norway, and Brazil, strong growth.
Wealth management companies face many challenges at the present time. Which necessitates planning on their part to maintain their competitiveness. The technological developments behind the current are more clear and changing at the level of this sector. As electronic trading platforms have become more common, which negatively affected the tasks and performance of managers. The traditionalists of wealth.
She pointed out that the unprecedented growth in technology is lower to the growing concerns about cybersecurity. So ensuring adequate protection of customer data and confidentiality is the key to success. Last year, we spent about $ 10 billion in technology. As it invested in strengthening security systems and procedures Preventive, and in compliance with constantly changing regulations.
The UAE is among the 20 largest in economic freedom
The UAE ranked first in the region and 18th globally on the “Index of Economic Freedom 2020”. Which issued by the American “Heritage” Foundation for Research on Economics and Public Policy.
Thus, the UAE continues its regional lead in the index, as well as its presence among the top 20 globally for the eighth year in a row, specifically from 2013 to this year.
The index annually monitors levels of economic freedom in each country by collecting a total balance that includes several balances in sub-indices.
- Property rights protection
- The effectiveness of the judiciary
- Reducing tax burdens on individuals and companies, financial health
This year, the UAE obtained a total balance of 76.2 points, while it gained advanced balances in more than one sub-index, including reducing tax burdens, in which it obtained 99.2 degrees from 100.
The Emirates has favourable regulatory legislation to establish and operate private companies and encourage them.
The report expected that the economic policy in the UAE will continue its focus on economic diversification and reduce the economy’s dependence on oil. Singapore’s top spot for the index this year was followed by Hong Kong, New Zealand, Australia and Switzerland.