UAE economy undergoes Q1 expansion regardless of the oil price decline | Push Digits Chartered Accountants

UAE economy undergoes Q1 expansion regardless of the oil price decline

Home - Blog News - UAE economy undergoes Q1 expansion regardless of the oil price decline

Last year, a GDP growth of 4.5% took place in Dubai. In addition to that, favorable conditions for the investment and the development of infrastructure for the Emirate led to an increased employment percentage of 6.5.

This promising statistical information was quoted by Hafeez Abdullah, chairman of the front-running investment firm in Dubai- H Holding Enterprise. The successful investor opined that 2015 was the year of improvement, which indicates greater economic growth in a short period of time.

Recently, Emirates NBD published a Monthly Insights report that featured economic data, revealing the expansion of economy in Q1 this year. Apparently, the relatively low prices of oil did not hinder the economic progress of the UAE.

Being the mother ship of several companies, such as Omega Real Estate, H Holding Enterprise officially began its journey in 2014. The company significantly increased its operations in just a span of one year. Omega Real Estate too, predicting the potential of the real estate sector, underwent diversification into the management of facilities.

Abdullah, quoting the report of Monthly Insights, also stated that there has been a considerable increase in the non-oil export orders. This is an indication of the strength of their manufacturing sector, which has the support of regional demand and low prices of commodities. In order to increase investment appetite among local tycoons, a large scale international event, Expo 2020, will be held just five years from now.

“We are confident about the UAE economy due to a close look at the dynamic nature of the global marketplace. By the end of 2015, we plan to reach our target of the AED 500 million portfolio,” says an optimistic Abdullah.

“The key players of the domestic real estate sector are the local and global investors. The market of Dubai has a lot of potential for new investors, and the competition is on the rise. We are happy with the results that we have gotten till now, and most definitely look forward to the continuation of this economic growth in the second half of the current year.”


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