UAE is tracking to reach four percent growth in GDP this year, with inflation averaging at less than three percent. The construction sector in the UAE will be driven by new technologies, according to The Big 5 report entitled “New Technologies Utilized in the GCC Market.” The economic growth reported in Abu Dhabi throughout 2010 indicates that the emirate has moved beyond any repercussions of the worldwide economic downturn.
Non-oil sectors also reported growth of about 5.5 percent on average. The financial sector experienced the highest rate at 14.5 percent with manufacturing reporting around 11 percent growth and business and real estate services coming in at 6.5 percent growth.
Abu Dhabi is especially attractive to both global and local investors as a result of its strategic location, well-developed infrastructure and provisions in the industrial centers and free zones. Lower taxes in Abu Dhabi and simple access to energy and credit also present advantages to investors.
The report revealed that significant growth is occurring in construction throughout the GCC, despite the global economic downturn. Saudi Arabia and the UAE are spending the highest amounts over the coming months.
Growth will continue in the UAE as new technologies are used in various industries. Global telecommunications device provider Ericsson predicts that the new 4G services currently being introduced in the UAE will create massive regional economic growth.
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