UAE: changing fortunes
The changing fortunes of the UAE, as it prepares to host Expo 2020 in Dubai, expands its infrastructure and addresses housing requirements, are envisaged to bump up domestic demand in the coming years. Meanwhile, exports have provided significant relief to local producers during recent years of scaled-back demand.
After several challenging years, the UAE economy is showing signs of recovery. In 2013 GDP rose by 4.8 per cent to AED1.54trn (US$422bn) followed by a slight deceleration in growth of 4.25 per cent last year. A return to the modestly higher level of 4.5 per cent is expected in 2015. In the long term GDP growth is expected to advance to AED2trn by 2019, according to IMF estimates.