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