Current real estate and tourism investments set to boost economy – report
The UAE is expected to increase expenditure, primarily in areas of infrastructure and developmental enterprises, which will reflect positively on the government’s revenues, according to a report released by an international consultancy.
Knight Frank, a leading independent real estate consultancy, expected the UAE business outlook in 2017 to be positive, according to a report cited by UAE state news agency WAM.
Citing the current preparations going at full tilt for EXPO 2020 Dubai, the report said the current real estate and tourism investments are expected to further consolidate and propel the economy to further new heights, especially after the global oil prices recovered some of the losses sustained over the past year.
The report cited the major industrial infrastructure investments launched by the UAE government in 2016, including Khalifa Industrial Zone Abu Dhabi, KIZAD, Dubai Industrial City, Dubai South, and the expansion of the Dubai Airport Freezone Authority, DAFZA, in addition to the Al Saja’a Industrial Oasis, launched by the Sharjah Government.
Such mega investments reflect the country’s ambitious economic diversification plans as part of its strategy to ensure an innovation-based economy based on intensive knowledge activities to contribute to the accelerated efforts made to promote the country as a global and sustainable business destination.
According to the report, the Dubai economy will remain the least vulnerable to future economic crises thanks to the current investments made in the build-up towards EXPO 2020 Dubai. The emirate’s population is expected to further grow to 3.1 million in 2017, which means increased demand over the already robust real estate sector, it added.