Dubai’s economy is expected to grow around 5% this year

Abdul Aziz Abdulla Al Ghurair, president of Dubai Chambers, predicted that Dubai’s economy would grow by around 5 percent this year.

He mentioned that Dubai benefits from strong infrastructure, an attractive business environment and an expected decline in interest rates starting mid-year.

On the sidelines of the annual press conference organized by Dubai Chambers, Al Ghurair He was told that the recent increase in interest rates would soon be reversed, causing interest rates to decline. He highlighted that high interest rates, reaching up to 5 or 6 percent, remain lower than in many countries, which supports the establishment of strong companies that do not depend on cheap liquidity and that go into debt solely due to low interest rates.

Al-Ghurair He emphasized that past achievements support growth trends and create a conducive work environment for the present and the future. He expects Dubai’s foreign trade to grow more than 5 percent, supported by the large-scale partnerships being formed.

He highlighted the fundamental role of DP Worlds ports to facilitate exports and re-exports in various regions, highlighting its overall efficiency in providing logistics services to various companies.

Reflect on Dubai Chamber2023 performance, Al-Ghurair highlighted a significant increase in new licenses issued, marking a historic milestone with an increase of more than 22 percent over the previous year.

He also analyzed the substantial growth in large business establishments in Dubai, attributing it to the emirate’s infrastructure and integrated environment, which attracts various types of businesses, including local businesses, large global corporations, small and medium-sized businesses and digital companies.

Al-Ghurair mentioned a notable increase in the establishment of digital companies, with the aim of the digital economy contributing more than 20 percent to Dubai’s economy by 2031.

News source: Emirates News Agency