UAE’s Economy to Grow by 4.2% in 2019

by commitbizadmin 10, Jan 2019

UAE’s Economy to Grow by 4.2% in 2019

One of the eye-catching economies of the world today is The United Arab Emirates. Be it for working professionals, freelancers or foreign investors, the nation serves as a forum to all. On the business front, it embraces multiple industries in its arena. The Emirates economy is well known for the oil-sector, but moving down the line, the non-oil sectors have boosted up very well.  The economy holds ‘Dubai’ as its heart that is a home to thousands of expats and also a centre for a business setup that holds multiple free zonesthat acts as a magnet for foreign investors. A lot of government initiatives are taken in order to turn the Emirates into a booming business hub. According to one of the reports, the UAE’s economy will boost 4.2% in 2019, followed by an estimated growth of 5% by 2020.

A Few Initiatives by the Government

Since the Emirates is well known for its rapid development, the Government has initiated different steps to leave international footprints in different business domains. Now, let’s have a glimpse at the steps planned by the Government of UAE to uplift its economy in the future.

1. UAE’s First Nuclear Reactor 2018

The nation focuses on building the world’s largest single nuclear reactor by 2018 in Al Dhafra region in Abu Dhabi. This project aims at providing 50% clean energy that will also include solar as well as nuclear energies by 2050.

2. Education Strategy 2020

The economy has built its way to develop and boost the economy’s Education system that is designed brilliantly to restructure the education system backed by the smart learning technology.

3. Dubai Tourism Strategy 2020

Dubai is a hub-spot for the tourism industry. This initiative will highlight the economy and will be able to capture a global count of 20 million visitors per year by 2020. It is designed with an aim to set UAE as an ultimate destination for international leisure and business traveler.

4. Masar 2020

Building a proper road network boosts an economy’s power. This 10.6 million AED project focuses on building and improving the entire transport system.

5. The Tower at Dubai Creek Harbour

As we all know that the ‘Burj Khalifa’ captures the attention of being the tallest building in the world, the architecture and engineering domain has challenged this by taking an initiative to build the Creek tower that will redefine the highest point existing in this planet, acting as a magnet for worldwide visitors.

6. Expo 2020

This is another greatest thing that will be held by 2020. The Expo 2020 is a world’s expo which will embrace more than 180 nations exhibiting along with a count of 25 million worldwide visitors. This will be one of the brilliant steps to connect cross-cultures, nations as well as regions.

All these initiatives create a wide opportunity for business investors to invest in their respective domains that would develop the economy to a great extent. Setting up a business in UAE regardless of its size or nature will turn out to be beneficial since the economy has spread its wings in different business domains. The landscape has widely opened its gates for both new and established business entities. Apart from this, the economy also provides multiple options for freelancers to freelance in Dubai.

Thus, you have seen that how the economy is striving day and night with all the possible opportunities in multiple business domains focusing on boosting its economy. The various initiatives taken by the government opens the gate for a better tomorrow. So, if you have a plan to establish your business, you can easily choose UAE as the preferred location. To initiate your first step, the best thing you can do is approach a business consultant who can understand your requirements and cater accordingly. Commitbiz has always been dealing with international clients helping them to establish their business units. For more information, do contact us. We’d be glad to assist you.