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Dubai’s economy grows faster than expected

Dubai’s economy

DUBAI: Dubai’s economy is rebounding faster-than-expected, as property sales are rising and restaurants are busy, at a time when Europe is experiencing a surge in the Covid cases and tightening restrictions again, Bloomberg reported

“The recovery has been faster than we expected,” said Scott Livermore, chief economist for Oxford Economics Middle East in Dubai.

“Expo has played a role in that but also the success Dubai has had in avoiding a Delta wave that has allowed the domestic economy to pretty much get back to normal,” he added.

Around 90 per cent of the UAE’s population is fully vaccinated and high-risk individuals are provided with boosters.

Another big contributor to Dubai’s economy is the rise of oil prices.

“Many factors might have contributed to Dubai’s upturn: high oil prices have created a boom in the region, a receding virus and the expo have boosted tourism and a recovery in the real estate market has improved sentiment. It’s all looking great now although some of these tailwinds could fade over time,” chief emerging markets economist, Ziad Daoud, explained.

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