10 factors that qualify the UAE economy for growth in 2021Truth Consultancy
The Partner manager of “Truth” economic and management consultancy, Reda Mosallam, said that these ratings issued by international institutions confirm the country’s economy has fully recovered and is on the path of growth, in light of the odds that oil prices will rise to more than $62 a barrel.
He pointed out that the UAE Central’s estimates of growth this year are more than those of the World Bank, and therefore the World Bank is expected to reveal estimates of growth in the second half of the year of more than 2.1% in light of the increase in economic activity and the low rates of spread of infection with the Corona virus and the high pace of activity of real estate companies It is expected that with the preparations for the launch of the Expo, those estimates will inevitably change and will be higher than the current estimates.
He noted out that the easing of precautionary measures starting next July and the complete restoration of foreign tourism, activity in the retail sector and operating rates in hotels and malls qualify growth factors for more than what is currently estimated. He stressed that activating the legal amendments regarding foreign ownership of companies by up to 100% will attract more international investments to the state in all economic sectors and will also increase flights and thus contribute to the growth of the country’s economy.