The UAE’s economy is expected to see an acceleration in growth in 2024, driven by the recovery of the oil sector, according to BMI Research, a subsidiary of Fitch Solutions. The country’s real GDP growth is predicted to increase from 3.3% in 2023 to 4% in 2024, with both Abu Dhabi and Dubai expected to recover from their respective growth rates of 3% and 3.6%.
Ramona Mubarak, Head of Risk Management for the Middle East at Fitch Solutions, expects real non-oil GDP growth in the UAE to reach 5% in 2024. She also predicts growth in Saudi Arabia at 4.6%, in Oman at 3%, and in Kuwait at 1.8% for the same year. Despite an increase in transportation costs, average inflation is expected to decrease from 3% in
