The UAE is expected to see a significant acceleration in its real GDP growth from 3.3% in 2023 to 4% in 2024, driven by the recovery of the oil sector, according to BMI Research, a subsidiary of Fitch Solutions. This growth is expected to be seen in both Abu Dhabi and Dubai as well, with Abu Dhabi’s growth recovering from 3% to 3.8% and Dubai’s growth accelerating from 3.6% to 3.9% in 2024.
Ramona Mubarak, Head of Risk Management for the Middle East at Fitch Solutions, predicts that non-oil GDP growth in the UAE will 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