The famous British rock band is slated to perform in Abu Dhabi on January 9, 11, 12, and 14
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The UAE will lead the Middle East and Africa in economic growth for the second consecutive year in 2025 as it is expected to receive $15 billion (Dh55 billion) in portfolio flows in 2025, reflecting its position as a regional financial hub and its diversified economy, global think-tank the Institute of International Finance (IIF) said in a note.
“The UAE remains the main regional destination of FDI inflows, attracting about $30 billion in 2023 – 6 per cent of the UAE's GDP, the highest among emerging economies. The friendly business environment, excellent infrastructure, and diversified economy by regional standards have supported the elevated FDI.
"The strong UAE appeal to international investors can be attributed to a confluence of strategic reforms, including the allowance of 100 per cent foreign ownership in specific sectors, enhanced intellectual property protections, and streamlined licensing procedures,” said Marcello Estevão, managing director and chief economist at IIF.
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Estevão projected that the UAE’s GDP will grow 4.0 per cent in 2024 and 5.1 per cent in 2025 – the highest growth rates among the Middle East and African countries.
He added that the Central Bank of the UAE has introduced comprehensive regulations to oversee digital currencies, which helped to attract global investors and foster confidence in digital currency markets.
“The issuance of digital currency is part of the UAE's roadmap for 2023-2026.”
The current account balances of the UAE along with Qatar and Kuwait will remain in sizeable surpluses, albeit smaller than in 2023-24, it added.
The six Gulf Cooperation Council (GCC) countries have navigated the global landscape and the conflict in the Middle East quite well.
“However, the large current account and fiscal surpluses that helped cushion past shocks have started to narrow amid falling oil revenues and large investment-related imports needed to diversify their economies away from oil. We see overall growth (hydrocarbon and non-hydrocarbon) rebounding from 0.9 per cent in 2024 to 3.5 per cent in 2025, as the oil production cuts of the past two years gradually unwind beyond Q1 2025,” said IIF economists.
“Considerable progress has been made in improving the business climate, particularly in Saudi Arabia and the UAE, which, combined, account for 75 per cent of total GCC output. Progress has been made in diversifying GCC economies away from oil, as signalled by the steady decline in the hydrocarbon sector's contribution to real GDP. Digitalisation and AI continue to play a key role in the economic diversification strategy,” said IIF.
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