Dubai's Economic Outlook Gets a Boost From Tourism
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Dubai is enjoying a resurgence of its non-oil private sector, which is experiencing a 10-month high, according to an article in the National, quoting the latest data from Emirates NBD.
“The recovery in the travel and tourism sector last month is particularly encouraging as this sector had been relatively soft in previous months," Khatija Haque, the head of Middle East and North Africa research at Emirates NBD told the National. “However, we note that the expansion has not led to increased employment, suggesting that firms are becoming more efficient in their operations."
According to estimates, the UAE’s non-oil economy would continue to expand through the next year.
“Tourism will again be among the stronger-performing sectors," with easing sanctions against Iran playing a part in the improvement, as well as preparations for Expo 2020 in Dubai, Berna Bayazitoglu, an analyst at Credit Suisse, said in the National. But “tourism remains vulnerable to weaker external demand, with continuing economic troubles in Russia and regional instability.”
Growth is expected to come from Asian countries as well as less stable Arab nations and, of course, shopping is one of the largest draws within the region. Read more on how tourism will contribute to boost revenue in the UAE over the next few years.
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