According to a recent report by BMI Research, a subsidiary of Fitch Solutions, the United Arab Emirates (UAE) is expected to see an acceleration in its real GDP growth from 3.3% in 2023 to 4% in 2024, driven by the recovery of the oil sector. This growth is predicted to occur in both Abu Dhabi and Dubai, 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, 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