2024-02-23 05:22:35
Chairman of the Board of Directors of Dubai Chambers, Abdul Aziz Al Ghurair, expected that Dubai’s economy will grow by regarding 5 percent this year, benefiting from the strong structure and attractive business environment, as well as the decline in interest rates starting in the middle of the year.
The Emirates News Agency quoted Al Ghurair as saying, on the sidelines of the annual media meeting organized by the Dubai Chambers at its headquarters, “The rise in interest rates is temporary and will decrease during the coming period as we reach the middle of this year, which will lead to a decline in interest rates on lending.” …The interest rate does not constitute a major obstacle to investment, as raising the interest rate to 5 or 6 percent remains below interest levels in many countries. It also supports the establishment of real, strong companies that are not looking for cheap liquidity and borrowing just because interest rates are low.”
He pointed out that what has been achieved during the past period supports growth trends and establishes a supportive business environment during the current year and the coming years, expecting Dubai’s foreign trade to rise by more than 5 percent, supported by the broad partnerships that have been and are being established.
He stressed the importance of the role played by DP World in supporting exports and re-exports in various continents and countries, pointing out that DP World has a wide network that qualifies it to achieve high global efficiency in the various logistical services needed by various companies.
Regarding the performance of Dubai Chambers during 2023, what Dubai Chambers achieved in the number of new licenses was considered a historic increase, which rose by more than 22 percent compared to the previous year.
Al Ghurair spoke regarding a significant growth in the establishment of large companies in the Emirate of Dubai, which is linked to the infrastructure and integrated environment in Dubai, making it an attractive emirate for various types of companies, whether local, large international companies, small and medium companies, or digital companies.
Chairman of the Board of Directors of Dubai Chambers, Abdul Aziz Al Ghurair, said: “We are beginning to see a major boom in the establishment of digital companies, with an ambition that the digital economy will represent more than 20 percent of the economy of the Emirate of Dubai in 2031.”
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