Dubai: UAE with huge boom in oil and non-oil sector. The UAE managed to excel in gross domestic product growth despite adverse conditions. This is explained in the reports prepared by various financial agencies
UAE’s ability to jump in both oil and non-oil sectors is the main factor that accelerates the growth. The latest financial reports also underline this. Global inflation and oil production cuts did not affect the UAE economy.
According to the report of S&P, a global rating agency, the UAE will be able to achieve 6 percent growth in the non-oil sector this year. The assets of UAE banks are also continuing to increase. The UBS Global Wealth Management report also pointed out that there will be a big improvement in the gross domestic product of major GCC countries including the UAE.
A record increase is expected in the total domestic production growth of the Gulf countries within the next five years from the current year. At the same time, high interest rates are a challenge for Gulf banks, according to the report of various financial agencies.
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