Trade and tourism to boost confidence in UAE
For UAE that has been trying to shift its economy away from oil-based to non-oil based one, there is some good news. Positive growth in trade and tourism sectors is expected to boost investor confidence in the country.
Data has already shown that UAE's non-oil trade has seen a rise of 11 per cent for the first nine months of this year.
Hotel revenues alone have jumped up by 6 per cent to be at Dh9.23 billion as compared to the same period last year.
Economists believe that y-o-y growth in different economic sectors have shown that the country is heading towards growth. Much of it is the result of higher local demand.
They now anticipate an overall growth of 5 per cent in non-oil sectors. And amongst these, financial sector is going to perform the best.
For the first nine months of this year, the non-oil foreign trade has jumped 11 per cent to be at Dh54 billion as compared to Dh540.5 billion last year.
What is worth noticing is that there was a bigger increase in exports and re-exports happened as compared to imports.
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