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Dubai's economy would grow by around 5% in 2024: Chairman of Dubai Chambers

Dubai's economy would grow by around 5% in 2024: Chairman of Dubai Chambers
22 Feb 2024 19:10

DUBAI (WAM)

The Chairman of Dubai Chambers, Abdul Aziz Abdulla Al Ghurair, predicted that Dubai's economy would grow by around five percent this year.

He reaffirmed that the emirate benefits from robust infrastructure, an appealing business environment, and an expected decrease in interest rates towards the middle of 2024.

Al Ghurair told WAM that the recent increase in interest rates would be reversed soon, leading to a decline in lending rates.

On the sidelines of the annual media briefing, he also highlighted that high-interest rates, reaching up to five or six percent, are still lower than in many countries. He noted that this supports the establishment of strong companies not reliant on cheap liquidity and borrowing solely due to low-interest rates.

Past achievements support growth trends and create a conducive work environment for the present and future, Al Ghurair emphasised.

He expected Dubai's foreign trade to grow by more than five percent, backed by the large-scale partnerships being established.

He underscored the pivotal role of DP World's ports in facilitating exports and re-exports across various regions, noting their global efficiency in providing logistical services to various companies.

Comenting on Dubai Chamber's performance last year, Al Ghurair highlighted a significant increase in new licences issued, marking a historic milestone with a rise of over 22 percent compared to 2022.

He also touched upon the substantial growth in the establishment of large companies in the emirate, attributing it to the infrastructure and integrated environment. He explained that this draws in various types of companies, including local businesses, major global corporations, small and medium-sized enterprises, and digital companies.

Al Ghurair also mentioned a significant increase in the establishment of digital companies, aiming for the digital economy to contribute more than 20 percent to Dubai's economy by 2031.

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