He added, in a statement to the Emirates News Agency, WAM, on the sidelines of a media briefing held remotely, that the non-oil sector is in UAE It is moving towards sustainable growth, driven by booming tourism and real estate sectors, increased government spending on capital projects, along with strong inflows of foreign direct investment.
He pointed out that Real estate sector In the UAE, there is a noticeable expansion, as residential unit sales increased by 60 percent, in addition to an increase in mortgage applications thanks to a decrease in Interest rates.
He explained that facilitating visa procedures and business ownership laws has enhanced the flow of companies and tenants, which supports investment in commercial real estate in Dubai and Abu Dhabi, noting that the construction sector remains one of the main drivers of the economy, supported by ongoing government investments in infrastructure projects.
Bolliger pointed out that the tourism sector in the UAE is also witnessing remarkable growth, and that the tourism sector in Dubai has succeeded in restoring its health to pre-pandemic levels, with continuous growth recorded in the numbers of international visitors since the beginning of this year.
He expected the oil GDP to grow by 4.2 percent next year, 2025, and that the country’s economy would continue its growth momentum, maintaining its positive path in the coming years.
The International Monetary Fund recently maintained its forecast for the growth of the UAE’s total gross domestic product by 4 percent in 2024, rising to 5.1 percent during the next year 2025.
