Economic diversification and Expo 2020 to shield Dubai from oil price rout

Dubai’s economy is expected to slow down for the year as a whole, as the construction and property sectors languish and global trade flows ebb. But, in the end, the emirate’s diversification will shield it from the oil price rout.

Last year, the Dubai economy grew by a healthy 4.1 per cent, according to data from the Dubai Statistics Centre.

For this year, forecasters are calling Tfor growth of between 3 per cent and 4 per cent. The Expo 2020 project is expected to drive expansion next year and beyond.

At the higher end, the IMF forecast in April that Dubai would grow by 3.7 per cent this year. The National Bank of Abu Dhabi, meanwhile, is predicting 3.5 per cent growth and the research house IHS is at the low end, with a forecast of 3.1 per cent.

Economic diversification and Expo 2020 to shield Dubai from oil price rout

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Source: The National

Top 5 nationalities for UAE entrepreneurs revealed

Dubai: A new study has revealed that the number of entrepreneurs in the UAE has nearly doubled in the past year, turning it into the country with the highest percentage of entrepreneurs in the Middle East.

The findings were part of a study carried out by LinkedIn, a global professional network, that examined the movement of individuals across job functions and industries. The research was based on an analysis of UAE profiles created and completed between March 2015 and March 2016.

According to the study, the majority of entrepreneurs arrived in the UAE from countries in the Middle East, and more specifically from Syria, Iraq, Jordan and Palestine. Entrpreneurs also came from Switzerland, Egypt, South Africa and Spain.

Ali Mattar, Head of LinkedIn Talent Solutions for Southern Europe, Middle East and North Africa, said: “The UAE has evolved to be a preferred destination for entrepreneurs and innovators from across the world.

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Source: Gulf News

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