The United Arab Emirates’ economic growth trajectory is looking rosy. After posting a sluggish 1.3% gross domestic product increase in 2017, improving oil prices as well as healthy contributions from the non-oil economy are expected to lift this figure to 3.4% in 2018. This comes despite elevating levels of political risk across the wider Gulf Co-operation Council, as a trade embargo against Qatar continues and tensions between Saudi Arabia and Iran remain high.
“The UAE will remain one of the most important countries in the region from a business perspective. The economy is well diversified and investments into non-oil sectors, including health and education, are continuing,” says Elyas Algaseer, co-head of Mitsubishi UFJ Financial Group’s (MUFG's) Middle East and north Africa operations.