Dubai, UAE: According to an article in the Emirates News Agency (WAM), the United Arab Emirates (UAE) is likely to intensify its expenditure, mainly in the areas of infrastructure and developmental enterprises, keeping the business outlook encouraging for 2017 and boosting government revenues. The information is based on a report by an independent real estate consultancy, Knight Frank, carried in the Arabic newspaper, Al-Bayan.
The recent recovery in global prices globally, coupled with the preparation for the upcoming mega-events of EXPO 2020 Dubai and the 2022 FIFA World Cup in Qatar, is driving the growth in real estate and tourism, and propelling the economy.
Citing the report, the news article said that major industrial infrastructure investments launched by the UAE government in 2016, such as the Khalifa Industrial Zone Abu Dhabi (KIZAD), Dubai Industrial City, Dubai South and the expansion of the Dubai Airport Freezone Authority (DAFZA), in addition to the Al Saja’a Industrial Oasis, launched by the Sharjah government, have been major contributors.
The report also mentioned that Dubai’s economy will remain the “least vulnerable to future economic crises” due to current investments in the mega-events.