Dubai – Mubasher: Dubai Expo 2020’s preparations are expected to increase the growth of the UAE’s non-oil sector to 3.7% in 2018 from 3.3% in 2017, according to the National Bank of Kuwait’s (NBK) latest economic update.
The non-oil sector will surge 4% in 2019, which will help the UAE make up for the decline in the oil sector, in addition to achieving around 3% growth in the country’s economy, the NBK’s report found.
The advanced diversification of the UAE’s economy boosted the growth, driving it to go above the GCC average, as the growth in the country is expected to rise from 2.2% in 2017 to 2.6% in 2018, and then to 3.4% in 2019.
“Growth in the oil sector; however, will remain capped in 2018 due to the OPEC production cuts, but is expected to gradually rise from 2019 onwards, with the country expected to continue to invest in expanding oil production capacity,” the report revealed.
