Top officials during a press conference in Dubai.
The UAE remains a focal point for global investors, driven by the robust momentum of an economy that is advancing at an exceptional pace. Over the past 3 to 4 years, the nation’s economic performance has significantly strengthened, encouraging investors to allocate funds as the growth prospects appear exceptionally solid and promising. This was highlighted by Kashif Ansari, Group CEO of Juwai IQI Malaysia, during an exclusive conversation with Gulf Today on Wednesday.
As per the latest World Bank report, the UAE’s real GDP is forecasted to grow by 3.9% in 2024 and further expand by 4.1% in 2025. This marks an upward revision from the World Bank’s earlier projection in January, which estimated GDP growth at 3.7% for 2024. Across the Middle East and North Africa region, overall growth is predicted to rise to 2.8% in 2024 and 4.2% by 2025, reflecting positive regional economic trends.
Ansari also emphasized that Dubai’s real estate sector has emerged as a new global currency. Recently, Dubai announced that property owners along Sheikh Zayed Road (spanning from the Trade Centre Roundabout to the Water Canal) and in the Al Jaddaf area now have the option to convert their properties to freehold ownership. This strategic initiative is expected to invigorate Dubai’s real estate market and attract significant investments, aligning with the goals of the Dubai Real Estate Strategy 2033. The city has positioned itself as a global hub for international, smart, and sophisticated investors seeking high-quality investment opportunities.
Commenting on the outlook for the oil market, Ansari projected a bullish future. He stated that oil prices are likely to range between $83 and $117 per barrel by 2025, attributing this to factors such as economic recovery, a weakening US dollar, and anticipated supply shortages. Additionally, Dubai has firmly established itself as a data hub leader. Dubai’s Gulf Data Hub, in collaboration with global private equity giant KKR & Co., is set to invest $5 billion to enhance data center capacity within the UAE and the broader Middle East. This initiative marks a pivotal advancement in the region’s technology sector.
- By Inayat-ur-Rahman, Business Editor
DUBAI: The UAE continues to capture the interest of global investors, driven by the remarkable progress of an economy that has gained significant strength over the last few years. Investors are increasingly channeling funds into the country, drawn by its robust growth potential and solid economic foundations. Kashif Ansari, Group CEO of Juwai IQI Malaysia, shared these insights in an exclusive interview with Gulf Today on Wednesday.
The World Bank’s latest projections for the UAE’s economy paint an optimistic picture, with real GDP growth expected to reach 3.9% in 2024 and climb to 4.1% in 2025. The January forecast of 3.7% for 2024 was revised upward, reflecting the country’s strong economic fundamentals. Meanwhile, the Middle East and North Africa region as a whole is set to see growth rates of 2.8% in 2024 and 4.2% by 2025.
Ansari highlighted Dubai’s real estate market as a transformative force in the global economy. Recent announcements have granted property owners in key areas such as Sheikh Zayed Road (from the Trade Centre Roundabout to the Water Canal) and Al Jaddaf the ability to convert their properties to freehold ownership. This policy shift is a strategic measure designed to invigorate the real estate market and attract increased investments, aligning with the long-term vision outlined in the Dubai Real Estate Strategy 2033. Dubai has firmly cemented its status as a key destination for discerning, international investors seeking intelligent investment opportunities.
Turning his attention to the oil market, Ansari expressed confidence in its upward trajectory. He anticipated oil prices fluctuating between $83 and $117 per barrel by 2025, driven by recovering global economies, a weaker US dollar, and potential supply constraints. Furthermore, Dubai has strengthened its position as a leading data hub. Gulf Data Hub, in partnership with KKR & Co., plans to allocate $5 billion toward expanding data center infrastructure across the UAE and the Middle East. This development represents a major leap forward for the region’s technology sector.
