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Sunday, December 3, 2023

UAE economic outlook remains positive in new year: Juwai IQI



Kashif Ansari speaks at the event in Dubai.

Inayat-ur-Rahman, business editor

UAE GDP growth should be around 8-9% in 2023, thanks to the oil boom and global investor confidence in the country. This is big news for the country as the global economy slows. The macro level sends a positive signal to investors.

Gulf has an exclusive interview with Kuala Lumpur-based Juwai IQI Co-Founder and Group CEO Kashif Ansari today. Kashif is currently in Dubai holding regional meetings with top local clients. Kasif shared his thoughts.

Three regions will thrive in the fragility of the global economy by 2023, the Gulf Cooperation Council. Asia and Africa. Most global players will continue to look for trade and business opportunities with the GCC, including the UAE, Saudi Arabia and Qatar.

Kashif’s optimism comes from the huge growth of the real estate market, with an average transaction volume of $1 billion per day.According to the September 22, 2022 issue of The Economist

Dubai is the entrepot for world renaissance. The United Arab Emirates, a seven-member federation that includes Dubai, is expected to add 4,000 new millionaire residents this year, more than any other country. That’s good news for a housing market that accounts for 8% of GDP. “

Second, the growth of small and medium-sized enterprises has a macroscopic impact on the economy, and the growth momentum has accelerated.

The UAE Development Bank will focus on financing SMEs in the country. Small and medium enterprises are the backbone of national economic growth. It is expected to promote the financial inclusion of SMEs in the UAE and enable them to access strategic financing options. Under this strategic move, EDB will guarantee up to 50% of the funding provided by Abu Dhabi’s third largest bank by assets, ADCB, to SMEs. It will promote the sustainable development of SMEs in the country.

Third, technology has become a hallmark of the rapid transformation of digital infrastructure and assets in the UAE. Startups play a key role in advancing the country’s global strategic position in technology.

Technology and finance go hand in hand. On the financial front, the Gulf region’s $3 trillion in reserves and sovereign assets will grow, leading to more overseas investment.

Wealth creation and per capita income will hit new highs in 2023, making the UAE a leading global economy.

Finally, oil prices will remain elevated in 2023 due to tight supply and increased demand following the opening of China. At Juwai IQI, we expect oil prices to trade between US$83-US$127/bbl in 2023, based on the premise that the oil demand curve remains stronger than the supply line.

So if we analyze the macroeconomic picture of the UAE and the GCC, our position is very clear, we are bullish on the economic outcome of the country, which will have a significant impact on the boom times. The UAE is back on the radar of global investors with strong GDP growth in 2023.


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