The UAE Central Bank expects the country's economy to grow by 4.3 per cent in 2024 and has maintained its growth forecast of 3.9 per cent growth for the current year.
The banking regulator projects that the non-oil economy will grow by 4.6 per cent and oil gross domestic product by 3.5 per cent next year, state news agency Wam reported on Monday.
It expects non-oil GDP to rise 4.2 per cent and oil GDP to grow 3 per cent in 2023.
The UAE economy is estimated to have grown by 7.6 per cent last year, the highest in 11 years, after expanding 3.9 per cent in 2021, the Central Bank said.
Non-oil GDP and oil output are estimated to have grown by 6.6 per cent and 10.1 per cent, respectively, last year.
The Central Bank attributed the robust economic growth in non-oil GDP to the property, construction and manufacturing sectors.
The Qatar World Cup and other events held in the region also bolstered the UAE's travel and tourism industry, it said.
The Emirates is set to benefit further from the presence of a vital private sector, supported by various reforms and strategies to increase foreign direct investment flows and to attract the best talent, Wam reported.
The banking sector continues to support investment in the sector, with credit to the private sector increasing by 4.9 per cent on an annual basis in the fourth quarter of last year, it said.
The UAE’s non-oil foreign trade hit a record Dh2.23 trillion ($607.1 billion) last year as the Arab world’s second-largest economy hastened to put in place measures to reduce its dependence on hydrocarbons and boost its economic partnerships globally.
This was the first time the UAE’s non-oil foreign trade crossed the Dh2 trillion mark, with values for the January-December period increasing more than 17 per cent from the same period in 2021.
The UAE economy continues to withstand global headwinds and is expected to achieve 4.2 per cent in non-oil economic growth by the end of this year, Mohamed Al Hussaini, Minister of State for Financial Affairs, said during a meeting of G20 finance ministers and central bank governors in Bengaluru, India, last month.
First Abu Dhabi Bank forecasts the UAE's hydrocarbon and non-hydrocarbon real GDP growth at 5.4 per cent and 4.7 per cent, respectively, this year.
Emirates NBD expects the country's GDP to grow by 3.9 per cent in 2023.
UAE government revenue rose by about 7 per cent in the fourth quarter of 2022 as it continued to rebound from the coronavirus pandemic on the back of federal initiatives and higher oil prices.
Total revenue for the three months to the end of December climbed to Dh148.1 billion, the Ministry of Finance said.
Business activity in the UAE’s non-oil private sector economy also grew at its strongest pace in four months in February.
The seasonally adjusted S&P Global purchasing managers’ index reading climbed to 54.3 last month, from 54.1 in January, well above the neutral 50-mark that separates growth from contraction.
The UAE's real estate sector continued its strong performance in the fourth quarter of last year, achieving solid growth in terms of activity, despite the global slowdown.
The activity in Dubai's property market reached historic levels, with the total value of deals hitting Dh214 billion in the fourth quarter, an annual increase of 169 per cent.
The number of tourists travelling to the emirate increased to 14.4 million in 2022, almost double the total number of visitors in 2021.
Meanwhile, hotel occupancy in Dubai rose to 73 per cent last year, from 67 per cent in 2021, while that for Abu Dhabi increased to 70 per cent in 2022.
Passenger traffic through the five Abu Dhabi airports tripled to 15.9 million passengers in 2022, up from 5.3 million passengers in 2021, while 21.8 million passengers travelled through Dubai's airports last year, an increase of 81.3 per cent over 2021.
The Saga Continues
Wu-Tang Clan
(36 Chambers / Entertainment One)
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
Notable salonnières of the Middle East through history
Al Khasan (Okaz, Saudi Arabia)
Tamadir bint Amr Al Harith, known simply as Al Khasan, was a poet from Najd famed for elegies, earning great renown for the eulogy of her brothers Mu’awiyah and Sakhr, both killed in tribal wars. Although not a salonnière, this prestigious 7th century poet fostered a culture of literary criticism and could be found standing in the souq of Okaz and reciting her poetry, publicly pronouncing her views and inviting others to join in the debate on scholarship. She later converted to Islam.
Maryana Marrash (Aleppo)
A poet and writer, Marrash helped revive the tradition of the salon and was an active part of the Nadha movement, or Arab Renaissance. Born to an established family in Aleppo in Ottoman Syria in 1848, Marrash was educated at missionary schools in Aleppo and Beirut at a time when many women did not receive an education. After touring Europe, she began to host salons where writers played chess and cards, competed in the art of poetry, and discussed literature and politics. An accomplished singer and canon player, music and dancing were a part of these evenings.
Princess Nazil Fadil (Cairo)
Princess Nazil Fadil gathered religious, literary and political elite together at her Cairo palace, although she stopped short of inviting women. The princess, a niece of Khedive Ismail, believed that Egypt’s situation could only be solved through education and she donated her own property to help fund the first modern Egyptian University in Cairo.
Mayy Ziyadah (Cairo)
Ziyadah was the first to entertain both men and women at her Cairo salon, founded in 1913. The writer, poet, public speaker and critic, her writing explored language, religious identity, language, nationalism and hierarchy. Born in Nazareth, Palestine, to a Lebanese father and Palestinian mother, her salon was open to different social classes and earned comparisons with souq of where Al Khansa herself once recited.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
