Three reasons why there are signs of economic optimism
New data shows things may be taking a turn for the better
The World Bank has said overall GDP growth for the UAE is expected to reach to 2.5 percent in 2018 Business licenses: According to the Ministry of Economy, a total of 532,000 business licences were issued across the UAE from January 1 to the end August, a total that represents nine percent growth from 2017. Dubai and Abu Dhabi accounted for 453,000 of the licences. In last year’s World Bank Ease of Doing Business report, the UAE ranked 21st. Hiring plans: According to Bayt.com’s latest Job Index Survey, seven in 10 working respondents (71 percent) claim that their company hired new employees in the last six months, with 56 percent reporting hiring new employees in the last three months. Over three quarters of employers are planning to hire in the next three months. Non-oil sector growth: New data from Dubai Economy Tracker Index says Dubai’s non-oil private sector growth in August was roughly comparable to the month before, with wholesale and retail sectors seeing higher growth. Construction and travel sectors also saw growth in August, and total economic output rose at a faster rate in August than in July.