Dubai’s real gross domestic product (GDP) is projected to reach 2.1% in 2019, according to a recent report released by Dubai Economy.
Moreover, the GCC emirate’s real GDP is expected to record 3.8% and 2.8% in 2020 and 2021, respectively, the report said.
“Economic momentum has picked up at the beginning of this year with a surge in new business licences and improved optimism on jobs and business performance,” it highlighted.
The emirate has issued up to 6,709 new business licences during the first quarter of 2019, up 29% compared to the same period of 2018.
Dubai’s Business Confidence Index (BCI) climbed up 10.2 points in Q1-19, from the previous year and 7.7 points in Q4-18, indicating a marked improvement in business prospects and overall sentiment, according to the report.
Moreover, the Dubai Financial Market’s (DFM) general index gained 4%.
The DFM’s net foreign investment reached AED 680 million and accounted for 65% of the total trade in the bourse during the first three months of this year.
However, institutional investors accounted for AED 492 million by the end of March, underlining their growing confidence in Dubai’s economy.