Which Sectors Are Growing the Fastest in the UAE’s Economy?
The UAE’s GDP in 2018 was $432.61bn, which is expected to rise to $455.59bn in 2019. The increase and the promising forecast has surprised many, after a slump in the GDP in 2015 and 2016. There are many sectors thriving in the country now, which explain why GDP and the economy are expected to continue experiencing growth. So which sectors are growing the most?
The film and TV sector in the UAE is growing and many Hollywood and other western productions are looking at the country and its surrounding areas to develop motion pictures.
Indeed, the media industry in the region is expected to grow 7.4% this year to reach $35bn by 2020 – which will make it the second biggest growth region in the world. Similarly, the online casino industry is also expected to grow in the UAE. Indeed, many betting agencies understand how important Arabic-speaking countries are to the casino industry and are ensuring their websites are catered to Arab customers.
The tourism sector is another one that continues to grow. Indeed, the Q1 reports for tourism in Dubai alone have seen growth, as the city welcomed 4.75 million international overnight visitors. As a result, the construction industry is also expected to grow. Not only due to the increase in tourism to Dubai, but also the increase of tourism to the region as a whole.
Matching the growth of so many sectors is also the service sector, including website development, marketing, and PR. Growing businesses are also offering help to smaller businesses who may want to grow with their services.