UAE expected to grow marginally

Dubai's Burj Al Arab.
Dubai's Burj Al Arab.

The economy of the United Arab Emirates (UAE) is only expected to grow marginally in 2019, according to ratings agency Moody’s. It has forecast GDP growth of 2.8 percent this year, up from an estimated 2.6 percent growth in 2018.

Speaking at a media briefing in Dubai on Tuesday, analyst Thaddeus Best said that headline growth would be “constrained” this year, which is partly due to the production cuts agreed by the ‘OPEC-plus’ group of producers, although its overall production allocation could be slightly higher than last year. Growth in the non-oil economy is predicted to be slightly more robust at 2.9 percent this year, up from an estimated 2.4 percent in 2018.