In the coming years, the Gulf Cooperation Council (GCC) nations will rise to the top of the global economic progression ladder, adding an additional $1–2 trillion in wealth by 2025. In an exclusive interview with Gulf Today, co-founder and Group CEO of Juwai IQI Kashif Ansari said that the region’s strong economic growth is attracting investors worldwide. Ansari revealed that the following five industries would generate most of the region’s wealth: technology, tourism, oil and gas, real estate, and services.
The travel and tourism industry in Saudi Arabia grew 32% in 2023, contributing $118 billion to the country’s GDP. For the third consecutive year, the UAE appears in the most recent report from Henley and Partners.
The travel and tourism industry in Saudi Arabia grew 32% in 2023, contributing $118 billion to the country’s GDP. For the third consecutive year, the UAE appears in the most recent report from Henley and Partners. He reported that average prices rose by 20% in Q1/2024 as the price growth in the Dubai real estate market continued to pick up speed. In Dubai, there were 35,310 total transactions, according to the most recent report from CBRE.
With an anticipated range of $91 to $147 per barrel, oil prices are rising.
According to our forecast at Juwai IQ, the UAE’s GDP will grow by 2 to 3%, while the GCC regions will see the growth of 2 to 4%. In the next three to five years, the GCC region is expected to maintain robust economic growth due to rising income levels and increased wealth generation, estimated at trillions of dollars.
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