UAE: Dubai Economy

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While advanced economies generate the vast majority of insurance and reinsurance business, emerging markets are posting higher rates of growth. Complementing this underlying trend is a strong and expanding interest in catastrophic risk, which by nature tends to pertain to emerging markets. This is coming alongside fast-paced, sector-...

 

Decades of growth in trade and foreign investment have seen the economies of the world become more interconnected and interdependent than ever before. The production of goods and, increasingly, the provision of services has become fractured across borders as corporations create and integrate into regional and global value chains – a process...

 

One of the major economic changes in Dubai and the UAE in 2018 was the introduction of a 5% value-added tax (VAT). Dubai and other jurisdictions on the Arabian Peninsula have long been popular for their lack of personal and corporate income taxes, and while they remain low-tax jurisdictions overall, this new levy is expected to add...

 

With regional economies still feeling the effects of lower oil prices since mid-2014, trade wars occurring across the globe, a stronger US dollar pushing up the value of the dirham and increased risks weighing on investor sentiment, Dubai and the UAE have introduced a diverse set of cost-cutting reforms that are largely designed to encourage...

 

Global trade faces protectionist headwinds that are dampening the outlook for growth in the coming years. According to the World Trade Organisation (WTO), trade volume grew by 4.7% in 2017 and is expected to have moderated slightly to 4.4% in 2018 and dip to 4% in 2019. Although this means growth will fall below the 4.8% average seen since...

 

Dubai is the second-largest of the seven emirates that comprise the UAE in terms of economic size, and the main driver of economic diversity in the country. Its tourism, logistics, manufacturing and services sectors provide opportunities for growth beyond oil and gas, the industry upon which many economies in the region are dependent. Dubai’s...

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