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Dubai?s successful bid to host Expo 2020 will be a strong catalyst in the economic growth of UAE in general, and Dubai in particular, with the country?s real non-oil GDP expected to double between now and 2020, according to Monica Malik, chief economist of EFG Hermes.
Speaking at a panel discussion at the Meed?s Destination Dubai 2020 conference on Wednesday, Malik said EFG Hermes has upgraded its 2014 GDP growth forecast for the UAE from 4.7 per cent to 5.4 per cent on the back of Dubai?s Expo 2020 win.
?Our growth upgrade is largely due to a pickup in investment outlook as a result of the successful Expo bid. 2014 should be the fourth consecutive year in which the UAE?s real non-oil GDP strengthens. We now view the UAE as having the second strongest real non-oil GDP growth in the region after Qatar,? said Malik.
The pick up in the economic activity, in the wake of the 2008 global crisis, has been primarily driven by consumption, supported in 2011 by the Arab Spring and the consequent fund flows that resulted in a rise in property prices. However, in 2013, the UAE witnessed a broad-based rise in investment activity.