The economy of the UAE is quite diversified in the GCC economy. It has always been leaning on oil and natural gas to sustain and boost its economy and the country is still known all over as an oil-rich region. The dollars they earn is often synonymous with the petrodollar, an epithet made popular by the mainstay of the economy. In today’s world, the scenario of the economy of the UAE has taken a radical and multipronged turn. The government today is giving equal importance to all the sectors. Gone were the days when oil was the only prime industry in the UAE. After a shift in focus of the government from oil to other multiple sectors, the government has started seeing gains in terms of revenue in the sectors such as tourism, retail, manufacturing, and so on.
Here is a list of the names of some prominent industries in the UAE which has contributed to the economy immensely:
There has been a massive growth in the retail sector in the UAE which hovers mainly over Dubai. Many global players have established their base in the UAE. It seems that this industry’s future is quite bright. This sector is bound to thrive soon. it is said that the value of retails sales in Dubai only will reach a figure of 83 billion dollars by the end of 2020. A growth rate of around 5.6% is expected in the coming years. Dubai hosts shopping festivals on a massive scale every year and they are the biggest in the world. These festivals enhance outstanding growth in the local sales of retailers. The UAE remains a resilient retail environment. There has been a consistent growth of 3-4%, though the sector has been impeded by the disruptive technology of e-commerce and marketing through social media. Social media and e-commerce have fuelled the growth of global consumers, in the UAE, the local internet-based retail sale is going strong without any sign of slowing down.
Another fast-growing sector in the UAE is hospitality. The sector has witnessed outstanding growth over a decade. And this is but natural because the UAE, especially Dubai, attracts visitors from across the world. They come here to see the wondrous towers and enormous riches unheard of in other parts of the globe. They come in large numbers, stay in expensive hotels and do a lot of shopping for goods that the country is famous for. The hospitality market is expected to reach around 7.6 million dollars in a few years. International tourist visit is going to accelerate to the tune of 25 million within a few years.
UAE is known for its high-quality healthcare system which is poised to become one of the best in the world. The government initiatives coupled with the application of latest technology have given this sector a big boost. It is expected that this sector will witness a growth of around 60% by 2021.
Manufacturing is an important contributing factor in the economy of the country. Around 80% of non-oil trade is occupied by the manufacturing sector.
About GCC Filings
GCC Filings is present in the UAE and provides accountancy and tax consultancy services. It represents its clients during the hearing of non-compliance of taxation and VAT matters by the authorities. It also helps with all matters related to VAT registration, auditing, accounting and more.