TAG: UAE: Dubai
Despite dropping prices in the real estate market, a key sector helping the UAE steer away from its dependence on the oil industry, Oxford Business Group’s Business Barometer: UAE CEO Survey found that the sentiment among 110 business leaders is largely positive – over 60% of respondents anticipate that they will make a significant capital investment in the coming 12 months. In particular, tech investments are set to grow, with 80% indicating that they will increase spending on smart tech and research and development.
The results of our most recent OBG Business Barometer: UAE CEO Survey arrive amid a flurry of global economic headlines. On July 23 the IMF announced a downward revision of global growth forecasts to 3.2%, citing the ongoing uncertainty stemming from escalating tariffs and tensions as the main drags on future growth. Meanwhile, on July 25 Mario Draghi, the president of the European Central Bank, suggested that a rate cut and a fresh round of quantitative easing measures to stimulate eurozone growth were on the horizon. Talk of an interest rate cut reflects moves in the US, where the Federal Reserve announced an interest rate cut of 25 basis points at its most recent meeting in late July.