UAE boosts Expo 2020 infrastructure spending

27/03/2017 05:54 AST

The UAE is expected to boost its expenditure this year, primarily in areas of infrastructure and developmental enterprises, reported state news agency Wam, citing a real estate expert.

Amid the ongoing preparations for Expo 2020 Dubai, the current real estate and tourism investments are expected to further consolidate and propel the economy to further new heights, especially after the global oil prices recovered some of the losses sustained over the past year, according to Knight Frank, a leading independent real estate consultancy.

The property expert said it expected the UAE business outlook in 2017 to be positive. "The Dubai economy will remain the least vulnerable to future economic crises thanks to the current investments made in the build-up towards Expo 2020 Dubai," it stated.

Some of the major investments made by the UAE government last year for boosting industrial infrastructure include Khalifa Industrial Zone Abu Dhabi (Kizad), Dubai Industrial City, Dubai South, and the expansion of the Dubai Airport Freezone Authority (Dafza), in addition to the Al Saja'a Industrial Oasis by the Sharjah Government.

Such mega investments reflect the country’s ambitious economic diversification plans as part of its strategy to ensure an innovation-based economy based on intensive knowledge activities to contribute to the accelerated efforts made to promote the country as a global and sustainable business destination, stated Knight Frank in the report.

The emirate’s population is expected to further grow to 3.1 million in 2017, which means increased demand over the already robust real estate sector, it added.

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