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Weekly Dubai Business News (Oct 8-12, 2018): Get Updated

  • 20 October 2018
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Weekly Dubai Business News (Oct 8-12, 2018): Get Updated

More positive news this week for UAE's economy. Find out why more about trading, the economy, and real estate conditions in UAE for your investment plans.

UAE’s Economy Is Seen to Have 2-Year Continuous Growth

Global think-tanks have foreseen the UAE economy to enjoy a continuous 2-year growth. The highest will be in oil-exporting Mena on 2020. This is in the midst of the rising oil prices, new investment law, growth in the non-oil sectors, infrastructure spending, friendly reforms, and a stimulus package.

World Bank analysts have forecast the GDP growth from 2 percent this year to 3 percent in 2019 and 3.2 percent on 2020. According to Focus Economics analysts UAE is foreseen to gain strength in the third quarter because of an increase in Opec oil production. The UAE will also benefit from a strong tourism sector, among others, especially in Dubai and also an increase in oil production despite the high demand for it, worldwide.

Read more about this here:

Dubai Real Estate Playing Field Is Now Leveled By Lower Prices

According to Khaleej Times, Dubai properties used to be touted as the bastion of the uber rich. The property prices are lowered, and they leveled the playing field in real estate, making properties more affordable for end-users.

Matt Gregory, the head of property sales at dubizzle, said that developers have been offering units in all spectrum for their projects. The Select Group for instance included studios and one-bedroom apartments as part of their Dubai Marina project. Gone are the three-bedroom penthouses exclusive options.

According to Craig Plumb, research head for Mena at JLL, prices are seen to continuously fall because of the products that are being launched. He further added that the only way for developers to clear the inventory is through cost cutting. For more details on this, read here:

Gold Prices Are Down in UAE: Best Time to Buy Is Now

Retail rates for gold has fallen during the first trading of the week. Gold fans can buy a 24-karat gold for only DH145 per gram down by DH1 dirham. It’s the same with 18K, 21K, and 22K gold. The prices of gold today are below their peak. It is possible to buy 24-k gold for 30 grams in Dubai for a rate which is Dh500 less than last April 3 when gold cost Dh160 per gram.

The reason for this is that spot gold was down by 0.5 percent at $1,196.61 per ounce. Karim Merchant, the CEO and managing director of Pure Gold Group, said that for as long as the US economy and the US dollar remain strong and Italy’s economy stays in focus, gold will continue to fall further.

Read more about this here:

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