The Fund noted the benefits being brought by the ambitious UAE 2050 strategy, including reforms to promote private sector growth and development which will help support economic diversification, boost productivity, and attract foreign investment. Fiscal reforms, combined with healthy hydrocarbon prices, should also see the country run a budget surplus by 2024, at a time when many advanced economies are operating deficits in the wake of the covid-19 pandemic and global uncertainty.
The UAE's robust economic performance is supporting the continued growth of the real estate sector. Prime real estate prices in Dubai surged 70.3% in the twelve months to September 2022, according to global property company Knight Frank. The emirate "is at the heart of one of the world's biggest luxury housing booms", Bloomberg reported. Values have been buoyed by more attractive visa rules for foreigners, with high net-worth individuals in particular drawn to the country.
These trends are ideal for MAG Group Holding, a UAE-based conglomerate that has become one of the region's leading companies since its foundation in 1978. MAG Group
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