UAE economy set to keep growing

The economy in the United Arab Emirates (UAE) has been tipped to keep growing this year by Merrill Lynch.

According to the organisation, factors such as strong oil prices and a boom in the construction sector are likely to lead to an increase comparable to that in 2007.

Estimates suggest that the UAE's economy will expand by approximately 7.2 per cent this year - down from 7.4 per cent in 2007.

Merrill Lynch believes this could herald the start of a slight drop-off in economic growth as Dubai's economy is close to becoming "overheated".

The organisation said the government is keen to ease pressure on the real estate sector in particular in order to curb inflation fears.

This comes after the UAE was recommended to foreign property buyers by Jo Sinnott, host of Real Estate TV's Next Big Thing Series.

Speaking to Property Wire, she said areas such as Dubai and Ras Al Khaimah offer various opportunities to investors.

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