The UAE is expected to start growing strongly starting in 2020, thanks to Abu Dhabi’s positive credit profile and economic diversification measures, leading to higher public investments.
Thanks to this financial support, the United Arab Emirates’ GDP growth will reach 3% by next year.
UAE’s VAT Revenues Beat Estimates
The UAE first introduced the 5% Value Added Tax (VAT) last year, as a measure to provide a new source of income to invest into public services.
Moody’s last report states that VAT revenues for last year largely surpassed the Government’s expectations, reaching Dh27 billion, compared to the government’s forecast of Dh12bn.
The extremely encouraging level of compliance with the new regulation is “a positive reinforcement of the UAE’s high institutional strength” said Moody’. This is why the agency rated the UAE as “Aaa2 stable”.
Dubai was the first beneficiary of these outstanding revenues, with 60% of the allocations, thanks to its high investments on tourism and a greater daytime population of commuters from other emirates.
UAE’s Favorable Financial Position Bound to Attract Foreign Investments
UAE’s strong financial revenues and stable outlook are expected to boost short-term growth, with an increase of GDP of 2.8 percent in 2019 forecasted by the International Monetary Found, thanks to Abu Dhabi’s incentives for non-oil economy and EXPO 2020-related spending in Dubai.
The financial stability and upcoming EXPO 2020 will attract billions of foreign investments.
Every company operating internationally in fields such as real estate, financial, technical,IT, tourismand hospitality, and luxury knows how good PR and marketing campaigns are boosted by adequate translation and localization projects.
Quality localization of advertising material is a staple to gain the trust of investors, who will be more willing to buy if they have access to the adequate information in their mother tongue.
Langpros offers a vast array of translation services for every industry, ranging from creative and appealing copywriting and transcreation services for advertising, to accurate translations of technical manuals in compliance with the best standards.
Langpros is also the only legal translation agency in the UAE authorized by the Ministry of Justice working in Arabic, English, French, Italian, and Spanish.