World Expo Will Contribute to Economic Growth of the UAE - Predicts Norman Logistics Sp.zo.o.
RIGA, Latvia, September 12, 2018 /PRNewswire/ --
Norman Logistics Sp.zo.o. has released a new forecast on the economic activity of the United Arab Emirates (UAE). In 2018 it was constant. It was provided by oil production volume, recent business reforms and constant activities in other areas. In 2018 the UAE for the first time overachieved its OPEN oil production goal.
(Photo: https://mma.prnewswire.com/media/724488/CPM_Trading_Rolands_Peterson.jpg )
The UAE is preparing for World Expo in 2020, so a big amount of investment is being made to improve infrastructure. The state could expect an increase of tourism area dynamics, but it will need additional investments not related to oil production and crude oil refining.
This country could still be described in terms of development as long as its population grew from 9 million in 2013 up to 10,1 million in 2017; unemployment fell from 2,8% in 2013 to 1,7% last year[1]. Even though in 2014 many infrastructural projects were postponed, this year they will be continued, moreover there are new general plans for the following two decades. It was calculated that a recently adopted 5% of VAT will help to gain income in the amount of 12 billion euros during the first year of implementation[2].
All the Emirates, especially Dubai and Abu Dhabi are continuing their efforts to vary the economy and decrease the amount of activities related to oil products. In addition to the infrastructural projects, Abu Dhabi has made significant investments to the alternative energy sources creation, according to Rolands Petersons, a member of the board of Norman Logistics Sp.zo.o. who offers his thoughts on the UAE economy.
Despite having suffered crises, this country is still a demanded business partner among many world economies, it is being forecasted that before the World Expo in 2020 the UAE will become even an more demanded business partner worldwide.
About Norman Logistics Sp.zo.o.:
Norman Logistics Sp.zo.o. is an international logistics company based in Poland since 2016. This company operates in Europe and also in many other major logistics centers in the world. The core business is a cargo brokerage, mainly marine cargo. Norman Logistics customers is significant EU companies which his production transport throughout marine cargo. And service providers is medium or large shipping companies. The mission of Norman Logistics is convenient logistics and one point service for the same price, individual and best quality approach.
Author: Rolands Petersons, member of the board of Norman Logistics Sp.zo.o.
1. https://www.focus-economics.com/countries/united-arab-emirates
2. https://www.nordeatrade.com/no/explore-new-market/united-arab-emirates/economical-context
SOURCE Norman Logistics Sp.zo.o.
Share this article