Key View

• The UAE's medical device market will record mid-single-digit CAGR growth over the next five years, benefitting from increasing healthcare budget allocations.
• Ongoing national artificial intelligence and genomic strategies in the UAE will drive strong demand for diagnostics over the medium-to-long term.
• The UAE will continue to

Key View

• The UAE’s health budget increase will support continued efforts to establish itself as a regional hub for healthcare.
• An enhanced government health budget in the UAE will support growth of digital health usage and accelerate progress towards universal health coverage.
• The UAE will continue to focus on increasing healthcare personnel

Key View

• The UAE’s increased healthcare spending will strengthen the pharmaceutical sector; however, it will remain dependent on medicine imports in the near-to-medium term.
• The newly established UAE Drug Corporation will further attract multinational pharmaceutical companies.
• The UAE and Saudi Arabia will help drive the Middle East and

Latest Development: On October 15, the Dubai Statistics Centre released data showing that Dubai’s real GDP growth accelerated from 2.8% y-o-y in Q123 to 3.6% y-o-y in Q223, broadly in line with our forecast. This means that the emirate’s H123 growth averaged 3.2% y-o-y, with the transport & storage, wholesale & trade, real estate, financial and

Key View

• We have revised up our 2023 and 2024 growth forecasts for Abu Dhabi from 1.0% and 3.0%, to 2.6% and 4.0%, as we are now more optimistic on growth in the non-oil sector following the release of GDP data for Q223. This lead to similar revision to the UAE's 2023-2024 outlook.
• Marked progress on the authorities’ diversification plans

Key View

• The UAE’s investment commitment and its revised National Energy strategy poses considerable upside risk to non-hydropower and nuclear growth; however, the market will fall short in terms of its new clean power targets.
• To support the expansion of clean power, particularly solar power, we expect to see an increase in investments in

Key View

• We now expect that Abu Dhabi’s 2023 real GDP growth will come in at +1.0%, versus our previous forecast for a contraction of 0.8%, owing to stronger-than-expected Q123 non-oil activity.
• Meanwhile, we continue to anticipate a contraction in the oil sector, due to falling production and lower prices.
• We believe that growth will

Key View

• While we still expect that the UAE’s current account surplus will narrow in 2023, we have revised our forecast from 10.0% of GDP to 11.0% of GDP.
• This revision is due to stronger-than-expected H123 performance in non-oil exports, re-exports and tourism activity, which offset the impact of lower oil production and prices on