The International Monetary Fund (IMF) said the UAE’s gross domestic product (GDP) will expand by 4 per cent in 2024, higher than earlier estimates, as the Gulf state is experiencing robust growth. “Economic growth in the UAE is broad-based, led by robust activity in the tourism, construction, manufacturing, and financial services sectors,” the IMF said in a statement. The IMF said the strong foreign demand for real estate, increased bilateral and multilateral ties and the country’s safe haven status continue to drive rapid growth in housing prices and an increase in rents while adding to ample domestic liquidity. Overall economic growth would likely be further supported by higher hydrocarbon GDP growth this year, in part driven by higher crude oil production from the UAE’s OPEC+ quota increase, while average inflation is expected to remain contained close to 2 per cent.