Growth in the United Arab Emirates has averaged 4.8% over the last four years driven by a pickup in services, real estate and infrastructure spending. Rising public investment and strengthening tourism, real estate, finance and logistic services will support growth. Dubai’s successful bid to host the 2020 World Expo adds further upside to the medium term outlook. But offsetting this boost is a weaker energy sector grappling with lower commodity prices and softer emerging market growth. Because oil is responsible for 40% of government revenues, a prolonged slump in the oil sector—could crimp public spending. A 60