Arab Today, arab today uae economy to grow faster
Last Updated : GMT 08:56:06
Arab Today, arab today
Arab Today, arab today

UAE economy to grow faster

Arab Today, arab today

Arab Today, arab today UAE economy to grow faster

Abu Dhabi - Arab Today

The UAE economy will grow at a pace faster than anticipated on higher than expected oil output and high government spending during the first three quarters of this year. The Institute of International Finance, or IIF, a global association of more than 470 financial institutions, on Monday raised its 2013 growth forecast for UAE to 4.7 per cent from 3.9 per cent previously. The non-hydrocarbon real GDP growth is also forecast to accelerate from 4.1 per cent in 2012 to 4.6 per cent in 2013, \"driven by higher government capital spending in Abu Dhabi and continued robust growth in trade, tourism and transportation in Abu Dhabi and Dubai”, the Washington-based IIF said in an updated forecast for the Middle East and North Africa. \"Despite our favourable near-term outlook, IIF has reservations about the renewed cycle of risk taking, as shown by the strong recovery in real estate and the sharp increase in equity market prices,” Dr Garbis Iradian, deputy director, Africa and the Middle East at IIF and principal author of the report, said. \"IIF welcomes the recent plan of the Central Bank of the UAE that includes limits on banks\' exposure to real estate and government-related entities. Furthering structural reforms, strengthening federal institutions and GREs corporate governance, and improving risk management practices are also important to reinforce the UAE\'s resilience to external shocks,” said Iradian. The UAE has benefited from its status as a safe haven since the Arab turmoil in 2011, he pointed out. Crude oil production rose by about five per cent in the first three quarters of this year. Corporate profitability has improved, equity markets in the UAE have risen on average by 60 per cent since the start of the year, and the PMI data point to sustained increases in output and new orders. \"Dubai\'s sovereign CDS (credit default swaps) spreads and bond yields continue to fall, indicating improved market confidence in the GREs and creditworthiness. Loan growth is poised to rise from 2.6 per cent in 2012 to 7.5 per cent in 2013,” Iradian told Khaleej Times. He said the real estate market has recovered significantly, although oversupply still hangs over segments of Dubai\'s housing market. \"Several mega projects that were postponed during the global financial crisis have recently been reinstated. Despite this favourable near-term economic outlook, markets could become concerned about the renewed cycle of exuberant risk-taking, as shown by the strong recovery in real estate and the sharp increase in equity market prices (80 per cent increase since the start of the year in Dubai),” he said. Welcoming the recent plan of the UAE Central Bank, which includes limits on banks\' exposure to real estate and GREs, Iradian said the resurgence in asset values could suggest that the lessons of the past experience may not have been fully absorbed, and that efforts should continue to focus on strengthening the balance sheets of financial institutions and the GREs. \"New projects need to be prioritised and designed in a way that limits risk-taking by the highly indebted GREs to avoid another boom-bust cycle. Further progress in structural reforms, the strengthening of federal institutions, further improvements in GREs\' corporate governance, and strengthened risk management practices are also important to reinforce the UAE\'s resilience to external shocks,” said Iradian. According to Dr George T. Abed, senior counsellor and director for Africa and the Middle East at IIF, the 16 countries in the Middle East covered by IIF\'s overview are expected to register overall GDP growth of 2.9 per cent in 2013, rising to 3.8 per cent in 2014. \"The averages, however, mask a sharp divergence as the 10 oil exporting countries show growth of 3.2 per cent and 3.9 per cent in 2013 and 2014, respectively, while the non-oil exporting countries struggle with 1.8 per cent growth in 2013 and 2.4 per cent in 2014,” said Abed. Abed noted that the respective fiscal positions of the two groups are more telling. While oil exporters achieve average surpluses of 6.3 per cent of GDP, oil importers face deficits of 10.3 per cent in 2013 and 2014. For the GCC countries, the average surplus is 10.8 per cent of GDP. Source: Khaleej Times

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uae economy to grow faster Arab Today, arab today uae economy to grow faster

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uae economy to grow faster Arab Today, arab today uae economy to grow faster

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday