Arab Today, arab today dubai to spur uae growth in 2012
Last Updated : GMT 05:33:20
Arab Today, arab today
Arab Today, arab today

Dubai to spur UAE growth in 2012

Arab Today, arab today

Arab Today, arab today Dubai to spur UAE growth in 2012

Abu Dhabi - Arabstoday

The UAE economy is projected to grow by around 3.5 per cent in 2012 as a result of strong performance in Dubai’s non-hydrocarbon sectors and massive public spending by Abu Dhabi, according to a key Saudi bank. Overall GDP growth in the UAE and its five partners in the Gulf Cooperation Council (GCC) will also be likely healthy this year, with a forecast 4.2 per cent, the Saudi American Bank Group (SAMBA) said in a new report. “Abu Dhabi’s recent commitment to press ahead with large-scale development projects will provide a boost to the UAE, which has already seen strengthening activity in Dubai’s traditional non-oil sectors, and help counter the adverse impact of slower global growth and restrictions on doing business with Iran,” it said. The report showed strong crude prices and an expected rise in oil output would also allow the UAE to record healthy fiscal positions while inflation will remain subdued at around 1.5 per cent, the lowest in the region. It forecast the UAE’s budget surplus at around seven per cent of GDP and the current account at nearly 13.8 per cent in 2012. “Since our last report issued in late 2011 there have been a number of important global developments that have affected the economic outlook for the GCC. While there has been both good and bad news, and downside risks remain elevated, on balance we believe that growth prospects in the region have improved, and we have revised up our 2012 projections accordingly,” SAMBA said. “Most significant in terms of growth rates is our assumption that average oil production this year will now be higher than in 2011 as GCC oil producers, particularly Saudi Arabia, maintain high output levels to satisfy any shortfalls – perceived or real – stemming from the announced sanctions on Iran.” Combined with high oil prices, this will provide another surge in revenues which will support robust public spending and boost confidence, the study said. It said confidence has already revived as fears of a financial crisis in the Eurozone this year have abated for now, and returning risk appetite has seen global liquidity flowing back into emerging markets, including the GCC. “Overall we now project that GCC growth will hold up at 4.2 per cent in 2012, following over seven per cent growth in 2011, as a revised positive contribution from oil sectors combines with sustained non-oil growth driven in large part by high public spending,” it said. The report said Qatar and Saudi Arabia would be the strongest performers with growth rates upgraded to 5.7 and 4.4 per cent respectively. It said the improved GCC growth performance is still expected to take place in a relatively benign inflationary environment. High public spending will generate inflationary pressures in the region, but headline inflation rates should remain modest, held down by declining inflation in trading partner economies, a relatively firm US dollar, and generally weaker commodity price increases, it added.“Still weak real estate markets will also contain pressures in countries like the UAE, Qatar and Bahrain.” Turning to finance, it said that with both oil prices and GCC crude production now expected to be higher than in 2011, public finances should remain healthy despite large spending commitments. With the exception of Bahrain, GCC states will continue to post large fiscal surpluses while public debt levels will remain low and external savings will be bolstered on the back of sustained large current account surpluses, it said. “The twin fiscal and current account surpluses for the GCC as a whole are now expected to remain at around 13 and 24 percent of GDP respectively in 2012.”

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 dubai to spur uae growth in 2012 Arab Today, arab today dubai to spur uae growth in 2012

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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