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Tag Archives: growth

IMF predicts upward growth path for UAE

The UAE economy is projected to grow at 2.9 percent in 2018 and 3.7 percent in 2019 against and estimated growth of 0.8 percent, reported Gulf News in an article in the paper today, quoting the latest regional economic outlook report of the International Monetary Fund (IMF). “Growth projections are …

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Business Survey: Prospects good for Dubai

Businesses in Dubai displayed a brighter outlook for the months ahead with stronger sales and revenues expected due to new projects and seasonal increase in tourist arrivals. The quarterly business survey of the Department of Economic Development (DED) also showed that more than 88% of the businesses foresee stronger or …

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Explainer: Key boosters for UAE’s GDP growth

UAE’s recent moves related to various economic support packages  include: ■ Sweeping visa, labour policy changes ■ Moves to support small and medium enterprises (SMEs) ■ Programmes to boost population and employment growth ■ Reducing business costs ■ Strengthening the investment environment Dubai: The UAE government’s recent move to expand public spending in the context …

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Dubai non-oil trade jumps to Dh645b

Dubai’s non-oil foreign trade rose to Dh645 billion in the first half of 2018, an increase of Dh5 billion from 2017 figures. Dubai’s re-exports registered a Dh24 billion increase, growing by 14 per cent to Dh203 billion, reflecting the emirate’s strength as a re-export hub. Meanwhile, imports touched Dh377 billion …

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UAE’s credit demand rises in second quarter

Demand for both business loans and personal loans picked up pace in the UAE in the second quarter of this year according to the latest Credit Sentiment Survey of the Central Bank of UAE. The survey is a quarterly study by the central bank, which collects information from senior credit …

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Credit and deposit growth picks up pace in the UAE

Aggregate monetary data for the first five months of the year from the UAE Central Bank showed a pick in both credit and deposit growth across the banking system. According to an analysis of the central bank data by Abu Dhabi Commercial Bank’s Economics team, system-wide loans and deposits in …

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UAE outlook sunny on oil recovery, fiscal policies

The UAE economy is expected to grow by 2.6 per cent this year and 3.8 per cent in 2019, according to a new report by the Institute of Chartered Accountants in England and Wales (ICAEW) and Oxford Economics. The primary growth drivers will be recovering oil prices, expansionary fiscal policies …

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Callix brings contact centre at affordable prices

Dubai-based Callix aims to capitalise on human interaction instead of impersonal digital personas to help small- and medium-sized enterprises in the UAE to drive business and unify customer experience. According to Forrester data, 72 per cent of businesses list customer experience improvement as a top priority. Arif Saiyad, founder and …

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The UAE economy is set for rebound from this year

The UAE economy, which faced a more than anticipated slowdown in economic growth in 2017, is expected to bounce back from this year thanks to the higher oil prices and the various fiscal reforms packages announced by the government, according to economists. “The announced stimulus and structural reform measures comfort …

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UAE financial markets poised for take off

The UAE’s financial markets are solid and will take off again in terms of liquidity and volume of trading due to positive indications from the government and an improvement in the economy, the chief executive of the Securities & Commodities Authority (SCA) said. “I am optimistic because of the incentives …

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Dh50b economic stimulus for Abu Dhabi approved

An economic package of Dh50 billion has been launched to accelerate the pace of Abu Dhabi’s development and economic growth over the next three years. The package was launched on Tuesday by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of …

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Islamic economy generates 8.3% of Dubai’s GDP

The contribution of the Islamic economy to Dubai’s gross domestic product (GDP) increased from 7.6 per cent in 2014 to 8.3 per cent in 2016, registering a growth rate of 14 per cent, according to Dubai Statistics Centre, a strategic partner of Dubai Islamic Economy Development Centre (DIEDC). In 2016, …

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RAK Petroleum back in profit

Ras Al Khaimah Petroleum, a UK-based company operating oil and gas concessions in the Middle East and Africa, said on Monday it had returned to profitability, posting a net profit of $54.8 million (Dh201 million) for the financial year 2017. A year earlier, the company reported a net loss of …

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Dubai’s new Mortgage Law can be the right stimulus

Dubai’s proposed “Mortgage Law” intends to create greater depth in the property marketplace, in particular by making it easier for specialised funds to come in and take up exposures. Another target of the law would be create “alternative financing methods” over and above what is offered via direct bank finance. …

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UAE consumers become more cost-conscious

Consumers in the UAE are becoming more cost-conscious and less brand-loyal, according to a recently released survey. Shoppers in Saudi Arabia and the UAE felt that they were forced, over the last two years, to make adjustments to their spending habits, and now feel more confident about spending disposable income, …

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Emirati-owned SMEs bagged Dh1.5b in contracts in 2017

The total value of contracts awarded to Emirati-owned small-to-medium-sized enterprises (SMEs) within the emirate since the Government Procurement Programme was begun in 2002 is Dh5 billion, Dubai SME has said. The total value of contracts awarded in 2017 was Dh1.5 billion — the first time the scheme has generated contracts …

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WTO chief calls for calm over tariffs

The World Trade Organization chief warned on Friday that creating barriers to international trade would “jeopardise the global economy,” after Washington slapped steep tariffs on Chinese imports, heightening fears of a trade war. “Disrupting trade flows will jeopardise the global economy at a time when economic recovery, though fragile, has …

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Dubai private sector maintained strong growth in February

The Dubai Economy Tracker Index (DET) for February signalled a further strong improvement in business conditions across Dubai’s non-oil private sector. Although the headline index eased slightly from 56 in January to 55.8 in February, it still indicated a strong expansion in the non-oil private sector. “The PMI survey data …

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GCC banks still far from 2008 resolutions

Banks in the Gulf Co-operation Council are still far from the implementation of resolution regimes discussed during the financial crisis in 2008 for both conventional and Islamic banks despite having implemented many of the recommendations. G7 finance ministers agreed to take decisive action during the global financial crisis. Using all …

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What 2018 holds for the UAE

The Levant News Exclusive – by Mohamad Hassan -Dubai – The UAE is considered the second-largest economy in the Arab world (after neighboring Saudi Arabia) and a regional business hub with economic growth of 1.4% in 2017 and a positive economic outlook in 2018. Moreover, it ranked 16th in the Global …

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Dubai non-oil private sector growth slowed in December

Data on Dubai’s non-oil private sector December showed a marginal slowdown in growth with the Emirates NBD Dubai Economy Tracker Index (DETI) slipping to 54.7 in December, from 55.3 in November — the lowest reading since October 2016. Data indicated a slower rate of expansion in Dubai’s economy last month. …

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Oman’s economy seems to be in correction mode

Jasim Ali, Special to Gulf News The Omani economy is doing fine in the ongoing environment of continuing socioeconomic challenges. What’s more, multinational agencies are projecting improved performances in the medium-term for the sultanate on the assumption of stronger oil prices. Also, the preliminary projections for 2018 budget assume stronger …

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UAE the best managed economy in the region: IIF

The UAE is the best managed economy in the region, according to the latest regional economic outlook report from the Institute of International Finance (IIF), a Washington based association of world’s leading banks and financial institutions. “The UAE with large financial buffers (estimated at around $670 billion), safe-haven status, perfect …

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