A partial recovery in oil prices coupled with an ongoing allout. A possible transfer of power in abu dhabi from the current ruler, who is in poor health, to the crown. Last month, the central bank of the uae lifted its growth forecast for the countrys nonoil gdp to 3. Dubai and the global economy in 20182019 chapter 1. Medialistspublicationslibattachments1budget%20planning%20handbook. Real estate has long been a key economic driver for the uae and will continue to be in this year, writes ahmed alkhoshaibi, ceo, arada. Economic growth outlook and forecast for the united arab emirates. Growth forecast and economic outlook for uae keynote. World bank doing business 2018, world economic forum global. Ded dubai and ad ded to jointly host uae economic outlook forum, 1617 december ded dubai and ad ded to jointly host uae economic outlook forum, 1617 december press release. Economic indicators for the united arab emirates including actual values, historical data charts, an economic calendar, timeseries statistics, business news, long term forecasts and shortterm.
The duration of the outbreak and its impact on global travel and trade present considerable downside risk to the outlook. Figure 1 united arab emirates annual gdp growth rate. The rise of china and india in the past few years, coupled with mounting evidence of structural. Real estate has long been a key economic driver for the uae and will continue to be in this year, writes ahmed alkhoshaibi, ceo, arada launching in 2019 the business park in aradas aljada development. With the oil and gas sector accounting for over 31% of the countrys gdp, higher oil and gas prices as well as the increasing oil production capacity will continue to support the uaes economic growth. This chapter explores the issues that are impacting macroeconomic developments and share forecasts for the growth in the global gdp, selected. The direct impact on the uae economy through airline traffic, tourism, real estate investment, and the financial sector is expected to be limited. Uae ceos optimistic on economic outlook business gulf. This page has economic forecasts for the united arab emirates including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions.
The ministry of economy is pleased to launch its comprehensive annual economic report 2016, which contains the latest regional and. The uae has proven resilient despite the strong decline in oil prices in 20142016. Emerging asia continues to record positive gdp growth rates with 6. The uae will remain politically stable in 202024 despite rising regional tensions centred on iran. Outlook for uae economic growth improves, poll says the. Economic trendsoutlook in the united arab emirates. Hong kong trade development council hktdc on 1 jul 2012 related to economic trendsoutlook.
Uae outlook 2017 will address how innovation and entrepreneurship drive growth and diversification. The imf ascribed uaes potentially strong economic growth in world economic outlook report to the increased. Ded dubai and ad ded to jointly host uae economic outlook. Imf forecasts economic recovery for middle east economies. The banking industry in the uae the banking sector in the uae is quite fragmented, with the market currently being served by 23 domestic banks and 28 foreign banks. Innovation and entrepreneurship for sustainable growth and diversification date. This page has economic forecasts for the united arab emirates including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the the united arab emirates economy. Gulf economic update world bank documents world bank group.
All out diversification and tax reformed poised to further strengthen nations economy. Economy profile of united arab emirates doing business 2020 indicators in order of appearance in the document starting a business procedures, time, cost and paidin minimum capital to start a limited. Many economic analysts have announced that the outlook for uaes economy is highly positive in spite of global headwinds. Uae and some of the worlds economic giants such as the united states, the uk, the european union, china, japan and other asian countries which are experienced in terms of readiness in managing risks and global economic shifts in the future. Oil production capacity is expected to increase and the strength of the nonoil. It also features the uae s strong capabilities in terms of readiness to cope with change.
Uae and some of the worlds economic giants such as the united states, the uk, the european union, china, japan and other asian countries which are experienced in terms of readiness in managing risks. Strategic location, strong financial reserves, large sovereign wealth fund, promising investor home economies, consistent government spending, progressive policy of economic diversification, free zones and increased foreign direct investment contribute to the uae s robust economy. United arab emirates economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects the uaes growth to recover slowly, averaging 2. Uae economic growth set to accelerate in 2018, 2019 icaew.
Uae economic outlook stable, reforms to drive growth. The rise of china and india in the past few years, coupled with mounting. The discussion highlights the fast growth in the importance of trade in services in the global. Outlook for uae economic growth improves, poll says.
Economic growth in the united arab emirates uae sur prised on the. Positive outlook for uae economy in 2019 the asian telegraph. The countrys real gross domestic product gdp is expected. United arab emirates economic indicators moodys analytics.
The middle east and central asia regional economic outlook reo is prepared. The direct impact on the uae economy through airline traffic, tourism, real estate investment, and the financial sector is expected to be limited as trade with qatar accounts for less than 1 percent of the uae s total trade. It continues a line of judgments from the abu dhabi court of cassation that are supportive of arbitration, and will be welcomed by the legal community in the uae. Over the last 4 years since 2016, the uae economy is deploying all the efforts to return and sustain the 3. Event comes as a result of the constructive joint cooperation and coordination between the departments of economic.
The trucial states of the persian gulf coast granted the uk control of their defense and foreign affairs in 19th century treaties. Join us for a celebration of 175 years of making an impact that matters. The last article iv executive board consultation was on january, 2020. Click to automatically attach a screenshot of this page. Industrial development in the united arab emirates 64 v. Economic diversification has lowered oildependency today oil accounts for only one third of total exports and. The united arab emirates economic freedom score is 76. Despite global uncertainties and mounting political risks, the.
Uae economic growth set to accelerate in 2018, 2019. Imf forecasts economic recovery for middle east economies in 2018 uae economy to grow 3. The diplomatic rift with qatar is not ex pected to affect the economic outlook for the uae significantly. According to patricks proprietary model, the united arab emirates uae will experience respectable. Oil outlook hinges on june meeting aside from the geopolitical developments, the outlook for oil for the rest of the year hinges on two things. Economic projections based on economic data, it can be stated that uae economy is getting diversified whereby nonoil sectors are starting to contribute more with time. Strategic location, strong financial reserves, large sovereign wealth fund, promising investor home economies, consistent government spending, progressive policy of economic diversification. Icaew said the outlook for the uaes tourism industry is highly positive while the uae federal government is expected to. The gcc in 2020 outlook for the gulf and the global economy.
Positive outlook for uae economy in 2019 news khaleej. Uae economy likely to rebound in 2018 news khaleej times. Ded abu dhabi and ded dubai to organise third uae outlook economic forum 2016. United arab recent developments gres and higher fees. In the decade since the global financial crisis, countries in the middle. Uae economic outlook 2015 towards a knowledge based economy date. Ded abu dhabi and ded dubai to organise third uae outlook. According to neil partrick, a uae based business consultant and a political science lecturer at. Uaes gross domestic product gdp is expected to grow.
The positive outlook for asiapacific is linked to an improved outlook for chinas economy. United arab emirates economic forecasts 20202022 outlook. Listed below are items related to united arab emirates. The uaes economic outlook remains stable, despite a slowing global economy, trade disputes, softer energy demand and heightened geopolitical tensions, according to research published by the. Several economic officials and analysts have affirmed that the outlook for the uae economy. Abu dhabi, urdupoint pakistan point news wam 05th jan, 2019 a number of economic officials and analysts have affirmed that the outlook for the uae economy is highly positive despite global.
The uae is forecast to achieve an average real gdp. Beyond 2017, overall gdp growth is expected to recover to 2. Meanwhile the uaes real gross domestic product is expected to grow 3. Sheikh hazza bin zayed al nahyan, deputy chairman of the abu dhabi executive council, the 5th uae economic outlook forum 2018 was launched today here to. Escalation of tensions in the gulf appears to have had a muted impact on sentiment. A number of economic officials and analysts have affirmed that the outlook for the uae economy is highly positive despite global headwinds. The economy of the united arab emirates or uae is the second largest in the middle east.
In 1971, six of these states abu dhabi, ajman, al fujayrah, ash shariqah. With 189 member countries, staff from more than 170 countries, and offices in over locations, the world bank group is a unique global partnership. Uae share on facebook share on twitter the uae economy is relied upon to become quicker in 2018, driven basically by recuperating oil. The direct impact on the uae economy through airline traffic.
Employment growth and economic activity in the uae. According to neil partrick, a uaebased business consultant and a political. Download pdf about the uae and the future of work mbrsg. Despite the strengthening global economy, the 2018 outlook for the gcc region remains muted mainly owing to the adjustments to the low oil price. Several economic officials and analysts have affirmed that the outlook for the uae economy is highly positive despite global headwinds. As challenges grow tougher, jobs get more complicated, and expectations of. In line with recovery in other parts of the region, uaes economy will continue to gain momentum in 2018, driven by an expanding nonoil sector, policy recalibration, and. United arab emirates economic growth economic growth is expected to decelerate this year on a weaker oil sector, while the nonoil sector is also expected to contract. Firstly, the trajectory of the global economy, which seems to be slowing and faces challenges from the.
597 259 519 1302 592 943 749 572 1008 417 544 751 170 1299 1207 228 459 251 1683 1120 405 242 321 1261 805 879 495 719 60 120