Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE economy to gain steam in 2014  Join our daily free Newsletter

MENAFN - Khaleej Times - 04/12/2013
No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) The UAE economy is poised to gain new momentum in 2014 with three key sectors - including huge non-oil sector investments, the buoyant trade and services sector, and the booming tourism industry - primarily driving the upswing in the country's gross domestic product to 4.5 per cent from 4.4 per cent in 2013, Standard Chartered said on Tuesday.

The bank, predicting a better 2014 across the world with the global economy picking up steam to rise to 3.5 per cent from 2.7 this year, and "inflation staying benign", estimated that non-oil project spending in Abu Dhabi would reach 34 billion in 2014 in line with the emirate's long-term development and diversification goals.

The second driver is Dubai's core trade and services sector that would continue benefiting from strong regional dynamics, "as bulging GCC fiscal surpluses drive long-term infrastructure and diversification projects", Standard Chartered said in the Global Focus 2014 report "Rising East, emerging West". In 2013, Dubai's non-oil trade, which was up 16 per cent (184 billion) in the first half, will end up almost 14-16 per cent higher than in 2012. "For 2014 we expect overall trade to grow 12-15 per cent. Driving this growth will be Dubai's position as a gateway to 55 per cent of trade inflows to the GCC through its ports," Standard Chartered said. The bank expects investment levels in the region to remain strong, driving demand for capital goods imports and benefiting the emirate's logistics and trade sectors.

"The growth in trade across different geographies is another driver; data from the Dubai Chamber of Commerce and Industry shows that trade with Africa in the past five years increased from six per cent as a share of Dubai trade to 10 per cent. This represents a move from 10 billion to close to 30 billion in trade, which makes Africa Dubai's fastest-growing market."


Dubai's tourism sector, the third key growth driver, is likely to have another strong year. "Hotel occupancy rates and tourist inflows to Dubai are very strong. In the first half of 2013, the number of tourists in Dubai reached 5.5 million, an 11 per cent increase over 2012. Dubai's hotels reported 7.9 million visitors in the first nine months of 2013, up 9.8 per cent versus the same period in 2012."

Dubai's hotel occupancy rates reached 81 per cent from 75.5 per cent in the same period last year. Dubai has total 81,492 hotel rooms as of the first half 2013, which means the growth in occupancy is impressive: room stock in Dubai was almost 43,419 in 2009, when occupancy rates were around 68.8 per cent.

Bank economists believe inflation as one of the challenges that should be on policy makers' radar in 2014. "While a spike to the levels of 2006-08 is very unlikely, we believe inflation will begin to rise in 2014. In Dubai, residential prices rose by 38 per cent for apartments and 24 per cent for villas, with rents up by 20 per cent and 17 per cent, respectively, in 2013 first half."

In Abu Dhabi, the property market will benefit from increased demand as project investment drives jobs, further supported by directives that will bring more Abu Dhabi government employees back to the emirate. Overall inflation remains relatively low, with inflation as of September 2013 up 1.26 per cent compared with the same month in 2012.

"We expect inflation in the UAE to pick up to around 4.2 per cent in 2014 as the housing component [39 per cent of the inflation basket] better reflects market conditions."

The bank believes that the hydrocarbon sector is unlikely to directly contribute to real GDP growth in 2014."


 


Khaleej Times




  MENA News Headlines
 Mar 23 2017 - China-Saudi alignment presents opening for TurkeyAsia Times
(MENAFN - Asia Times) Turkish daily Hurriyet writes Thursday that Saudi Arabian King Salman's recent trip to Beijing was a big deal, not because of the US$65 billion worth of deals signed, but ...

 Mar 23 2017 - Expect slow moving traffic on these UAE roadsKhaleej Times
(MENAFN - Khaleej Times) The weather has been particularly hazy this morning reducing the visibility on the roads for motorists driving to work. An accident has been reported in Abu Dhabi at E30 in ...

 Mar 23 2017 - UAE- Curbs hugely disruptive: EmiratesKhaleej Times
(MENAFN - Khaleej Times) It is "amazing" to suggest that Dubai Airport isn't as other airports in Asia, Europe or North America, according to Emirates president Tim Clark. Clark's comments come ...

 Mar 23 2017 - UAE- Little ones groove in bid to set record in fitnessKhaleej Times
(MENAFN - Khaleej Times) It is founded on the idea that all children "are born to move" The young girls came in bright tutus, neon-coloured wigs and butterfly wings while the boys wore face paints ...

 Mar 23 2017 - UAE- 7,282,000 gallons of rainwater pumped out from RAK roadsKhaleej Times
(MENAFN - Khaleej Times) The accumulated rainwater amounted to 54.8mm at the Fuwaa area Following the heavy showers that lashed Ras Al Khaimah over the last two days, the department of public ...

 Mar 23 2017 - Prepare for unstable weather in UAE this weekKhaleej Times
(MENAFN - Khaleej Times) It will also be quite dusty due to strong winds It's going to be particularly hazy and cloudy today, according to the National Centre of Meteorology and Seismology (NCMS). ...

 Mar 23 2017 - Jordan condemns terrorist attack in SinaiJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 23 (Petra)-- Jordan on Thursday strongly denounced the terrorist bomb attack in the Sinai peninsula that killed 10 Egyptian security men including 3 ...

 Mar 23 2017 - Jordan- King congratulates Pakistan, Bangladesh on national occasionsJordan News Agency
(MENAFN - Jordan News Agency) For newspapers......... Amman, March 23 (Petra)--His Majesty King Abdullah II sent a cable of congratulation to President of Pakistan, Mamnoon Hussain, on his country's ...

 Mar 23 2017 - Jordan- King congratulates Greek president on independence dayJordan News Agency
(MENAFN - Jordan News Agency) For newspapers........ Amman, March 23 (Petra)--His Majesty King Abdullah II on Thursday sent a cable to Greek President Prokopis Pavlopoulos congratulating him on his ...

 Mar 23 2017 - Jordan, Palestine sign agricultural MoUJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 23 (Petra)--Agricultural Credit Corporation (ACC) on Thursday signed with the Palestinian Agricultural Credit Institution a Memorandum of Understanding ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help