Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Abu Dhabi's oil output rises 6.8%  Join our daily free Newsletter

MENAFN - Khaleej Times - 05/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The oil income positively affected current account forex inflows that grew 15.8 per cent year-on-year to 372.5 billion including 118 billion coming from oil related exports. Non-oil exports grew 21.8 per cent to 232 billion also contributed to the inflows, the research report said.

The UAE's current account outflows also showed a rising trend on the back of higher import bill of 221.9 billion, which grew 13.5 per cent and the remittances which were up 9.5 per cent to 12.3 billion.

The higher income from oil was reflected in soaring bank deposits, which rose 11 per cent to 346 billion including the government deposits, which were 19.3 per cent of the total grew 12 per cent year-on-year, said the report.

In contrast to a decline in the same period last year, there was a growth in deposits held by individuals, the report found.

Banks liquidity

Liquidity at banks, which started improving in last year reached 92.8 per cent in September 2013 as the net loan to deposit ratio declined.

Broad money aggregate growth was up 12.3 per cent year-on-year in September reflecting an improvement in economic activity.

However, growth in narrow money aggregate growth was more rapid at 22.3 per cent year-on-year reflecting the low opportunity cost of holding demand deposits.

According to the NBAD report even though there are signal of gradual recovery in bank lending the banks are still cautious in terms of expanding lending activity. Dubai has emerged out of deflation as the negative impact from rent declines ended and gave way to an earlier than expected recovery to real estate sector.

The UAE inflation is expected to gradually creep up given the disappearance of the moderating effect of the rents. Inflation rate in October grew to 1.26 per cent year-on-year, after remaining below one per cent for the last three years. In 2012, inflation was 0.7 per cent and rents declined by 2.6 per cent on average and created downward pressure.

In 2013, inflation will hover around 1.3 per cent.

Higher income means more foreign investment for the UAE. In 2012, the UAE remained a net capital exporter against a background of record high oil prices and production. Outflows attributable to public sector enterprises were 31.3 billion up from 30.5 billion; presumably it includes foreign investment activities of SWFs.

Inward foreign direct investment was estimated at 9.6 billion from 7.7 billion in 2011.

Dubai's trade and tourism numbers in the first six months of the year along with higher oil prices will help revise the overall economic growth of the UAE up from four per cent, which was the forecasted by the International Monetary Fund.

 


Khaleej Times




  MENA News Headlines
 May 24 2015 - Kuwait- Min. of Amiri Diwan receives KISR delegationKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Minister of Amiri Diwan Affairs Sheikh Nasser Sabah Al-Ahmad Al-Sabah received a delegation of the Kuwait Institute for Scientific Research (KISR) including Dr. ...

 May 24 2015 - Kuwait- His Highness Crown Prince receives top officialsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah received on Sunday at Bayan Palace His Highness the Prime Minister Sheikh Jaber Al-Mubarak ...

 May 24 2015 - GCC-EU ministerial meeting held amidst critical developments - Qatari FMKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Qatari Foreign Minister Khaled Al-Attiyah said GCC-EU ministerial meeting, in Doha on Sunday, was held amidst critical regional and international developments, ...

 May 24 2015 - Kuwait- Info Min. stresses important role of FANA amid current circumstancesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Salem Al-Humoud Al-Sabah on sunday underlined the important role of the ...

 May 24 2015 - Arab army chiefs resume meetingKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The chiefs of staff of Arab armed forces resumed their meeting here Monday under chairmanship of the Chief of Staff of Egyptian Armed Forces Lieutenant General ...

 May 24 2015 - Kuwait- His Highness Premier meets Iraq parliament speakerKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah held talks Sunday at Bayan Palace, with the visiting Iraqi Speaker of the Council of ...

 May 24 2015 - EU major partner for GCC - ZayaniKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The European Union (EU) has been a key partner for the Gulf cooperation Council (GCC) since the six-member bloc was established in 1981, according to GCC ...

 May 24 2015 - Salmiya Sports Club Reign SupremeArab Times
(MENAFN - Arab Times) The Salmiya Sports Club won the Kuwait Karate Federation Junior category trophy for 2014/2015 Championships. The finals and awarding ceremony were held under the auspices of the ...

 May 24 2015 - Q8 Opens First CNG Service Station In BelgiumArab Times
(MENAFN - Arab Times) The international arm of Kuwait Petroleum, Q8, on Thursday took another big step and major milestone in strengthening and expanding its presence in Europe by opening its first ...

 May 24 2015 - Kuwait- Wataniya Telecom Dives 40 Fils NBK FlatArab Times
(MENAFN - Arab Times) Kuwait stocks headed south on Thursday to close the week on a sour note. The key index dropped 46.87 pts to 6332.27 points snapping the 2-day upswing. The banking shares were ...

more...


 






Google

Internatinal Property Show

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

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