Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai?s economic growth gaining momentum  Join our daily free Newsletter

MENAFN - Khaleej Times - 11/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Recovery of dubai?s economic growth is becoming more broad-based and gaining pace as the rebound in the uae as a whole is well on track bofa merrill lynch said on thursday

The dubai department of economic development or ded targets 4.7 per cent and five per cent growth for the emirate in 2014 and 2015 respectively as population growth accelerated to five per cent in 2013 exceeding government forecasts of 3.8 per cent researchers from bofa merrill lynch global research said in a report. in its latest review the international monetary fund (imf) increased its growth forecast for the uae the arab world’s second-biggest economy citing rising real estate prices and dubai’s world expo 2020 win. the imf said the uae is set to grow 4.4 per cent in 2014 compared with an estimate of 3.9 per cent in october. “with real estate prices rising at a fast pace the award of world expo 2020 has further strengthened growth prospects” the imf said in its world economic outlook 2014.


According to jones lang lasalle real estate prices in dubai climbed 33 per cent in the first quarter of this year from the same period in 2013 on the back of the winning bid to host expo 2020.


The bofa merrill lynch team after meetings with public sector policy makers affirmed that the uae recovery is well-entrenched and gaining pace.


“there is steady yet uneven progress in dubai gre deleveraging. locally the real estate recovery and improved banking sector liquidity are making for a constructive mood. all in dubai is likely to muddle through its challenges” the researchers said.


With a fading drag from construction and real estate activity dubai’s growth accelerated to a preliminary 4.9 per cent in 2013.


The dubai strategic plan (dsp) 2015-21 to be announced by september incorporates an ambitious but realistic growth objectives. the dsp is likely to focus on productivity growth including through regulatory framework improvements.


“the ded highlighted this was to alter the growth model which historically has relied on factor accumulation (capital and unskilled and semi-skilled labour) with limited productivity gains.”


The bofa merrill lynch team also noted that the dubai government remained committed to fiscal prudence. the dubai department of finance dof indicates the preliminary outturn for the 2013 fiscal deficit has likely outperformed the dh1500 million (0.4 per cent of gdp) target. the 2014 budget also targets narrowing the deficit to dh880 million (0.2 per cent of gdp).


“although expenditures are set to increase 11 per cent year on year revenues are budgeted to increase 13 per cent on increased fee revenue collection (increase in salik toll gates metro use and a hike in property registration fees). medium-term capital expenditures are guided towards 1-2 billion for now while the bulk of the expo 2020-related capex is set to take place in 2016-20” the bofa merrill lynch team said.


An expo 2020 committee regrouping all major stakeholders has been set up to work jointly on the infrastructure master plan and parse out the capital spending requirements to gres or the government the research team said.


— issacjohn?khaleejtimes.com

 


Khaleej Times




  MENA News Headlines
 Nov 28 2014 - India says still searching for 39 workers seized in IraqArab News
(MENAFN - Arab News) NEW DELHI: India said Friday it was still searching for 39 construction workers abducted in Iraq in June denying a report claiming they had been executed by the Islamic State ...

 Nov 28 2014 - Gulf Asia approve steps to protect foreign workersArab News
(MENAFN - Arab News) KUWAIT CITY: Gulf and Asian labor ministers agreed Thursday on a series of initiatives aimed at boosting protection and improving conditions of employment for millions of foreign ...

 Nov 28 2014 - UAE hints at body to monitor forex pegThe Peninsula
(MENAFN - The Peninsula)   An advisory body to the UAE government has suggested that the central bank review the country's currency peg to the US dollar, but local bankers said any change to the peg ...

 Nov 28 2014 - Qatar bourse index down by 3.72pc last weekThe Peninsula
(MENAFN - The Peninsula)  Qatari bourse fell on heavy selloff on latest Opec pessimism on output cut. The benchmark index plunged by 1.39 percent to finish at 13,330 yesterday.The entire sector ...

 Nov 28 2014 - Qatar calls for creating Common Islamic MarketThe Peninsula
(MENAFN - The Peninsula)  Speaking on behalf of all Arab countries, Qatar's Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim bin Mohamed Al Thani, yesterday at the Ministerial Session of ...

 Nov 28 2014 - Saudis block Opec output cutThe Peninsula
(MENAFN - The Peninsula)  Saudi Arabia blocked calls yesterday from poorer members of the Opec oil exporter group for production cuts to arrest a slide in global prices, sending benchmark crude ...

 Nov 28 2014 - Don't bypass oil firm, Libya rival govt warnsThe Peninsula
(MENAFN - The Peninsula)  Libya's parallel government controlling the capital will take legal action against buyers of oil bypassing the Tripoli-based state oil firm National Oil Corporation (NOC), ...

 Nov 28 2014 - Qatar Airways partners with Coca Cola IPTLThe Peninsula
(MENAFN - The Peninsula)  Qatar Airways (QA) has teamed up with Coca-Cola International Premier Tennis League (IPTL) as the presenting sponsor for the inaugural edition of the event.The IPTL is the ...

 Nov 28 2014 - Aljazeera to hold global hackathonThe Peninsula
(MENAFN - The Peninsula)   Aljazeera is organising its first hackathon where some of the most innovative minds in media and technology from around the globe will work together and collaborate on the ...

 Nov 28 2014 - GCC 'Summit key to boosting unity'The Peninsula
(MENAFN - The Peninsula)  H M King Hamad bin Isa Al Khalifa of Bahrain yesterday met GCC Secretary-General Dr Abdullatif bin Rashid Al Zayani, who is on a GCC tour.King Hamad stressed the importance ...

more...


 






Google

Click to Apply

 
 

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