Quotes: US 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
 Oct 25 2014 - Qatar's inflation rate to hit 5.5 percentMENAFN
(MENAFN) Qatar's inflation rate in 2014 is expected to touch 5.5 percent due to steady rise in housing rentals, according to the finding of a research conducted by Standard Chartered, The Peninsula ...

 Oct 25 2014 - Flydubai launches two flights to TanzaniaMENAFN
(MENAFN) Dubai-based flydubai's inaugural flights to Dar es Salaam and Zanzibar touched down in Tanzania. The new routes further underline flydubai's rapid expansion in Africa, which has seen the ...

 Oct 25 2014 - UAE air cargo to grow 4.1 percent in 5 yearsMENAFN
(MENAFN) The International Air Transport Association (IATA) Airline Industry Forecast 2014-2018 shows that international freight volumes are expected to increase at a compound annual growth rate ...

 Oct 25 2014 - Qatar- QSL: El Jaish face Al Gharafa todayThe Peninsula
(MENAFN - The Peninsula) Third-placed El Jaish will seek to narrow the gap between them and two higher placed rivals - Lekhwiya and Al Sadd € when they take on Al Gharafa in the ninth round match of ...

 Oct 25 2014 - Somalia- Mogadishu port on development pathThe Peninsula
(MENAFN - The Peninsula) Camels are prepared for export at the loading dock at the seaport in Mogadishu. The Somali government's grand vision for Mogadishu port under its new Turkish managers sees ...

 Oct 25 2014 - Saudi Shias protest death sentencesThe Peninsula
(MENAFN - The Peninsula) More than 100 people protested in eastern Saudi Arabia yesterday to oppose death sentences against a Shia religious leader and seven others convicted after earlier ...

 Oct 25 2014 - Palestine defies US, issues statehood ultimatumThe Peninsula
(MENAFN - The Peninsula) Palestine's chief peace negotiator has laid out in the clearest terms yet plans to establish an independent Palestinian state within three years, even if it means ignoring ...

 Oct 25 2014 - Police kill six militants ahead of key Tunisian pollThe Peninsula
(MENAFN - The Peninsula) Tunisian police killed six suspected militants, five of them women, in a raid on a suburban house yesterday after a 28-hour standoff, fanning tensions ahead of a landmark ...

 Oct 25 2014 - US looking into possible chlorine gas attack in Iraq: KerryThe Peninsula
(MENAFN - The Peninsula) The United States is looking into reports that Islamic State fighters used chlorine gas against Iraqi security forces, US Secretary of State John Kerry said yesterday.Kerry, ...

 Oct 25 2014 - Qatar- Ooredoo marathon offers QR1m prizesThe Peninsula
(MENAFN - The Peninsula) Registration for Ooredoo Doha Marathon 2015 is open, as the company begins preparations to ensure its biggest event yet on January 9.It will provide an opportunity to meet ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help