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 23 2014 - Kuwait- Equates wins two regional sustainability awardsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's EQUATE Petrochemical Company has won two regional sustainability awards in recognition for its social responsibility and national cadres' skills ...

 Oct 23 2014 - Moroccan horse showThe Peninsula
(MENAFN - The Peninsula) Moroccan horsemen perform during the 7th edition of the "Salon du Cheval" (horse show) in the port city of El Jadida. ...

 Oct 23 2014 - Kuwaiti Jazeera Airways net profit up 22.6 percent in Q3MENAFN
(MENAFN) Kuwait-based Al Jazeera Airways group announced it has registered USD28 million in net profit for the July-September period of this year, an increase by 22.6 percent compared to the same ...

 Oct 23 2014 - Qatar- Lekhwiya defeat Al Wakra, Wolves heldThe Peninsula
(MENAFN - The Peninsula) Lekhwiya defeated Al Wakra 2-0 at their home ground here yesterday while Al Sadd were held 1-1 by Al Sailiya.Vadimir Weiss scored in the 68th minute for Lekhwiya and Ahmed ...

 Oct 23 2014 - Ooredoo Kuwait net profit falls by almost half in Q3MENAFN
(MENAFN) Ooredoo Kuwait, the country's No.3 telecom operator by subscribers, announced that its net profit fell by nearly half during the July-September period, Gulf Business reported.The ...

 Oct 23 2014 - Coach asks Qatar to give it all against DPR KoreaThe Peninsula
(MENAFN - The Peninsula) Qatar's coach Felix Sanchez Bas has called on his players to give their all one-last time ahead of today's AFC U-19 Championship final against three-time winners DPR Korea. ...

 Oct 23 2014 - Qatar- Handball: Doha gears up for Asian Club LeagueThe Peninsula
(MENAFN - The Peninsula) Defending champions Al Jaish - thanks to the draw - have managed to avoid a meeting with local opponents Lekhwiya and Al Gharafa in the group stage of the 17th Asian Clubs ...

 Oct 23 2014 - QIMC posts USD38.88m net profit in SeptemberMENAFN
(MENAFN) Qatar Industrial Manufacturing Company (QIMC) revealed the interim financial statements for the period ending in September 30, this year, QNA reported.The interim financial statements ...

 Oct 23 2014 - Qatar will deliver an impressive 2022 World Cup, says BrescianoThe Peninsula
(MENAFN - The Peninsula) Australian midfielder Mark Bresciano is confident that Qatar will deliver an 'impressive' World Cup eight years down the line.Bresciano, who has been playing for the last two ...

 Oct 23 2014 - Qatar- QP hosts team from Kuwait Oil CompanyThe Peninsula
(MENAFN - The Peninsula) Qatar Petroleum (QP) recently hosted a delegation from Kuwait Oil Company (KOC) who visited Qatar to gain insights on QP's marine activities and port operations.Mubarak ...

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