Live Currency Rates
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Non-oil sectors doing well  Join our daily free Newsletter

MENAFN - Khaleej Times - 14/10/2012

No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) The UAE economy has so far performed well in 2012 and will remain strong in the final quarter of the year, underpinned by higher oil prices even as the world economy is heading into another recession, Standard Chartered said in its latest report.

Dubai's non-oil sectors - including trade, tourism and services - and a pick-up in spending on non-oil projects in Abu Dhabi, as well as healthy output in the hydrocarbon sector boosted the growth in the first nine months, the bank said in its "Middle East and North Africa Focus" report.

The real gross domestic product, or GDP, of the UAE is predicted to grow by 3.4 per cent in 2012, accelerating by 3.7 per cent in 2013 and sustaining a growth rate of 3.4 per cent in 2014, the bank said. The current account balance in 2012 will be 10.2 per cent of the GDP, which will slide to 8.5 per cent in 2013.

The world economy, on the other hand, is projected to gain a 2.5 per cent growth in 2012, rising to around three per cent in 2013, "but only if the US avoids a policy mistake, the euro avoids a meltdown, China relaxes policy to ensure a soft landing and central banks maintain their accommodative stance".

The bank said higher oil prices "will support fiscal conditions in Abu Dhabi and underpin the non-oil project spending pipeline."

"Strong oil prices for most of 2012 played a significant role in driving a healthy economic climate for the UAE, with Abu Dhabi benefiting directly from higher revenues and increased non-oil infrastructure spending, and Dubai's non-oil sectors benefiting from a regional spending boom," the bank said.

The bank noted that Dubai's tourism sector would benefit from the emirate's stability in light of ongoing challenges in the region. "The trade and services sectors will be supported by the relative resilience of the region's economies in light of strong oil prices and healthy fiscal balance sheets."

"With the 3.4 billion Abu Dhabi Midfield Terminal project awarded in early H1-2012, we expect more key non-oil projects to be released towards the end of the year. Abu Dhabi's 2012 fiscal position is very strong in our view, with oil prices significantly above the 75-80 breakeven price we estimate for the emirate. This should underpin the recovery in non-oil government-driven projects, especially in infrastructure development for the remainder of this year," the report said. Abu Dhabi's 2012 oil output is above 2011 levels, up slightly in July to 2.68 million barrels per day, or mbd, from 2.66mbd in June, according to the International Energy Agency.

Oil output has been nudging higher since the end of last year, increasing from a first quarter 2012 average of 2.61mbd to 2.65mbd in the second quarter. "Given such a marginal increase, in direct terms the oil sector will drive little real GDP growth in Abu Dhabi. Rather, via higher oil revenues, the oil sector will indirectly drive the emirate's extensive project pipeline."

In the GCC, higher oil receipts have fuelled growth, from housing construction in Saudi Arabia and infrastructure in Qatar and Abu Dhabi, to oil-sector expansion in most of the GCC. "Dubai, although not a major oil producer itself, is benefiting from spillovers from its oil-rich neighbours," it said.

Dubai, which has a strong logistics and trade infrastructure, is benefiting from the regional infrastructure boom that is driving demand for goods. "Dubai's key re-export markets are now increasingly within the GCC region, and this is largely a good thing, given that we see positive dynamics in the region over the near to medium term, with strong levels of state spending, underpinned by healthy fiscal positions and strong oil prices," the bank said.

Dubai's tourism sector is performing well. First-half 2012 data indicates a continuation of 2011's strong momentum with 28 million passengers passing through Dubai airport, a 13.7 per cent rise year on year. For the full year, record 56.5 million passengers are expected, the bank forecast.

"Dubai hotel guests from the GCC increased by 45 per cent year on year in 2011, as Dubai's stability attracted guests from other countries facing regional challenges. We expect GCC tourists to be one of the largest growth segments into the year-end," the report said.


  MENA News Headlines
Apr 24 2014Kuwait inflation edges up 2.96% y/y in March ,Arab Times
(MENAFN - Arab Times) Wait city april 23 (kuna): kuwait's annual record of the general index of consumer prices (inflation) rose in march by 2.96 percent compared with the same month of last year ...

Apr 24 2014Tim Hortons opens at Dubai Chamber ,Khaleej Times
(MENAFN - Khaleej Times) Tim hortons recently celebrated the opening of its newest cafe and bake shop restaurant at the dubai chamber of commerce and industry by the dubai creek. hamad buamim ...

Apr 24 2014Abu Dhabi investment zones home prices jump 20% in Q1 ,Khaleej Times
(MENAFN - Khaleej Times) 2100 residential units were delivered to the market: adib report homes prices in abu dhabi’s investment zones rose up to 20 per cent in the first quarter of ...

Apr 24 2014How well do you know Macklemore & Ryan Lewis? ,Khaleej Times
(MENAFN - Khaleej Times) One of 2013?s most successful acts worldwide hip-hop pair macklemore & ryan lewis are back with a bang for their abu dhabi concert on friday ...

Apr 24 2014UAE- Banks asked to submit customers' credit data ,Khaleej Times
(MENAFN - Khaleej Times) Al etihad credit bureau has asked the banking and financial institutions to submit their customers? credit data for the past two years. the bureau’s board of ...

Apr 24 2014FM holds luncheon for Qatari counterpart ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) First Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah held Wednesday a luncheon for visiting Qatari Foreign Minister Dr. Khaled ...

Apr 24 2014UN Chief: All Parties in Syria Blocking Aid ,Qatar News Agency
(MENAFN - Qatar News Agency) w York April 24 - The UN Secretary General Ban Ki-moon has accused all parties in Syria's civil war of "flagrant violations" of international law over the delivery of ...

Apr 24 2014DPG launches Masat to oversee portfolio ,Khaleej Times
(MENAFN - Khaleej Times) Dubai properties group (dpg) has announced the establishment of masat a new dedicated portfolio management company responsible for overseeing and managing dpg?s built to ...

Apr 24 2014UAE- Shapoorji Pallonji enters final stage on Bloom Central ,Khaleej Times
(MENAFN - Khaleej Times) Leading regional and international construction company shapoorji pallonji has entered the final stage of construction of bloom central project a 25-storey mixed-use ...

Apr 24 2014Dubai Holding to repay USD319 m debt ,MENAFN
(MENAFN) Dubai Holding Commercial Operations Group (DHCOG), a unit of Dubai Holding, plans to repay USD319.3 million debt next month, 18 months earlier than the debt is due, according to the Emirates ...

Apr 24 2014UAE- Investcorp continues expansion ,Khaleej Times
(MENAFN - Khaleej Times) Investcorp a global provider and manager of alternative investment products announced that it has opened a new representative office in abu dhabi. the office is situated ...

Apr 24 2014Kuwaiti wins Arab sports body post ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Kuwaiti sports figure has been elected deputy chairman of the technical committee of the Arab Athletics Federation. Fahad Thamer, a member of the technical ...

Apr 24 2014UAE- Al Maabar hands over 60% units at Moroccan project ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real estate developer al maabar said that 60 per cent of the residential units of phase one at its moroccan bab al bahr project have been delivered to its ...

Apr 24 2014UNSC welcomes progress in eliminating Syria's CW, mulls investigating chlorine gas attacks near Hama ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Security Council on Wednesday welcomed the progress achieved so far by the UN and the Organisation for the Prohibition of Chemical Weapons (OPCW) Joint ...

Apr 24 2014UAE- Huge turnout recorded at Gitex Shopper's first day ,Khaleej Times
(MENAFN - Khaleej Times) Buyers seek deals on newly launched smartphones the first day of gitex shopper spring edition recorded strong turnout despite the fact that it was a working day and ...

Apr 24 2014Landmark day for Dubai as bourse hits 5100 mark ,Khaleej Times
(MENAFN - Khaleej Times) Bourse hits 5100 mark; dhcog to prepay $555m; govt raises $750m from sukuk it was a landmark day for dubai on wednesday as the emirate made significant progress on ...

Apr 24 2014Kuwait- Information Minister discusses media cooperation with Qatar ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Salem Al-Sabah discussed on Wednesday with Qatar Media Foundation President ...

Apr 24 2014US DoD to send military equipment to Australia and Egypt ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The US Department of Defense (DoD) announced Wednesday plans to sell a F-35 Lightning II joint strike fighter plane to Australia and added they will also deliver ...

Apr 24 2014Al Attiyah leads Qatar field Barreda outshines Coma ,The Peninsula
(MENAFN - The Peninsula) Qatar's Nasser Saleh Al Attiyah, Spaniard Joan Barreda and home hope Mohammed Abu Issa stole the limelight by setting the fastest times in the third 411.76km selective ...

Apr 24 2014UAE- Dh8 billion Emaar bonanza for its shareholders ,Khaleej Times
(MENAFN - Khaleej Times) This includes 15 per cent cash dividend ? equivalent to about dh975 million ? and 10 per cent bonus shares or 650 million shares valued at about dh7. in a step certain ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

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