A member of the world trade organization since 1996, the uae supports open trade and has stable trade relations with countries throughout the world. Uae retail industry forecast 20162020 surging demand. Palazzo versace, gala ballroom, dubai building on the 2016 outlook focus on the role of innovation in promoting competitiveness, uae. Fiscal challenges have also arisen in the context of underdeveloped and ineffective fiscal institutions. These quickresponse articles analyse key events in terms of how we expect them to affect our political and economic forecast, and are closely tied to the structure of our country report service. Our worldwide client base consists of over 600 banks, asset managers, corporations, central banks and government organisations. Economic research uae economic update 22 december 2016 please refer to the disclaimer at the end of this report. Imf forecasts economic recovery for middle east economies. Stay uptodate with special reports and webinars based on your interest or. Macroeconomic policy of the united arab emirates economics. The uaes main export commodities are crude oil, natural gas, reexports. Jun 02, 2019 saudi arabias economic outlook is expected to improve further in 2019, although downside risks remain as a result of the global economic slowdown and the impact it could have on oil markets. United arab emirates june 2016 united arab emirates. United arab emirates economic growth economic growth is expected to decelerate this year on a weaker oil sector, while the nonoil sector is also expected to contract.
The uae is the worlds seventh largest oil producer and the production of crude oil is the most important economic activity. The uae has the worlds third highest gdp per capita in purchasing. Outlook for uae economic growth improves, poll says the. Real gdp growth rate and population growth rate in dubai %. Ice maker market share industry size statistics report 2025. Over the last 4 years since 2016, the uae economy is deploying all the efforts to return and sustain the 3. Uae economic outlook 2015 towards a knowledge based economy. Policy makers should be proactive and keep their sights on longterm. And staff report under article iv of the imfs articles of agreement, the imf holds bilateral discussions with members, usually every year. The uaes fourth industrial revolution strategy, the first of its kind globally, was designed to provide a practical framework for policy makers and support national efforts. United arab emirates gdp growth dips in 2016 as fiscal austerity bites. As it enters its 43rd year of nationhood, the uae has effectively leveraged its strategic position along global trading routes and safe haven status within the middle east to transform into a global hub for commerce and finance. This 6 per cent growth of india will be at par with chinas growth for 2020 predicted by the imf. The diplomatic rift with qatar is not ex pected to affect the economic outlook for the uae significantly.
Metal fabrication market size, analysis industry report 2024. United arab emirates economic forecasts 20202022 outlook. Oil outlook hinges on june meeting aside from the geopolitical developments, the outlook for oil for the rest of the year hinges on two things. Uae economic outlook 2015 towards a knowledge based economy date. The latter estimate is materially lower than the aforementioned estimates by central bank of the uae. A comparison of emirati and nonemirati youth in ras al khaimah 11 3 details on the measures used for all the relevant concepts, and a copy of the online questionnaire, are available from the author upon request. After outpacing the rest of the gcc in economic growth in 2017, the uae is set to almost double its expansion rate in 2018, the latest report by a panel of economists reveals. Mar 23, 2015 economic projections based on economic data, it can be stated that uae economy is getting diversified whereby nonoil sectors are starting to contribute more with time. Global economy report 2015 best consumer digital bank uae. Dec 28, 2015 economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. A quarterly economic bulletin on the middle east that builds on a range of publications we publish on the global economy and various countries and regions. The uaes economy slowed last year according to recently released figures from the federal competitiveness and statistics authority fcsa, in line with other countries across the middle east.
Microgrid market statistics 20202026 industry analysis. Uae joined china led asian infrastructure investment bank 6 global trade scenario 9 australia and gcc to sign free trade agreement 11 economy monitor 12 imf world economic outlook regional economic analysis 15 economic outlook for mena region 20 analysis decline in crude oil prices 23 quanititative easing by european central bank 29. Business monitor international it is a good time for the united arab emirates. Uae economic growth set to double news khaleej times. Outlook for uae economic growth improves, poll says. Business and management uae economic outlook economy september 2010 uae economic outlook 2010 uae economic outlook 2010 gdp expected to grow in 2010 inflation expected to drop to 0. Announces another expansionary budget for 2017, investments in focus investment spending to increase by 27% dubai has announced an expansionary budget for 2017, with planned. In 1971, six of these states abu dhabi, ajman, al fujayrah, ash shariqah, dubayy, and umm al qaywayn merged to form the united arab emirates uae.
Thanks to its open economy, attractive business environment and continued economic growth, the uae has emerged as a key international trade hub between east and west. Progress in economic diversification, large buffers and safehaven status have strengthened the resilience of the economy. The economic outlook is expected to moderate amid lower oil prices. Financial advice the collapse of the dubai economy continues. The gcc in 2020 outlook for the gulf and the global economy a report from the economist intelligence unit sponsored by the qatar financial centre authority. Uae economic outlook 2017 getting a head start on tomorrow. The uaes procyclical fiscal policy ex acerbates the economic cycle. Following its brief economic recession in the year prior, related to the global economic crisis, the uae returned to surplus in 2010. Uaes gdp has now exceeded 1 trillion dirhams, from 11 billion dirhams in 1973, depicting a rate of economic expansion that has exceeded even that of singapore. In line with recovery in other parts of the region, uaes economy will continue to gain momentum in 2018, driven by an expanding nonoil sector, policy recalibration, and massive infrastructure investments. Innovation and entrepreneurship for sustainable growth and diversification. The united arab emirates in the postglobal crisis are challenged, therefore, by a weaker global demand, but also by competition from other countries and more stringent global financial markets. Can the uae avoid the oil curse by economic diversification. The uaes economy, like others oil exporting countries, faced considerable oil price volatility.
The modem economic development of the united arab emirates depended largely on the petroleum industry. The gcc in 2020 outlook for the gulf and the global economy. Escalating construction spending in emerging economies of asiapacific and the middle east is anticipated to boost metal fabrication market over the forecast period. The attacks on saudi oil facilities took place as this report was going to press we continue to monitor the situation and. Outlook for the gulf and the global economy is a white paper written by the economist intelligence unit and sponsored by the qatar financial centre qfc authority. On the global macro economic front, us remains the primary growth engine and appears better positioned than its peers in the developed world. Continuum economics independent macroeconomic research. Sign up for free today to get the following exclusive benefits.
Economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. Sami al qamzi director general, dubai department of economic development 10. This has been driven by massive economic growth, development and diversification over the last decades, firmly establishing the uae as one of the worlds most attractive investment location. The attacks on saudi oil facilities took place as this report was going to press we continue to monitor the situation and any wider implications closely. Receive newsletters from our chief economist and consultancy practices. Imf forecasts economic recovery for middle east economies in 2018 uae economy to grow 3. Innovation and entrepreneurship for sustainable growth and diversification date. Saudi arabias economic growth seen picking up again in 2019. Uae and some of the worlds economic giants such as the united states, the uk, the european union, china, japan and other asian countries which are experienced in terms of readiness in managing risks and global economic shifts in the future. Knight frank research, macrobond and the central bank of the uae. The united arab emirates gdp growth rate reached an all time high of 9. Access to country and industry insight from our global team of expert analysts. Raed safadi, executive director, economic research and policy division, dubai ded. Trade, economy and investment monitor report foreign trade.
The duration of the outbreak and its impact on global travel and trade present considerable downside risk to the outlook. The latest regional economic outlook explores how these institutions relate to fiscal outcomes. Economic, social, and political attitudes in the uae. Imf forecasts economic recovery for middle east economies in. Continuum economics independent macroeconomic research and. Saudi arabias economic outlook is expected to improve further in 2019, although downside risks remain as a result of the global economic slowdown and the. United arab recent developments gres and higher fees. The direct impact on the uae economy through airline traffic. Pdf diversification and development of the united arab emirates.
The world economic outlook, published by the international monetary fund zimf last october, highlighted the worsening operating conditions in. Conferring to the travel and tourism competitiveness report of 2011 published by the world economic forum imf, the uae was ranked 30 among the lot of 9 countries and was ranked first in the middle east as the most progressive country in. The uae will remain politically stable in 202024 despite rising regional tensions centred on iran. The uae has an open economy with a high per capita income and a. Risks and challenges the outlook is expected to improve over. The trucial states of the persian gulf coast granted the uk control of their defense and foreign affairs in 19th century treaties. It also features the uae s strong capabilities in terms of readiness to cope with change. The uae is perfectly positioned to act as not only a middle eastern regional business hub, but global gateway. The economy continues to experience a slowdown in economic growth as a result of low oil prices. Research is produced from our london, new york and singapore research centres for a global audience. The uae is expected to implement a gccwide value added tax vat by 2018, and is considering increasing excise taxes and introducing corporate tax. Economy september 2010 uae economic outlook 2010 uae economic outlook 2010 gdp expected to grow in 2010 inflation expected to drop to 0. Outlook for uae economic growth improves, poll says in 2017 as we did in 2016, the national will be running reports focused on sentiment in the business communities in the uae and saudi arabia on a series of key issues affecting the regional economy. Table 2 united arab emirates macro poverty outlook indicators annual percent change unless indicated otherwise 2015 2016 2017 e 2018 f 2019 f 2020 f real gdp growth, at constant market prices 3.
The middle east and central asia regional economic outlook reo is. It has maintained its position as the second largest economy in the arab world and one of the most important regional destinations for trade, investment and economic activities. The direct impact on the uae economy through airline traffic, tourism, real estate investment, and the financial sector is expected to be limited as trade with qatar accounts for less than 1 percent of the uae s total trade. Emirates palace, abu dhabi agenda day one tuesday, december 8th. To discuss the implications of global and regional economic trends and prospects for the uae economy. United arab emirates economic indicators moodys analytics. To discuss the implications of global and regional economic trends and prospects for the uae economy in 2015 and beyond. Real gdp growth will pickup in 2020 with the hosting of expo 2020, and higher oil prices. During the years preceding the global economic crisis the uaes economy was performing fairly well. Announces an expansionary budget for 2016 planned government spending increases by 12% dubai has announced an expansionary budget for 2016, with planned government spending at aed46.
The uae economy has proven its resilience and ability to sustain growth despite such pressures and economic difficulties. Get more details on this report request free sample pdf. Knowing that oil is depleting and taking serious note of the economic ramifications of random fluctuations in oil prices, the government of the uae has, since early 1980s, embarked on solid economic diversification strategies. Microgrid market size was valued at over usd 10 billion in 2019 and installation is anticipated to exceed gw by 2026 get more details on this report request free sample pdf microgrids are localized group of interconnected loads and distributed energy resources which operates in connected and synchronous with the main power grid. Uae economic outlook aims at highlighting the economic forecast reports which observe the economic development outlook in the uae in general, and abu dhabi and dubai in particular. Mohammed saleh shalwah, the adviser to the uae minister of economy. In the context of the 2015 article iv consultation with. But global growth forecasts have been revised down significantly for this year and 2014, in large part due to weaker prospects in. Then in chapter 2, the report examines the performance of the main macro economic indicators of dubai s economy real gdp growth, the structure of the economy, inflation, money and liquidity, the aed exchange rate, interest rates and the finances of dubais government, and the outlook for dubai s economic growth in 2018. Firstly, the trajectory of the global economy, which seems to be slowing and faces challenges from the.
United arab emirates economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects the uaes growth to recover slowly, averaging 2. In the report, we have studied the uae retail industry in terms of both market size and its segment, namely food and nonfoo sector, along with its market forecast till 2020. Economic projections based on economic data, it can be stated that uae economy is getting diversified whereby nonoil sectors are starting to contribute more with time. Outlook for uae economic growth improves, poll says volume. E nasser alsuwaidi chairman, abu dhabi department of economic development h. In the decade since the global financial crisis, countries in the middle east and central asia have grappled with rising deficits and debt. However, due to dramatic dip in oil prices, uaes gdp is expected to grow at a modest pace in 2015. Saudi arabias economic growth seen picking up again in. Nevertheless, the uae is well on its way towards a diversified economy. Saudi arabia and the united arab emirates, has undergone rapid economic. This page has economic forecasts for the united arab emirates including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the the united arab emirates economy. The uae economic outlook 2014 global economic outlook and its implications for the uae. Continuum economics is a leading independent macroeconomic, policy and financial markets research firm.
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