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UAE real GDP growth seen at 2.5% in 2010
Source: BI-ME and AFP , Author: BI-ME staff
Posted: Mon January 18, 2010 8:53 pm

UAE. Strong growth in Abu Dhabi is expected to fuel a 2.5% increase in real Gross Domestic Product in the UAE in 2010, a Dubai-based financial services company forecast in a report released on Monday.

"We expect the Emirates to emerge from the recession in 2010, and we are forecasting real GDP growth of 2.5% this year," after a decline of 3.5% in 2009, said the author of SHUAA Capital's report, Mahdi Mattar.

"This growth will largely be driven by strong projected real GDP growth of 4.1% in Abu Dhabi," compared with a drop of 2.7% last year led by a sharp decline in hydrocarbons production.

Dubai's economy, however, is expected to contract 0.4% in 2010, after a plunge of five percent last year, Mattar said in a statement.

The report projects stock markets in the UAE "to record gains of around 20%-25% in 2010."

According to the statement, SHUAA expects aggregate corporate earnings in the UAE to grow by around 17% this year.

And the report forecasts a further 10% drop in housing rents and asset values in Dubai, while real estate prices in Abu Dhabi are expected to remain stable.

In Dubai, property prices have already fallen around 60% from their peak in the summer of 2008, Mattar said.

 

 

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