UAE economy to grow by almost 4% in 2012, says Economy Minister
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Tue March 20, 2012 1:43 pm

UAE. The United Arab Emirates' economy is likely to expand nearly 4% this year, the Gulf country's Economy Minister Sultan bin Saeed al-Mansouri said on Tuesday.

"The UAE economy is expected to grow by almost 4 percent in 2012," he told a conference in the UAE capital. "This is an estimate; by the end of the year it could be better."

Last November, Mansouri had said Europe's debt crisis and weakness in the U.S. economy might slow the UAE's growth to around 3% in 2012. But since then there have been signs that the debt crisis is easing and that the U.S. economy is strengthening.

The minister's latest prediction is more optimistic than a forecast by the International Monetary Fund, which predicted last week that the UAE's economic growth would slow to 2.3% in 2012 from an estimated 4.9% last year.

Mansouri declined to comment on how the UAE economy performed last year, saying he wanted to give an exact figure. The UAE's statistics bureau has yet to release 2011 GDP data, which is expected by the end of this month.

Robust oil prices and strong trade flows with Asia have helped the UAE, one of the top five crude oil exporters globally, recover from the 2009-2010 Dubai debt crisis, which exposed excesses in its property sector and led to a US$25 billion debt restructuring at state-owned Dubai World.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: February 12, 2016
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
date:Posted: February 11, 2016
INTERNATIONAL. "Although we anticipate some strain on Gulf banks' funding and liquidity this year, good asset quality and strong capitalization remain positive factors."
date:Posted: February 10, 2016
UAE. Low oil prices will constrain the amount of funding available to Gulf sovereigns and banks to support the region's substantial infrastructure bill in coming years; S&P projects a gap as large as $270 billion through 2019 between capital spending for projects and project contracts awarded.
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
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