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. Prices for villas continue to fall at a faster pace at 6. 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. 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. Oil production capacity is expected to increase and the strength of the nonoil economy will boost prospects particularly later in the forecast period as megaproject implementation ramps up ahead of dubais hosting of expo 2020 expected to draw in 25 million visitors. A possible transfer of power in abu dhabi from the current ruler, who is in poor health, to the crown prince will go smoothly. United arab emirates economic growth economic growth is expected to decelerate this year as stagnating output will weigh on the oil sector. After a subdued economic performance in recent years, partly due to cuts in oil output as part of opec agreements, continued corporate restructuring, reduced government investment and declining real estate prices, economic activity is expected to pick up in the united arab emirates in 2020. Middle east united arab emirates the world factbook.
Regional economic activity will be depressed this year. Widespread geopolitical tensions, social unrest and weak health systems pose downside risks. Industrial city chemaweyaat, which is due for completion in 2015 a. Coronavirusrelated economic disruptions are the key risks to the outlook. The banking industry in the uae the banking sector in the uae is quite fragmented, with the market currently being served by 23 domestic banks and 28 foreign banks. In view of the ambitious outlook of the economy and. United arab emirates june 2016 united arab emirates.
In 2015, the uae government injected aed300 billion to foster a knowledge economy, driven by innovation to prepare the uae for a world after oil. Real effective exchange rates are assumed to remain constant at the levels prevailing during may 4june 1, 2015. The emirates science, technology and innovation higher policy launches 100 initiatives with major investments in education, health, energy, transport, space and water. The economy almost certainly slowed last year, as oil production and government spending decreased.
The united arab emirates economic freedom score is 76. The most notable achievements in these three domains are the creation of the psf in 1982 and agreement on a mutual defense pact in 2000, the protection of the regions monarchical system during the 2011 arab uprisings, and the economic agree. United arab emirates economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects the uaes growth to recover slowly, averaging 2. To discuss the implications of global and regional economic trends and prospects for the uae economy in 2015 and beyond. However, trade, transport and tourism dynamics will continue to be influenced by the projected global economic slowdown. Imf, world economic outlook update, july 2015 note. Macroeconomic performance and outlook ghanas economy continued to expand in 2019, with real gdp growth estimated at 7.
For any feedback about dubai ded services please click here. Oil production capacity is expected to increase and the strength of the nonoil economy will boost prospects particularly later in the forecast period as megaproject implementation ramps up ahead of dubai s hosting of expo 2020 expected to draw in 25 million visitors. Beyond 2017, overall gdp growth is expected to recover to 2. Download historical data for 20 million indicators using your browser. Macroeconomic overview the united arab emirates gdp increased by 0. Downward pressure on oil prices, airtravel demand and tourism levelswith the key expo 2020 event at riskwill all hit growth prospects. Deloitte gcc powers of construction 2015 construction. In its regional economic outlook, the imf projected gcc economic growth at just 0. 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. Egypt, where the united arab emirates uae are establishing a firm foothold, investing.
The uae s per capita gdp is on par with those of leading west european nations. Ali majed al mansoori chairman, abu dhabi department of economic development 10. For technical support in other services please contact eservices. 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. Growth is forecast to reach 3% by 2021 supported by the governments economic stimulus plans and impetus from hosting dubai expo 2020. The first day will feature presentations and discussions focused on the opportunities and challenges shaping dubai and abu dhabis economic prospects for 2017. Dubai 2017 2016 overview and 2017 outlook the eiu forecasts that real gdp growth in the uae will rebound in 2018, averaging 3. Their analytical tools provide unparalleled ability to forecast economic trends. Mohammed saleh shalwah, the adviser to the uae minister of economy dr. After a sharp decline in 2015 amid tighter regulations, higher housing supply and risk aversion, dubais residential property prices have begun to stabilize.
Gdp forecast nevertheless, imf has lowered its 2015 gdp forecast for uae by one percent to 3. We hope that you will find our assessment of the trends shaping the global. In many ways, the bilateral relationship between the uae and us has never been stronger since the uae was founded in 1971. Global economy report 2015 best consumer digital bank uae. Outlook for uae economic growth improves, poll says. Measures to contain the covid19 outbreak will weigh heavily on domestic activity, while external demand will be limp. United arab emirates economic forecasts 20202022 outlook. In another positive development, moodys upgraded its outlook for uae from negative to stable in may 2017 citing an effective policy response to. Uae weathers challenges abu dhabi has been not idle in the face of lower oil prices, continuing to cut spending and to consolidate key sectors of the economy the business. The abu dhabi and dubai sovereign wealth funds have recorded lower returns 3 percent yoy fall in 2015 net profits resulting from global volatility. The aggregated quarterly data are seasonally adjusted. One of the main lessons of the recent global economic crisis for the emerging market economies. 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.
Uae power market outlook to 2025, update 2015 market trends, regulations, and competitive landscape uae power market outlook to 2025, update 2015 market trends, regulations, and competitive landscape. As part of a globalized economy, it undoubtedly felt the impact of economic challenges of. The economic outlook is expected to moderate amid lower oil prices. The economy continues to experience a slowdown in economic growth as a result of low oil prices. The uae is the worlds seventh largest oil producer and the production of crude oil is the most important economic activity. Data and research on internet including broadband, telecom, security, privacy, icts, openness, internet economy, ecommerce, consumer policy and egovernment. The uae will remain politically stable in 202024, despite regional tensions centred on iran. Outlook for uae economic growth improves, poll says the.
The uaes sound economic policies form the basis for its buoyant economic. Looking forward, african economic growth is projected to accelerate to 4percent in 2019 and 4. Oman economy gdp, inflation, cpi and interest rate. Economies are listed on the basis of economic size. 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. African economic outlook 2015 african development bank. Economic insight reports are produced with icaews partner oxford economics, one of the worlds foremost advisory firms. Uae economic outlook 2017 getting a head start on tomorrow. Deloitte gcc powers of construction 2015 construction the.
Chapter i global economic outlook prospects for the world economy in 2015 2016 global growth prospects the global economy continued to expand during 2014 at a moderate and uneven pace, as. Emirates nbd research provides detailed coverage of 16 gcc and mena economies, analysing them from a top down macro and strategic perspective as well as by a bottom up sector by sector approach. The uae economic outlook 2014 global economic outlook and its implications for the uae. However, due to dramatic dip in oil prices, uaes gdp is expected to grow at a modest pace in 2015. 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. In the united arab emirates uae, the economy is thriving, moderate islam is celebrated, over 200 nationalities live and work peacefully together, women hold key cabinet posts, and us engagement is welcome. In another positive development, moodys upgraded its outlook for uae from negative to stable in may 2017 citing an effective policy response to the low oil prices and im. We intend to remain overweight equities for the first half of 2018 and will continue to focus on the technology sector, which presents. Nevertheless, the uae is well on its way towards a diversified economy. A free bus shuttle service runs from business village to deira city center metro station from 07. Uae moving towards brighter future news khaleej times. Taking as a starting point the vision 2021 of the federal government of the uae, which aims to transform the economy into a more skillintensive and diversified knowledge economy, this contribution examines the major features of uae s economy, its factors of strengths, undelying also its critical aspects. Trade, economy and investment monitor report foreign trade.
Dec 28, 2015 economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. Since the discovery of oil in the united arab emirates uae more than 40 years ago, the country has undergone a profound transformation to a modern state with a high standard of living. The remainder is allocated for food, medicine and petrochemicals purchases. In the face of unprecedented global change, the uae as a nation has remained steadfast and consistently buoyant in creating new opportunities for growth, while quickly addressing challenges and immediately finding solutions.
Meanwhile in april 2019, ksa and uae announced a joint usd3b package of economic aid for sudan, including a usd500m deposit in cbos to strengthen the currency. Outlook 2015 provides a comprehensive overview of investments in oic member countries. Thanks to the countrys visionary leadership, what the nation has accomplished in the last four decades is truly extraordinary. Business village is 800m walk from deira city center metro station. The african economic outlook 2015 is the 14th edition of this annual report which results from a unique.
Improvements in the macroeconomic environment were accompanied by expansion in domestic demand due to increased private consumption. Economic and political outline united arab emirates. Figure 1 united arab emirates annual gdp growth rate. United arab recent developments gres and higher fees.
As it does not have the access to superior infrastructure that the uae has developed, chinese and european goods are expected to go via dubai. According to the imfs report, the uae economy is projected to grow at 3. Today the uae is more than an economy based on oil and gas. 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. Based on information available at the time of these discussions, the staff report was completed on july, 2015. This growth was for a large extent driven by income from oil and gas resources. Economy profile of united arab emirates doing business 2020 indicators in order of appearance in the document starting a business procedures, time, cost and paidin minimum capital to start a. Economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. 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. Abdulrazak al fares, chief economist, dubai economic council.
Trade preferential system among the member countries of the oic. This report looks at the typical costs associated with operating an ict firm in the gcc countries. E nasser alsuwaidi chairman, abu dhabi department of economic development h. Moreover, lending growth to the private sector halved compared to the previous year, likely hampering private consumption and fixed investment. The document listed below has been or will be separately released. United arab recent developments emirates monetary policy is.
The report analyzes the cost of commercial registration, commercial rental rates, occupancy costs, telecom and utility expenses. The real gdp growth rate of the uae s nonoil sector is forecasted to be at 5. Euromonitor although the overall market outlook may be positive. Gdpe0770icr uae power market outlook to 2025, update 2015 sample. A possible transfer of power in abu dhabi from the current ruler, who.
Permit application form 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. Banks incorporated in abu dhabi and dubai hold the lions share of total domestic assets. The private sector is constrained by limited access to finance, a lowskilled labor force, and an inadequate legal and regulatory framework. High growth momentum since 2017 has consistently placed ghana among africas 10 fastestgrowing economies.
This paper aims to examine the causality between financial development in general, islamic finance in particular and real economic growth in the united arab emirates uae. United arab emirates has witnessed a growth of about 4 per cent despite the. Innovation and entrepreneurship for sustainable growth and diversification. Emirates palace, abu dhabi agenda day one tuesday, december 8th. Building on the 2016 outlook focus on the role of innovation in promoting competitiveness, uae outlook 2017 will address how innovation and entrepreneurship drive growth and diversification. Uae economic growth set to double news khaleej times. Pdf this contribution examines the major features of uaes economy. From 2000 until 2012, the uae gdp growth rate averaged 4.