The modem economic development of the united arab emirates depended largely on the petroleum industry. Dubai exports, the export promotion agency of the department of economic development in dubai, was created to ensure the success of the exports sector in dubai and the uae, providing constant guidance, advice and practical support to both buyers and suppliers. Environment vision 2030 pdf for the emirate of abu dhabi was developed to ensure integration among the three pillars of sustainability. On the other hand, the use of monetary policy measures is constrained because of the peg to the dollar. Real gdp growth rate and population growth rate in dubai %. Coronavirusrelated economic disruptions are the key risks to the outlook. United arab emirates economic outlook spring 2016 pubdocs. In the context of the 2015 article iv consultation with. Economic development united arab emirates annual, power. 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.
In june 2017, bahrain, saudi arabia, the united arab emirates, and the arab republic of egypt cut diplomatic and economic ties with qatar. It also features the uae s strong capabilities in terms of readiness to cope with change. All seaborne and air travel links from the involved countries to qatar were shut and bank lending to qatar was restricted. Macroeconomic policy of the united arab emirates economics essay. Experts to mull over 2016 economic outlook in dubai. Economic growth slowed in the second half of 2019, according to the central banks preliminary data. 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. It aims to preserve and enhance abu dhabis natural heritage in the efficient use of resources and contributing to a better quality of life for all. General features and composition of groups in the world economic outlook classification 206 table a. The uaes political system continues to be defined by the traditional patriarchal style of leadership that is comprised of political loyalties structured around the countrys various tribal elements. The government is focusing on the uae becoming the economic, touristic and. Developing a competitive knowledge economy is one of the pillars of national agenda in line with vision 2021. Outlook whilst the stimulus packages and easing of business regulations are positive and will provide some support to the residential markets, there is likely to be a time delay in these resulting in increased demand in the uae s residential sector.
The uae exchange rate arrangements are rigid and fixed to the united states dollar with surprisingly limited exchange rate bands. The united arab emirates have been pegged to the dollar since 1975, at approximately 3. United arab emirates economic development the discovery of oil opened the way for the uae into the industrial age. The uae economic outlook 2014 global economic outlook and its implications for the uae.
Dec 28, 2015 economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. The farm sector which was expected to contract showed resilience, growing by 0. 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 federation, formed in 1971, used its vast oil wealth during the 1970s to transform the national economy through expansion of roads, ports, airports, communications facilities, electric power plants, and water desalination. Sami al qamzi director general, dubai department of economic development 10.
The world economic outlook, published by the international monetary fund zimf last october, highlighted the worsening operating conditions in. United arab emirates economic forecasts 20202022 outlook. Economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. The performance of the indian economy in 200910 greatly exceeded expectations. Uae macroeconomic outlook national bank of kuwait photo by mahmoud jadeed this. The report was prepared by a team, led by shanta devarajan, and including lili mottaghi. Global economy report 2015 best consumer digital bank uae. Free trade zones in uae and economic development research. The economy continues to experience a slowdown in economic growth as a result of low oil prices. 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.
Pkf in the uae operates as a branch of a foreign company providing audit and management assurance, business consulting, regulatory and taxation and corporate finance services. The more positive global growth environment should support somewhat stronger oil demand. Can the uae avoid the oil curse by economic diversification. With an estimated 70% of the uaes population within the 2039 year age bracket and with a rising gdp per capita, the uaes as well as dubais wholesale and retail trade sector growth outlook. Science, technology and innovation higher policy pdf 2mbmocaf.
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. The united arab emirates gdp growth rate reached an all time high of 9. Downward pressure on oil prices, airtravel demand and tourism levelswith the key expo 2020 event at riskwill all hit growth prospects. Egypt economic outlook economic growth in egypt, estimated at 5. Economic research uae economic update 22 december 2016 please refer to the disclaimer at the end of this report. Imf lowers uae growth forecast for this year and 2018 on low oil prices the fund says investments and lower fiscal deficits will improve future economic outlook overall growth this year is now. Macroeconomic policy of the united arab emirates economics. Egypt economic outlook african development bank building. Palazzo versace, gala ballroom, dubai building on the 2016 outlook focus on the role of innovation in promoting competitiveness, uae.
Imf forecasts economic recovery for middle east economies in 2018 uae economy to grow 3. The weo is prepared by the imf staff and has benefited from comments and suggestions by executive directors following their discussion of the report on september 23, 2016. 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. 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 dubais economic growth in 2018. Over the last 4 years since 2016, the uae economy is deploying all the efforts to return and sustain the 3. The economic outlook is expected to moderate amid lower oil prices. Uae national pavilion masdar 10 expo 2020 bureau expo 2020 development. 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.
Following its brief economic recession in the year prior, related to the global economic crisis, the uae returned to surplus in 2010. The diplomatic rift with qatar is not ex pected to affect the economic outlook for the uae significantly. United arab emirates furniture outlook csil market research. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext.
Uae economic outlook 2017 getting a head start on tomorrow. Other factors supporting growth include the recalibration of governments social inclusion programs away. On the federal level, the supreme council, comprised of the rulers of each of the seven. The gcc in 2020 outlook for the gulf and the global economy. Saudi arabia and the united arab emirates, has undergone rapid economic. Uae economic outlook 2017 starts debate on innovation. Global economic prospects january 2018 economic outlook. Emirates palace, abu dhabi agenda day one tuesday, december 8th. 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. International monetary fund imf expected uaes economic growth to increase to 4. Dec 22, 2016 economic research uae economic update 22 december 2016 please refer to the disclaimer at the end of this report. Uae economic outlook 2017 starts debate on innovation, entrepreneurship. The report analyses the furniture market in the united arab emirates through the main demand determinants.
This led to financial market disruptions in qatar, where nonresident deposits. During the years preceding the global economic crisis the uaes economy was performing fairly well. Innovation and entrepreneurship for sustainable growth and diversification. 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. The uae economy has proven its resilience and ability to sustain growth despite such pressures and economic difficulties. E nasser alsuwaidi chairman, abu dhabi department of economic development h.
United arab recent developments gres and higher fees. And staff report under article iv of the imfs articles of agreement, the imf holds bilateral discussions with members, usually every year. On the global macro economic front, us remains the primary growth engine and appears better positioned than its peers in the developed world. One of the main lessons of the recent global economic crisis for the emerging market economies. Raed safadi, executive director, economic research and policy division, dubai ded. Economic outlook for 201011 3 economic outlook for 201011 executive summary growth prospects 1.
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. The direct impact on the uae economy through airline traffic. This page has economic forecasts for qatar 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 qatar economy. In this research report, marmore analyses the performance of gcc stock and debt markets in 2017 and provides an outlook for 2018 based on economic factors, corporate earnings potential, valuation attraction, market liquidity and financing needs, for each individual country. Trade, economy and investment monitor report foreign trade. A possible transfer of power in abu dhabi from the current ruler, who is in. A possible transfer of power in abu dhabi from the current ruler, who is in poor health, to the crown prince will go smoothly. However, the drivers of economic growth do not withstand the external shocks of the global economic slowdown. 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.
Ministry of finance is a uae federal government entity managing the federal budget and regulating the financial laws and financial institutions. The latest mena economic monitor report spring 2016, expects the uaes growth to recover slowly, averaging 2. 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. 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. Imf forecasts economic recovery for middle east economies in. Classification by world economic outlook groups and their shares in aggregate gdp, exports of goods and services, and population, 2015 207 table b. The uaes procyclical fiscal policy ex acerbates the economic cycle. Contents contents 2 introduction 3 abu dhabi airport free zone adafz 3 positive contributions to the uae 3 negative contributions to the uae 4 benefits to investors 5 strategies for growth 5 dubai media city free zone dmc 6 negative contributions to the uae 7 strategies for growth 8 uae free trade zones employment rules 9 10 conclusion 11 references 12 free trade zones in. Imf forecasts economic recovery for middle east economies. The economy of the united arab emirates or uae is the second largest in the middle east.
The government is focusing on the uae becoming the economic, touristic and commercial capital for more than two billion people. United arab emirates economy gdp, inflation, cpi and interest rate. The uae will remain politically stable in 202024, despite regional tensions centred on iran. Pkf doing business in the uae pkf in the uae 3 pkf in the uae pkf uae is a member of pkf international limited, a network of legally independent member firms. Innovation and entrepreneurship for sustainable growth and diversification date. Csil market research report united arab emirates furniture outlook is part of the csil country furniture outlook series, at present covering 100 countries the report analyses the furniture market in the united arab emirates through the main demand determinants, furniture consumption and per capita furniture spending. The world economic outlook weo is a survey by the imf staff published twice a year, in the spring and fall. With 189 member countries, staff from more than 170 countries, and offices in over locations, the world bank group is a unique global partnership. United arab emirates economic growth economic growth is expected to decelerate this year as stagnating output will weigh on the oil sector. 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. Risks around this forecast are broadly balanced in the near term, but are skewed to the downside over the medium term. Mar 10, 2020 united arab emirates economic outlook. With an estimated 70% of the uaes population within the 2039 year age bracket and with a rising gdp per capita, the uaes as well as dubais wholesale and retail trade sector growth outlook is positive.
The 2016 economic outlook discussion, which is scheduled for monday, december 14, will comprise a group of experts in their respective fields sharing perspectives on the uae and the region for the. 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. The global economic outlook report addresses the short and longerrange. Beyond 2017, overall gdp growth is expected to recover to 2. United arab emirates economic outlook october 2017. Other factors supporting growth include the recalibration of governments social inclusion programs away from general subsidies on energy products. 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. Dubai fdi, part of the department of economic development in dubai. However, due to dramatic dip in oil prices, uaes gdp is expected to grow at a modest pace in 2015. United arab emirates economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects the uaes growth to recover slowly, averaging 2. Csil market research report united arab emirates furniture outlook is part of the csil country furniture outlook series, at present covering 100 countries. 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. Uae retail industry forecast 20162020 surging demand. The mena economic monitor is a product of the hief economists office of the middle east and north africa region.