Strong non-oil activity and continued reforms have helped to bolster economic activity across the Gulf Co-operation Council, despite conflicts in the wider Middle East, a report by International Monetary Fund staff has shown.
The region has "successfully weathered recent turbulence" and its economic prospects remain favourable, although medium-term risks remain within the context of fragmentation, the paper's co-author Ken Miyajima said during a round-table at the Arab Gulf States Institute in Washington.
The region's non-hydrocarbon economy has been supported by strong project and reform implementation as well as broader diversification efforts, they added. Meanwhile, it is expected that the easing of oil production cuts and expansion of natural gas will strengthen the hydrocarbon sector.
Projections released by the IMF in October showed the Gulf region's economies were expected to grow by an average of 1.8 per cent this year before accelerating to 4.2 per cent in 2025. In its Regional Economic Outlook, the IMF had forecast the UAE's economy to grow by 5.1 per cent next year, with Saudi Arabia and Qatar's economies expected to expand by 4.6 per cent and 1.9 per cent in 2025, respectively. Bahrain, Kuwait and Oman are expected to boost their gross domestic product growth by 3.2 per cent, 3.3 per cent and 3.1 per cent, respectively.
In the latest report, IMF staff reduced their estimates for real GDP growth in the GCC to about 1.4 per cent this year and 3.5 per cent in 2025.
The continuing Gaza war has had little impact on the Gulf's economic outlook due to the region's limited trade and financial links with the Palestinian territory and Israel, the IMF staff said. Trade, investment and tourism flows thus far have been unaffected by tensions in the Red Sea as well.
"Spillovers from regional conflicts on the GCC countries have been limited with trades, tourism and the investment flows remaining largely unaffected," Mr Miyajima said.
In the short term, fiscal policy should remain prudent, monetary policy should be consistent with the currency pegs and financial sector policies should monitor and respond to emerging risks, the authors said.
"In the medium term, fiscal consolidation, with a focus on non-hydrocarbon revenue mobilisation (especially in the context of global corporate taxation initiatives), is needed to ensure stability and sustainability and to boost space for growth-enhancing investments," the report said.
Digitalisation and artificial intelligence could also play an increasingly pivotal role in the region's economic diversification efforts. With regard to AI in particular, the study said the burgeoning sector could help to boost GDP by as much as 35 per cent in the UAE by 2030, and that AI could make up at least 12 per cent of Saudi Arabia's GDP as well.
Yet AI could also be a knife that cuts both ways, the report's authors say.
“There are also potential major challenges, especially the exposure of almost 40 per cent of global employment to AI,” the report said. "As such, it remains crucial to upgrade skills in the labour market, as well as to conduct careful risk assessment to ensure ethical and responsible AI practices and to regularly evaluate the effectiveness of implementation strategies."
Yet the upside of AI overshadowed the potential negatives, the report added, with the UAE poised to lead efforts in making the most of AI research and development.
“It's well-positioned to become a hub for AI and digital innovation supported by the AI and digital economy strategies, the national programme for AI, and the establishment of both the Ministry of AI, the first in the GCC and the UAE AI Council,” the report said.
Microsoft's recent investment in the UAE's G42 was cited as just one example of how AI could continue to help the region to make the most of its post-industrial and post-oil aspirations.
Despite the favourable outlook, the report's authors noted medium-term risks remain a challenge within the context of fragmentation.
They said fiscal, monetary, financial sector and structural policies should all remain priorities for the region.
The report added fiscal consolidation should be supported by appropriate fiscal rules to help ensure stability and sustainability, and to increase growth-enhancing investments.
The authors also said the region's “ambitious reform agendas” should be fully implemented, while trade and financial integration should remain a priority.
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
RESULTS
Bantamweight title:
Vinicius de Oliveira (BRA) bt Xavier Alaoui (MAR)
(KO round 2)
Catchweight 68kg:
Sean Soriano (USA) bt Noad Lahat (ISR)
(TKO round 1)
Middleweight:
Denis Tiuliulin (RUS) bt Juscelino Ferreira (BRA)
(TKO round 1)
Lightweight:
Anas Siraj Mounir (MAR) bt Joachim Tollefsen (DEN)
(Unanimous decision)
Catchweight 68kg:
Austin Arnett (USA) bt Daniel Vega (MEX)
(TKO round 3)
Lightweight:
Carrington Banks (USA) bt Marcio Andrade (BRA)
(Unanimous decision)
Catchweight 58kg:
Corinne Laframboise (CAN) bt Malin Hermansson (SWE)
(Submission round 2)
Bantamweight:
Jalal Al Daaja (CAN) bt Juares Dea (CMR)
(Split decision)
Middleweight:
Mohamad Osseili (LEB) bt Ivan Slynko (UKR)
(TKO round 1)
Featherweight:
Tarun Grigoryan (ARM) bt Islam Makhamadjanov (UZB)
(Unanimous decision)
Catchweight 54kg:
Mariagiovanna Vai (ITA) bt Daniella Shutov (ISR)
(Submission round 1)
Middleweight:
Joan Arastey (ESP) bt Omran Chaaban (LEB)
(Unanimous decision)
Welterweight:
Bruno Carvalho (POR) bt Souhil Tahiri (ALG)
(TKO)
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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More from Neighbourhood Watch:
COMPANY%20PROFILE
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Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
Manchester United v Liverpool
Premier League, kick off 7.30pm (UAE)
The Ashes
Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs
The biog
Name: Sari Al Zubaidi
Occupation: co-founder of Cafe di Rosati
Age: 42
Marital status: single
Favourite drink: drip coffee V60
Favourite destination: Bali, Indonesia
Favourite book: 100 Years of Solitude
The bio
Favourite vegetable: Broccoli
Favourite food: Seafood
Favourite thing to cook: Duck l'orange
Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania
Favourite place to travel: Home in Kuwait.
Favourite place in the UAE: Al Qudra lakes
The Greatest Royal Rumble card as it stands
50-man Royal Rumble
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Casket match The Undertaker v Chris Jericho
John Cena v Triple H
Matches to be announced
WWE World Heavyweight Championship, Raw Tag Team Championship, United States Championship and the Cruiserweight Championship are all due to be defended
Stage 5 results
1 Tadej Pogacar (SLO) UAE Team Emirates 3:48:53
2 Alexey Lutsenko (KAZ) Astana Pro Team -
3 Adam Yates (GBR) Mitchelton-Scott -
4 David Gaudu (FRA) Groupama-FDJ 0:00:04
5 Ilnur Zakarin (RUS) CCC Team 0:00:07
General Classification:
1 Adam Yates (GBR) Mitchelton-Scott 20:35:04
2 Tadej Pogacar (SlO) UAE Team Emirates 0:01:01
3 Alexey Lutsenko (KAZ) Astana Pro Team 0:01:33
4 David Gaudu (FRA) Groupama-FDJ 0:01:48
5 Rafał Majka (POL) Bora-Hansgrohe 0:02:11
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Mountain%20Boy
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How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
