The value of Abu Dhabi's economy exceeded Dh1 trillion for the first time in 2011 driven by increased spending in the manufacturing sector, the latest data show.
The Statistics Centre-Abu Dhabi (Scad) released revised economic data yesterday showing that nominal GDP in 2011 grew by 29.9 per cent year on year to Dh1.06tn, providing further evidence of the emirate's continuing recovery.
"The results demonstrate the robustness and stability of the emirate's economy, attesting to its massive competitive edge over regional and global economies and boosting its appeal to local and foreign investors," said Scad.
In July, Scad reported that the emirate's nominal GDP, which is not adjusted for inflation, rose by almost 30 per cent to Dh806bn last year. Scad reported that real GDP growth in 2011, which does take inflation into account, was 6.8 per cent compared with the year before. Last year, the Department of Economic Development estimated that the real rate of economic expansion in Abu Dhabi will reach 5.7 per cent before 2016 after increasing 3.9 per cent in 2012.
In yesterday's statement, Scad reported that the total number of workers employed across the economy climbed 3.5 per cent to 1.463 million in 2011 from 1.413 million in 2010. The construction sector accounted for 617,000 of those in 2011, the highest proportion of all sectors. Total wages grew by 7 per cent during 2011 to Dh108.369bn, up from Dh101.265bn in 2010. Wages in this case account for all wages and salaries in cash, benefits in-kind and social benefits paid to employees.
The final GDP figure was boosted by a 10 per cent increase in gross capital expenditure across all sectors to Dh123.98bn, according to the Scad survey of economic activity in the emirate. Manufacturing accounted for the largest chunk of that spending with a 22.8 per cent share, followed by oil & gas with almost 20 per cent. The property sector was third overall with 16.2 per cent while transportation and storage accounted for 15.3 per cent of the overall figure.
Much of the growth was probably attributable to the recovery of oil prices during 2011, having fallen sharply to lows of US$33 per barrel after the global financial crisis, said Said Al Shaikh, the chief economist at Saudi Arabia's National Commercial Bank.
During 2009, the sudden dwindling of government oil receipts depressed capital expenditures across the Arabian Gulf region, he said.
"Most of the GCC economies contracted due to the fall in oil prices … There were some projects that were on hold or which had troubles, and I see the same thing applicable to Abu Dhabi," he said. A recovery began in 2010 as oil prices closed in on $90 per barrel before strengthening to about $107 per barrel a year later, added Mr Al Shaikh. "There's more confidence that oil prices are rising and will continue to rise," he said.
The oil and gas sector accounted for 41.7 per cent of the total gross output of economic activities in 2011, followed by manufacturing with 16.6 per cent and construction with a 15.6 per cent share, down from 18.8 per cent in 2010, according to Scad.
"The plans and strategies recently adopted by Abu Dhabi emirate envisage a growing role for [both] local and foreign investment in future development projects," said Scad. "Several factors must combine to create a favourable business environment that can contribute effectively towards building a diversified, broad-based economy … [Thus] particular attention is therefore being paid to the private sector to empower its development role."
The diversification of the emirate's economy away from its reliance on oil is one of the key objectives of Abu Dhabi Economic Vision 2030. The plan seeks to reduce the emirate's reliance on oil to 36 per cent of GDP by 2030.
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PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
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Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
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In-demand jobs and monthly salaries
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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.
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Porsche Taycan Turbo specs
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Agnes Poirer, Bloomsbury
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Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
