The UAE’s non-oil economy expanded an annual 7.8 per cent in the fourth-quarter of 2021, driven by easing of pandemic-related restrictions and travel curbs, which boosted local and global demand, the latest figures from the Central Bank of the UAE show.
While overall real gross domestic product grew at an estimated 2.3 per cent in 2021, the central bank expects the economic momentum to pick up pace this year, maintaining its 4.2 per cent growth projection, the CBUAE said in its Quarterly Economic Review.
The non-oil economy is estimated to have expanded 3.8 per cent in 2021 and is projected to grow 3.9 per cent this year.
The oil economy, which contracted 1.4 per cent in 2021 on the back of production curbs agreed with the Opec+ countries, is expected to grow 5 per cent in 2022, as the 23-member alliance of producers brings additional crude to the market.
The UAE's oil production in the last three months of 2021 rose 9.3 per cent, the central bank data showed.
The UAE economy, which contracted 6.1 per cent in 2020 on the back of the global economic slowdown, has bounced back strongly. The recovery has been driven by pandemic-mitigation measures and Dh388 billion ($105.72bn) in fiscal and monetary support since the onset of the global health crisis.
The stimulus includes the central bank's Dh50bn Targeted Economic Support Scheme to boost liquidity in the financial and banking sector, parts of which have been extended to June 2022.
The International Monetary Fund estimates that the UAE's economy grew 2.2 per cent in 2021, driven by a 3.2 per cent expansion in the non-oil sector. The fund expects growth to accelerate to 3.5 per cent in 2022, with the non-oil economy expanding 3.4 per cent.
The UAE’s economy is expected to grow 4.9 per cent in 2022, Japan's largest lender MUFG said, while Emirates NBD forecasts growth of 5.7 per cent and Abu Dhabi Commercial Bank estimates a 5 per cent expansion, supported by a strong uptick in the oil sector. Emirates NBD estimates the non-oil economy will grow 4 per cent, while ADCB forecasts an expansion of 3.5 per cent.
Pandemic-mitigation measures have also helped to drive growth in the Arab world’s second-largest economy. The number of Covid-19 cases in the UAE, which has one of the highest vaccination rates in the world, has consistently remained low as the country opens its economy further and continues to remove pandemic-related restrictions.
“The UAE continues to be a leader in containing the spread of the coronavirus, which, in turn, supports the country’s economic recovery,” the CBUAE said.
“At the end of Q4 2021, 92 per cent of the eligible population was fully vaccinated and 100 per cent received at least one dose.”
The average seasonally-adjusted UAE Purchasing Managers' Index increased 11.3 per cent on annual basis in the fourth quarter of 2021, moving further up in the expansion zone to 55.6 in December.
It was the highest PMI reading since mid-2019, and is “supported by the benefits of Expo 2020, the relaxing of the Covid -19 restrictions that boosted travel and tourism, higher export orders, and a regain in domestic demand”, the central bank said.
Consumer prices accelerated in the last quarter of 2021 with inflation increasing 2.3 per cent year-on-year, compared to 0.6 per cent increase in the third quarter of last year.
The CBUAE projected a 2.7 per cent average headline inflation for 2022. Inflation reached 3.3 per cent in the first three months of this year.
“The main drivers would be the pickup in energy prices, imported inflation that is expected to be record high globally, rising wages and the continuation of the declining trend of rents,” the regulator said.
“Yet, upward risks remain significant due to the war in Ukraine, with potential disruption in the oil markets and supply chains, in addition to higher food prices.”
The real estate sector, a key component of the country’s economy, also continued to recover in the fourth quarter of last year, with residential property prices rising both on annual and quarterly basis in Dubai and Abu Dhabi, the central bank said.
Property prices in Dubai increased 9.1 per cent on average in the last quarter of 2021, figures compiled by the Dubai Land Department show. In Abu Dhabi, the average price per square metre rose for a fourth consecutive quarter, climbing 1.4 per cent year-on-year in the last three months of 2021, the CBUAE said, citing Reidin house price index data.
The hospitality sector also continued to rebound, with data in Dubai showing hotel occupancy rising to 82 per cent from 63 per cent in the last quarter of 2020.
“With the effective handling of vaccinations and tests, the UAE succeeded in becoming an attractive destination post-Covid-19, as seen in the rebound in tourism and hospitality in Q4 2021.
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)
What is THAAD?
It is considered to be the US's most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Alaan%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Parthi%20Duraisamy%20and%20Karun%20Kurien%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%247%20million%20raised%20in%20total%20%E2%80%94%20%242.5%20million%20in%20a%20seed%20round%20and%20%244.5%20million%20in%20a%20pre-series%20A%20round%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa
Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Wednesday and the pair embraced but he failed to give her his backing as she cried a day earlier.
A spokesman said her upset was due to a personal matter.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
MORE ON THE US DEMOCRATIC PRIMARIES
Company%20Profile
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Specs
Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
On sale: Now
Company%20profile
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What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
KILLING OF QASSEM SULEIMANI
More from Neighbourhood Watch:
Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
The specs
Common to all models unless otherwise stated
Engine: 4-cylinder 2-litre T-GDi
0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)
Power: 276hp
Torque: 392Nm
Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD
Price: TBC
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