The UAE economy's growth in 2023 was stronger than the most recent estimate, driven by non-oil sector growth.
The Arab world’s second-largest economy expanded by 3.6 per cent last year, compared to the 3.1 per cent estimated by the Central Bank of the UAE (CBUAE) in the fourth quarter, the banking regulator said on Thursday.
Non-oil gross domestic product expanded by 6.2 per cent during the period, it said in its annual report.
It, however, downwardly revised its growth projections for 2024 to 3.9 per cent from the previous estimate of 4.2 per cent.
Growth is projected to accelerate to 6.2 per cent in 2025, as oil production is forecast to increase significantly due to the Opec+ decisions and continued expansion of the non-oil sector, according to the bank.
This month, Opec+ agreed to extend output cuts of 3.66 million barrels per day, which were initially planned to end this year, until the end of 2025.
However, the group plans to gradually unwind the voluntary curbs of 2.2 million bpd on a monthly basis from October 2024 until September 2025, but said that “the monthly increases can be paused or reversed subject to market conditions”.
Next year, oil GDP is expected to expand by 8.4 per cent with production levels in line with the Opec+ policy.
“The CBUAE projects that the UAE’s real GDP will increase … in 2024, driven by a robust growth of 5.4 per cent in the non-oil sector,” Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, said.
Sheikh Mansour also added the UAE is “committed to sustainability and effectively combating climate change, demonstrated by the successful hosting of Cop28".
“The conference set higher standards for climate action, with the UAE placing an emphasis on addressing climate change through an ambitious climate action strategy and its Net Zero 2050 initiative.”
The non-oil sector continued to perform strongly in 2023, the UAE Central Bank said.
“After recording a growth rate of 7.1 per cent in 2022, non-oil GDP expanded by 6.2 per cent in 2023.,” it said.
“The strong performance reflects a variety of factors, including the recovery in global travel and tourism in the aftermath of the full removal of Covid-19-related restrictions, the strong performance in real estate and construction sectors propelled by migration inflows.”
For 2024, the Central Bank projects non-oil GDP growth to slow to 5.4 per cent due to “a stabilisation of migration inflows, slowing growth in key trading partners, and carryover effects from a strong 2023”.
In 2025, non-oil GDP growth is expected to remain steady at 5.3 per cent, it said, adding that “successful reform implementation and a decline in interest rates in advanced economies, which could boost external demand and trigger capital inflows in emerging markets, pose upside risks to non-oil growth”.
On the other hand, downside risks include new supply disruptions associated with geopolitical shocks, upticks in inflation that could lead to persistently tight monetary conditions and depressed external demand, as well as a deepening of property sector woes in China, it added.
The latest growth projections come as the UAE’s economy continued to rebound strongly from the coronavirus pandemic-induced slowdown on the back of government reforms and higher oil prices.
Earlier this year, the International Monetary Fund projected faster UAE growth on economic diversification boost.
The overall real gross domestic product of the UAE is expected to expand by an annual 4 per cent in 2024, the fund said in May at the conclusion of an article IV consultation with the country.
The latest projection by the IMF is 0.5 percentage points higher than the 3.5 per cent GDP growth it had estimated in its World Economic Outlook report in April.
Minister of Economy Abdulla bin Touq expects the country’s economy to expand by 5 per cent this year.
The country's non-oil sector, which accounts for about 73 per cent of GDP, will underpin growth this year and the next, he told state news agency Wam in February.
Meanwhile, inflation in the UAE declined to 1.6 per cent in 2023 from 4.8 per cent in 2022, on the back of lower energy prices, that led to a decline in transportation prices of 5.6 per cent during the period, the UAE central bank said.
Across the other components of the consumer basket, the largest price increases took place in restaurants and hotels at 6.6 per cent, food and beverages at 3.8 per cent and furniture and household goods at 3.2 per cent.
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Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
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In Full Flight: A Story of Africa and Atonement
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RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
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Company%20profile
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
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Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The biog
Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."
Favourite author: Malcom Gladwell
Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."
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