Technology, pharmaceuticals, health care and medical devices are slated to outperform other sectors in 2021, while the underperforming oil and gas industry will see only a moderate recovery, research company Fitch Solutions said.
The consumer sector, which was one of the most impacted in 2020, will see a robust recovery next year, followed by heavy industries such as mining, metals, infrastructure, power and renewables, and agribusiness, the ratings agency said in a global industries recovery outlook report.
"The underperforming sector could be oil and gas, which we believe will see only a moderate recovery following a difficult year in 2020, according to the report. "Global oil prices, production and consumption in 2021 will remain well below 2019 levels."
Fitch Ratings has revised its outlook on global economic growth upward as countries begin rolling out vaccination programmes to fight Covid-19. The global economy is now expected to contract 3.7 per cent in 2020 compared to an earlier prediction of 4.4 per cent, the ratings agency said in a separate global economic outlook on Monday.
The global economic recovery will spur increased oil demand while producers curb output to support higher prices and increase investment, Fitch Solutions said in the report, titled Covid-19 Global Industries: 2021 Recovery Outlook – Identifying Outperforming Sectors.
Fitch Solutions forecast 4.1 per cent growth in fuel demand in 2021, a gain of 3.6 million barrels per day but well below the decline of 6.1m bpd estimated for 2020.
"The start of 2021 may see some rough patches continue, with the current regime of increased lockdowns in several advanced economies enacted in response to second and third waves of infection," it said. "We expect that 2021 will be a year of two halves, with the bulk of demand returning in the second half of the year as Covid-19 vaccines become more widespread."
Agriculture commodities are expected to see a strong pick-up in global demand in 2021, particularly for meat, dairy, cocoa and coffee, with a recovery in the restaurants and hospitality sector, Fitch Solutions said.
The mining sector is also poised for a strong recovery with higher average prices in 2021, fewer disruptions to operations, and a rise in capital expenditure after firms postponed 2020 plans. Next year, metal prices will be supported by the broader and deeper global economic recovery as Covid-19 vaccines are made available, while China will drive a sharp recovery in global demand for mineral and metals in 2021.
However, the global Infrastructure sector will see a mixed recovery next year, with a rebound in investment levels varying widely across markets. On a global level, the construction industry will exceed its 2019 level in real terms, driven mainly by the outperformance of Asia’s infrastructure sector.
"China will stand out among markets both in Asia and globally for its robust infrastructure investment, supported by government stimulus efforts launched in 2020," the report said.
In the food and drink sector, demand for e-grocery services are projected to remain strong throughout 2021 as consumers have become used to ordering groceries online and mass grocery retailers have invested in delivery and e-commerce infrastructure.
In the retail sector, the easing of lockdown measures and a recovering global economy will aid consumer spending on non-essential items, Fitch Solutions said. Consumers will remain price sensitive as incomes will remain below pre-pandemic levels.
Global car sales will return to growth at 8.4 per cent in 2021, following an estimated contraction of 17.6 per cent in 2020, the report said.
"While this is a positive outlook for the industry, it is premature to consider it a recovery as sales volumes will remain far below pre-pandemic levels," it said.
Fitch Solutions expects the offshore wind power market to increase its share within the wind sector following increased investments and expansion into new markets in 2021, while there will be a growing number of investments in hydrogen production as climate-related targets drive plans to develop commercial-scale capacity.
Company%20profile
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
The%20trailblazers
%3Cp%3ESixteen%20boys%20and%2015%20girls%20have%20gone%20on%20from%20Go-Pro%20Academy%20in%20Dubai%20to%20either%20professional%20contracts%20abroad%20or%20scholarships%20in%20the%20United%20States.%20Here%20are%20two%20of%20the%20most%20prominent.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGeorgia%20Gibson%20(Newcastle%20United)%3C%2Fstrong%3E%0D%3Cbr%3EThe%20reason%20the%20academy%20in%20Dubai%20first%20set%20up%20a%20girls%E2%80%99%20programme%20was%20to%20help%20Gibson%20reach%20her%20potential.%20Now%20she%20plays%20professionally%20for%20Newcastle%20United%20in%20the%20UK.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMackenzie%20Hunt%20(Everton)%3C%2Fstrong%3E%0D%3Cbr%3EAttended%20DESS%20in%20Dubai%2C%20before%20heading%20to%20the%20UK%20to%20join%20Everton%20full%20time%20as%20a%20teenager.%20He%20was%20on%20the%20bench%20for%20the%20first%20team%20as%20recently%20as%20their%20fixture%20against%20Brighton%20on%20February%2024.%0D%3C%2Fp%3E%0A
The biog
Full name: Aisha Abdulqader Saeed
Age: 34
Emirate: Dubai
Favourite quote: "No one has ever become poor by giving"
Turkish Ladies
Various artists, Sony Music Turkey
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
New Zealand squad
Tim Southee (capt), Trent Boult (games 4 and 5), Colin de Grandhomme, Lockie Ferguson (games 1-3), Martin Guptill, Scott Kuggeleijn, Daryl Mitchell, Colin Munro, Jimmy Neesham, Mitchell Santner, Tim Seifert, Ish Sodhi, Ross Taylor, Blair Tickner
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
More on Quran memorisation:
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
