The UAE's economy will expand by 2.9 per cent in 2018 as oil production returns to growth, according to BMI.
The economy will expand after curbs in oil production are expected to slow down the economy to 2.2 per cent growth this year, from a previous forecast of 2.8 per cent. The Arab world's second largest economy, grew 3.0 per cent in 2016.
The UAE reduced its oil production as part of an agreement reached by OPEC and non-OPEC oil producing countries in late 2016. That agreement was extended a further nine months in May 2017, which will slow down the economy this year.
"We forecast that production will fall by 0.1 per cent in 2017, compared to a 2.2 per cent expansion in 2016. An easing of the production curb in 2018 will see production return to growth at 2.1% in 2018, contributing to the pick-up in the economy," BMI said.
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Read more:
Abu Dhabi GDP to grow 2.9 per cent in 2018, says BMI
Gulf nations less reliant on oil but still face obstacles, says S&P
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The World Bank has said growth slowed sharply across the GCC to 1.6 per cent this year as the impact of low oil prices weighed on investments in non-oil sectors. The UAE has taken steps to curb government spending, liberalising fuel markets, while also reducing electricity and water subsidies.
The International Energy Agency and OECD have said subsidies in member countries totaled between US$55 billion and $90bn between 2005 and 2014. The IEA said that 10 countries accounted for almost three quarters of the world total for fossil fuel consumption subsidies, and five were in the Middle East North Africa region.
Strategy& said earlier this year GCC states could generate $114bn in revenues from sales of utility and airport assets alone.
BMI said it is "more positive" with regards to the UAE's non-oil economy, whose "relatively strong performance...will offset some of the oil sector's drag."
Growth in the UAE's non-oil economy is being stimulated by the global transport and logistics hubs of Port Khalifa, Abu Dhabi International, Jebel Ali, Dubai International and Al-Maktoum International, which are benefiting from a global uptick in trade, BMI said.
The consultancy said tourism continues to expand and the construction sector is set to perform strongly in the run up to the upcoming Expo 2020 on the back of infrastructure spending and investment.
____________________
Read more:
Region's economic diversification gives way to resurgence of wealth managers
Saudi Arabia makes another move toward privatisation
Construction industry across the Gulf on cusp of a rebound
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
more from Janine di Giovanni
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
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'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The National's picks
4.35pm: Tilal Al Khalediah
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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.
COMPANY%20PROFILE
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SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
At a glance
- 20,000 new jobs for Emiratis over three years
- Dh300 million set aside to train 18,000 jobseekers in new skills
- Managerial jobs in government restricted to Emiratis
- Emiratis to get priority for 160 types of job in private sector
- Portion of VAT revenues will fund more graduate programmes
- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government
The%20Genius%20of%20Their%20Age
%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
