The UAE, the Arab world's second-largest economy, has the capacity to slow down the pace of fiscal consolidation to offset a potential deceleration of the economy because of low oil prices, according to the Institute of International Finance.
The UAE economy, the most diversified in the Arabian Gulf region, is forecast to slow to 1.4 per cent in 2017 from 3 per cent last year, but expand at 2.8 per cent in 2018, the Washington-based institute said.
Non-oil growth is also expected to pick up this year to reach 3 per cent and 3.5 per cent in 2018, thanks to an increase in investments and non-oil exports of goods and services.
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Read more:
Abu Dhabi's economy to catch up with Dubai in 2018, IMF says
World Bank lowers growth forecast for Arabian Gulf on oil cut adherence
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The UAE economy will slow down this year due to the lower oil production as being a member of Opec, it is obliged to adhere to an output cut that has been extended until March next year. The agreement between Opec and a group of oil producing countries led by Russia is trimming 1.8 million barrels of oil a day to prop up prices in an oversupplied market.
Brent gained 2.39 per cent on Friday to close at US$62 a barrel, its highest level in more than two years on optimism that the global oil deal will be extended beyond March.
On the fiscal consolidation front, "the UAE with a large financial buffer can afford more gradual pace", adjustment to reduce the impact of weaker crude prices on the economic growth, according to the institute.
“The adjustment this year and in 2018 focuses more on mobilisation of non-oil revenues (including fees, excise taxes, and introduction of VAT).”
The UAE introduced in October excise tax on energy drinks, tobacco and sugary drinks and plans to levy a 5 per cent value-added tax on January 1 to help shore up dwindling government revenue .
The institute is projecting the consolidated fiscal deficit of the UAE will shrink to 3 per cent of the GDP in 2017 from 4.4 per cent last year.
The increase in non-oil revenues will help reduce the UAE’s fiscal breakeven oil price to $58 a barrel in 2018 from $60 a barrel this year, offsetting any adverse impact from a potential increase in consolidated spending, the institute said.
The projections from the institute on economic growth next year echo with those of the IMF, which said the UAE's overall growth will slow to 1.3 per cent this year, but accelerate in 2018 to reach 3.4 per cent.
The economic growth of Abu Dhabi, which accounts for about 6 per cent of the world’s proven oil reserves, will catch up with Dubai next year, as government-led infrastructure projects provide a boost to the capital’s non-oil economy, according to Jihad Azour, the director of the IMF’s Middle East and Central Asia department.
The IMF is projecting growth of 3.3 per cent for Dubai's economy this year, while Abu Dhabi is forecast to expand by 0.3 per cent because of its heavy reliance on oil.
Dubai's economy, which recorded 2.9 per cent growth last year, is forecast to expand 3.5 per cent in 2018, while Abu Dhabi is estimated to grow at a pace of 3.2 per cent compared with 2.8 per cent last year.
The World Bank is forecasting growth of 1.4 per cent for the UAE this year, but a pickup of 3.1 per cent next year.
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- Disruption Lab and Research Centre for developing entrepreneurial skills
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Specs
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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.
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
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On sale: Now
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
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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
