The UAE's economy is expected to grow 2.4 per cent as the country gradually recovers from the pandemic-induced headwinds, according to the Central Bank of the UAE.
The non-oil economy of the Emirates is expected to expand around 4 per cent this year and next, while overall economic growth is expected to be 3.8 per cent in 2022, the banking regulator said on Thursday.
The UAE's banking system remained resilient amid the challenges posed by the coronavirus pandemic, the central bank said in its 2020 Financial Stability Report.
“The overall banking sector remained profitable and the liquidity and solvency ratios returned to pre-Covid levels towards the year-end,” Khaled Al Tameemi, governor of the Central Bank of the UAE, said on Thursday.
“The non-bank financial institutions, comprising of exchange houses, finance companies and the insurance sector also demonstrated resilience.”
The UAE introduced economic support measures worth Dh388 billion after the Covid-19 pandemic tipped the global economy into a worst depression since the 1930s. As part of its support measures, the central bank introduced a Dh50bn Targeted Economic Support Scheme (Tess) to boost liquidity in the financial and banking sector.
The Tess programme, which offered zero-cost collateral funding to banks to encourage lending to the broader economy, has been extended to the end of June next year in an effort to further support the economy.
“One year after its introduction, it is satisfying to see that the Tess has yielded intended positive impact for the UAE’s banking sector and the economy,” Mr Al Tameemi said.
“The overall banking sector liquidity returned to pre-Covid levels and the banking sector provided deferrals on loans and financing to more than 300,000 households, 10,000 small and medium enterprises and a significant number of private sector corporations.”
Some 309,393 people borrowed Dh4.9bn worth of loans as part of the Tess scheme, while Dh5.4bn was disbursed to 10,005 SMEs and Dh41.9bn to corporates, according to the central bank.
The regulator also said capital markets in both Abu Dhabi and Dubai grew, with the combined market capitalisation of the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) reaching Dh1.1 trillion last year, up 19.6 per cent from 2019. However, in terms of domestic equity indices, the DFM share price index declined by 9.9 per cent year-on-year and the ADX index slid by 0.6 per cent year-on-year in 2020.
"[A] high level of uncertainty and risks are surrounding the global outlook for 2021. Lockdown measures are reintroduced in many countries following the increase in infections, which could lead to weaker growth than expected."
However, there are also some upside risks, such as the agreement in December on the terms of the UK’s exit from the EU, which has eliminated the no-deal Brexit downside risk, the central bank said.
Low-interest rates, ongoing global fiscal stimuli and booming stock exchanges could lead to bubbles, it added. Similarly, swings in cryptocurrency prices could exacerbate risks of drastic asset price corrections, according to the banking regulator.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Score
New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs
New Zealand win by 47 runs
New Zealand lead three-match ODI series 1-0
Next match: Zayed Cricket Stadium, Abu Dhabi, Friday
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
Killing of Qassem Suleimani
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
