The UAE’s non-oil trade volume could grow by up to 12.9 per cent this year, supported by an uptick in maritime transport activity and other positive global economic trends, the Dubai Chamber of Commerce and Industry said on Saturday.
Global maritime transport and trade is expected to record 4.8 per cent growth this year, "depending on developments in fighting Covid-19 and progress in vaccinating populations around the world", the trade body said, citing data from the International Monetary Fund, the UAE’s Federal Customs Authority and the United Nations Conference on Trade and Development.
International maritime trade recorded a 4.1 per cent decline last year due to economic headwinds created by the pandemic, which included travel restrictions and the disruption of supply chains, consumption patterns and manufacturing activities.
The pandemic disrupted global trade and tipped the world economy into its deepest recession since the Great Depression. However, the IMF forecast in October that the global economy will grow 5.2 per cent this year after shrinking 4.4 per cent in 2020.
Other factors that could positively impact the UAE’s trade performance in 2021 compared to the prior year include government stimulus efforts, the easing of lockdowns in key markets, the reopening of global markets and the widespread resumption of commercial activity in China.
The UAE has rolled out economic support packages worth more than Dh388 billion since the coronavirus pandemic began.
Sheikh Mohammed bin Rashid, UAE Prime Minister and Ruler of Dubai, approved a Dh58bn federal ($15.79bn) budget for 2021. The planned expenditure for the Arab world’s second-largest economy is slightly lower than 2020’s budget of Dh61.35bn, the largest in the country’s history.
“The UAE economy will be among the fastest to recover in 2021,” Sheikh Mohammed said in November.
Data released by Unctad last week indicated a sharp fall in international trade by about 8 per cent last year, largely as a result of the pandemic. Global merchandise trade dropped 20 per cent at the height of movement restrictions in the second quarter, but "a slow recovery took hold in July and August, with a further improvement in September", when some major economies returned to growth on an annual basis, Unctad said.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Killing of Qassem Suleimani
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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UAE currency: the story behind the money in your pockets
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Transmission: Single-speed automatic
Price: From Dh825,900
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Company info
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Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
Specs
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
