The IMF has revised upwards its estimate for economic growth in the Middle East and North Africa (Mena) this year.
The move comes despite a backdrop of deteriorating global prospects, the multilateral lender said yesterday.
It expects the regional economy to expand this year by 5.5 per cent, up from the IMF's previous forecast in April of 4.2 per cent.
But the fund trimmed its global outlook by 0.1 percentage points to 3.5 per cent, citing setbacks in the euro zone and a slowdown in emerging markets.
"In contrast with the broad trends, growth in the Middle East and North Africa will be stronger in 2012-13 relative to last year, as key oil exporters continue to boost oil production and domestic demand while activity in Libya is rebounding rapidly after the unrest in 2011," officials wrote in the report, which was released yesterday.
Growth is expected to subside to 3.7 per cent next year. Oil prices will fall back from an average of US$104 per barrel last year to $102 this year, before sliding further to $94 next year, the IMF projected.
Prices were calculated based on an assumed average price across European Brent, West Texas intermediate and Dubai crude.
The more positive outlook for the region is an indication of the greater stability in the Mena region since uprisings sparked unrest in several Arab countries last year.
It also reflects income from strong oil output in the GCC, along with high spending on areas such as infrastructure and public sector wages by governments. In January, the Executive Council in Abu Dhabi gave the go-ahead for a host of projects including Abu Dhabi International Airport's Midfield Terminal and projects on Saadiyat Island.
But the IMF warned the global outlook remained uncertain.
It said the most immediate risk to the global recovery was that delayed or insufficient policy would further stoke the euro-area crisis.
"Simply put, the euro periphery countries have to succeed," said Olivier Blanchard, IMF chief economist and director of the IMF's research department.
It based its revised outlook on the assumption that there would be enough policy action for financial conditions in the euro-zone periphery of Spain, Portugal, Italy, Ireland and Greece to ease gradually over next year.
Deterioration in sovereign-debt markets showed pressing ahead with banking and fiscal union must be a priority, it said.
The euro-zone GDP should decline by an average of 0.3 per cent this year before returning to growth of 0.7 per cent next year, the IMF estimated. A further risk the IMF flagged was that the US economy could stall as a result of excessive fiscal tightening caused by political gridlock.
"In the extreme, if policymakers fail to reach consensus on extending some temporary tax cuts and reversing deep automatic spending cuts, the US economy could face a steep decline of more than 4 per cent of GDP in its fiscal deficit in 2013," said Mr Blanchard.
The so-called fiscal cliff would cause a severe dip in US growth with "significant spillovers to the rest of the world," he said. The IMF urged the US to act to raise its federal debt ceiling.
The IMF lowered its projection for US growth slightly to 2 per cent this year and 2.3 per cent next year.
Finally, steps by some emerging-market economies to stimulate growth needed to gain traction, it said. Growth has slowed in a number of emerging economies, especially Brazil, China and India, due to softer global conditions and a sharp deceleration in domestic demand as a result of capacity constraints and policy tightening, it said. IMF forecasts for average expansion in the main emerging and developing economies were 5.6 per cent this year and 5.9 per cent next year, both down slightly from earlier projections.
tarnold@thenational.ae
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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
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Company%20profile
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if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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SCORES IN BRIEF
New Zealand 153 and 56 for 1 in 22.4 overs at close
Pakistan 227
(Babar 62, Asad 43, Boult 4-54, De Grandhomme 2-30, Patel 2-64)
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
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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
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ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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Quick%20facts
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Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
AL%20BOOM
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THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The biog
Name: Mariam Ketait
Emirate: Dubai
Hobbies: I enjoy travelling, experiencing new things, painting, reading, flying, and the French language
Favourite quote: "Be the change you wish to see" - unknown
Favourite activity: Connecting with different cultures
Mobile phone packages comparison
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.
The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
UAE%20Warriors%20fight%20card
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Killing of Qassem Suleimani
The Outsider
Stephen King, Penguin
The%20specs
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