The Gulf population fell by four per cent in 2020, owing to the impact of the Covid-19 pandemic and lower oil prices, according to S&P Global Ratings.
In a report on Monday, S&P said it expects the decline in population across the Gulf region to continue until 2023, relative to each country's population, "because of subdued non-oil sector growth and workforce nationalisation policies".
States including Kuwait and Oman have already set out targets to reduce their foreign workforce and provide more jobs for their citizens.
Meanwhile, the UAE is trying to boost population growth and attract skilled professionals, in a major drive to develop the knowledge economy.
“GCC countries’ productivity, income levels and economic diversification may stagnate in the long term without significant investment in the human capital of the national population and improvements in labour market flexibility,” S&P said.
However, S&P added that the decline in population "will have limited impact on the region's economic growth and our ratings on GCC sovereigns in the near term", owing to increased hydrocarbon production from 2022 and higher oil prices.
The agency expects oil prices to remain at $50 per barrel this and next year, and to rise to $55 from 2023.
"As these levels are below the fiscal break-even oil price for all GCC sovereigns, except Qatar, we expect governments will moderate public investment spending, which is the main impetus of non-oil growth in the region," it said.
In the UAE, S&P said in 2020 the population declined by 6.5 per cent overall, and by 8.4 per cent in Dubai.
Both are predicted to return to pre-pandemic levels by 2023 at the latest, with expected growth levels of 2.3 per cent and 2.7 per cent respectively.
A senior Indian minister said last month that more than 1.15 million Indians had returned to the UAE in the past seven months.
V Muraleedharan, Minister of State for External Affairs, said 1.3 million Indians left the Emirates after air links resumed last May.
He added that about 150,000 Indians have not yet returned to the UAE. His figures are based on flight data.
Saudi Arabia's foreign population shrunk by 2.8 per cent last year, although S&P estimates a growth of 0.8 per cent by 2023.
Oman's foreign population declined by about 12 per cent last year – which is lower than the 17 per cent decline cited last year by data from the state-run National Centre for Statistics and Information. Growth of 1 per cent expected by 2023.
Kuwait experienced a decline of 4 per cent in 2020, while Bahrain witnessed a drop of 2.5 per cent.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
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The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
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
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MATCH INFO
Liverpool 0
Stoke City 0
Man of the Match: Erik Pieters (Stoke)
THE SPECS
Engine: 6.0-litre, twin-turbocharged W12
Transmission: eight-speed automatic
Power: 626bhp
Torque: 900Nm
Price: Dh1,050,000
On sale: now
SPECS
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BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
Mohammed bin Zayed Majlis
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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THREE
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How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
The Ashes
Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs
