The UAE economy is projected to grow by 7.6 per cent this year, the highest in 11 years, driven by both oil and non-oil sectors, according to the latest estimates by the UAE Central Bank.
The latest growth forecast is higher than the 5.4 per cent estimate made by the Central Bank in July.
Minister of Economy Abdulla bin Touq said earlier this month the country’s gross domestic product is expected to grow by 6.5 per cent this year.
The robust growth is driven by a sharp increase in oil revenue, as well as a noticeable improvement in the real non-oil GDP, the regulator said in its latest Quarterly Economic Review 2022.
“Overall real GDP continued to grow at a strong pace in the third quarter of 2022, after a robust increase in the first half of the year,” the Central Bank said in the report. “It was driven by a further rise in oil production, as well as significant improvement in the real non-oil GDP.”
However, the UAE Central Bank has revised its output growth for 2023 as Opec and its allies decided to cut oil production starting in November amid economic headwinds.
The country’s economy is projected to grow 3.9 per cent next year, down from 4.2 per cent forecast in the previous report.
The UAE economy made a strong rebound from the coronavirus-induced slowdown last year and the pace of economic momentum has continued to improve this year on the back of government initiatives and higher oil prices.
The Arab world’s second-largest economy is set to grow more than 6 per cent this year, after an expansion of 3.8 per cent in 2021, according to the International Monetary Fund.
Emirates NBD forecasts that the economy will expand 7 per cent in 2022 while First Abu Dhabi Bank projects a 6.7 per cent expansion and Abu Dhabi Commercial Bank estimates growth of 6.5 per cent.
“There are increased chances for growth being stronger in 2022 due to mainly better-than-expected performance in some of the non-oil sectors such as tourism and hospitality, real estate, transportation and manufacturing,” the Central Bank said.
Dubai hosted 11.4 million overnight international visitors in the first 10 months of the year, up 134 per cent from the same period in 2021, and is close to returning to pre-pandemic levels, according to the latest data from the Department of Economy and Tourism.
The UAE’s foreign trade is expected to reach Dh2.2 trillion ($599.4 billion) by the end of 2022 as the country's economy proves to be an exception, going against the weakening global trade growth trend amid growing macroeconomic headwinds.
The Emirates, which recorded a foreign trade volume of Dh1.9 trillion at the end of 2021, expects 15 per cent growth this year, a significant increase compared with the World Trade Organisation’s 3.5 per cent growth expectation for global trade.
Property transactions also continued to rise in the country amid a recovery in the property sector.
Off-plan and secondary property sales in Dubai reached a 12-year high in the third quarter, both in terms of volume and value, a report by Property Finder said.
A total of 25,456 sales transactions worth Dh69.72 billion were recorded in the quarter, marking an increase of about 62 per cent in terms of volume and more than 65 per cent in terms of value, compared with the third quarter of 2021.
Abu Dhabi's property market recorded 4,441 transactions amounting to $5.7 billion in the third quarter, according to the Department of Municipalities and Transport.
The UAE is also boosting its manufacturing sector. It plans to more than double the contribution of the industrial sector to the country's economy to Dh300 billion by 2031.
The UAE's oil production in the third quarter averaged 3.17 million barrels per day while the country's hydrocarbon GDP is estimated to have grown 13 per cent annually during the period, data from the Central Bank showed.
Oil GDP is projected to grow by 11 per cent and 3 per cent in 2022 and 2023, respectively, with performance in both years depending on the “evolution of the Russia-Ukraine conflict, potential global economic slowdown, further Opec+ decisions to change production levels, potential reduction in output by some of the other Opec members, and further post-Covid recovery”, the Central Bank said.
Starting last month, Opec and its allies, including Russia, agreed to cut production by 2 million bpd amid demand concerns as global economies slow down on account of rising interest rates and the Ukraine crisis.
For 2022 and 2023, the Central Bank projects that the country’s non-oil sector will expand 6.1 per cent and 4.2 per cent, respectively, on the back of the easing of pandemic-related restrictions, recovery in global travel and tourism and booming real estate and construction sectors, it said.
Along with the oil price boost, increased government and private sector spending is driving GDP growth, the Central Bank said.
Given the rally in oil and gas prices and the expected increase in production, 2022 has witnessed higher government revenue, boosting public spending further.
Government revenue increased in the first half of 2022 by 46.7 per cent on a yearly basis to Dh305.6 billion due to an increase in taxes and social contributions.
On the expenditure side, current spending rose by 6.1 per cent yearly in the first half of 2022 to Dh180.1 billion compared to 5 per cent during the same period of the previous year.
The central bank also revised its projection for the UAE headline inflation downwards to 4.9 per cent factoring the latest developments in oil prices, with the regulator forecasting average Brent prices to be around $102 a barrel in 2022, less than previously expected, in addition to a moderation in food prices, compared to a quarter ago.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
if you go
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Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
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.
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The bio
Favourite book: Kane and Abel by Jeffrey Archer
Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist
Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi
Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup
Hobbies: Reading and drawing
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Spec%20sheet
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%204.7%22%20Retina%20HD%2C%201334%20x%20750%2C%20625%20nits%2C%201400%3A1%2C%20True%20Tone%2C%20P3%3Cbr%3E%3Cstrong%3EChip%3A%3C%2Fstrong%3E%20Apple%20A15%20Bionic%2C%206-core%20CPU%2C%204-core%20GPU%2C%2016-core%20Neural%20Engine%3Cbr%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%2012MP%2C%20f%2F1.8%2C%205x%20digital%20zoom%2C%20Smart%20HDR%2C%20Deep%20Fusion%3Cbr%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%2B%40%2024%2F30%2F60fps%2C%20full%20HD%2B%40%2030%2F60fps%2C%20HD%2B%40%2030%20fps%3Cstrong%3E%3Cbr%3EFront%20camera%3A%20%3C%2Fstrong%3E7MP%2C%20f%2F2.2%2C%20Smart%20HDR%2C%20Deep%20Fusion%3B%20HD%20video%2B%40%2030fps%3Cbr%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20Up%20to%2015%20hours%20video%2C%2050%20hours%20audio%3B%2050%25%20fast%20charge%20in%2030%20minutes%20with%2020W%20charger%3B%20wireless%20charging%3Cbr%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Touch%20ID%3Cbr%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP67%2C%20dust%2C%20water%20resistant%20up%20to%201m%20for%2030%20minutes%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1%2C849%3C%2Fp%3E%0A
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Wonka
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