Abu Dhabi’s economic growth will catch up with Dubai next year, as government-led infrastructure projects provide a boost to the capital’s non-oil economy, an IMF official said yesterday.
The fund is projecting growth of 3.3 per cent for Dubai's economy this year, while Abu Dhabi is forecast to expand only 0.3 per cent because of its heavy reliance on oil, production of which has been cut in compliance with an agreement to cut crude output globally.
“Abu Dhabi has big oil and non-oil sectors [and] slower growth is due to the oil sector’s performance because of the Opec-led production cuts and exports that went down this year. It will recover next year,” said Jihad Azour, the director of the IMF’s Middle East and Central Asia department.
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Read more:
IMF calls on GCC to speed up reforms as it lowers growth forecasts
World Bank lowers growth forecast for Arabian Gulf on oil cut adherence
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As an Opec member, the UAE is obliged to adhere to an oil deal struck last November between the group and a separate group of oil-producing countries led by Russia, which is culling 1.8 million barrels of crude per day from the market until the end of next March.
The move is aimed at propping up prices in an oversupplied market. Brent last week rose above US$60 per barrel, partly on hopes the global deal will be extended beyond March.
Dubai’s economy, which recorded 2.9 per cent growth last year, is forecast to expand 3.5 per cent in 2018, while Abu Dhabi is projected to grow at a pace of 3.2 per cent compared with 2.8 per cent last year.
The UAE's overall growth is projected to slow to 1.3 per cent this year from 3 per cent last year, but pick up next year to reach 3.4 per cent.
“Growth in Dubai is cruising at a relatively good speed. Both Dubai and Abu Dhabi are more diversified economies than the other countries in the GCC,” said Mr Azour.
“You have the investments in the Expo 2020 and you have also investments in infrastructure in Abu Dhabi. Those factors are allowing these two cities to grow.”
Officials from government body Dubai Economy forecast that the emirate's GDP will expand 3.1 per cent this year and 3.6 per cent next year, as economic drivers shift from trade to real estate, manufacturing and tourism.
Dubai plans to spend Dh47.3 billion in 2017, a budget that will be driven by a 27 per cent jump in infrastructure spending as the emirate prepares for Expo 2020.
The IMF’s projections are slightly different from forecasts from two other Washington institutions – the World Bank and the Institute of International Finance.
The World Bank is forecasting growth of 1.4 per cent for the UAE this year, but a pickup of 3.1 per cent next year.
Overall growth is expected to rise to 3 per cent over the medium term thanks to a pickup in the non-oil sector, the bank said in a report last month.
“Non-oil growth is projected to rebound as the expected improvement in oil prices and its positive effects on confidence and financial conditions dampen the effects of fiscal consolidation; and as megaproject implementation ramps up ahead of Dubai’s hosting of Expo 2020 – expected to draw in many visitors, boosting private consumption and services exports,” the Washington lender said.
The Institute of International Finance, meanwhile, is projecting that the UAE’s economy will grow 1.5 per cent this year and accelerate further to 2.9 per cent next year.
“Economic performance is likely to improve in 2017 and 2018 with firming oil prices, improvement in global trade, and the expected easing pace of fiscal adjustment,” said the IIF in a recent report.
“We expect non-oil real GDP growth to accelerate to 3 per cent in 2017 and 3.5 per cent in 2018, supported by investment in preparations for the Expo 2020 and improvement in private sector sentiment with the gradual recovery in oil prices.”
It is forecasting that Dubai will grow 3 per cent this year, while Abu Dhabi’s economy will expand 0.8 per cent.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Company%20Profile
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COMPANY%20PROFILE
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The%20specs
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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.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY%20PROFILE
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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
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Company%20Profile
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Heather, the Totality
Matthew Weiner,
Canongate
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
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The%C2%A0specs%20
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THE SPECS
Engine: 3.6-litre V6
Transmission: nine-speed automatic
Power: 310hp
Torque: 366Nm
Price: Dh200,000
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
COMPANY%20PROFILE%20
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More from Neighbourhood Watch:
The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
'Cheb%20Khaled'
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Company%20profile
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