The UAE economy is expected to expand by an average of 4 per cent over the next six years as oil prices remain steady and private sector activity picks up, according to an IMF forecast.
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Projected growth rates fall far short of the years before the global downturn when a bloated property market and plentiful credit turbocharged the economy.
"With oil prices remaining around US$105 per barrel over the medium term, the fiscal and external accounts will remain in surplus, and real hydrocarbon growth is projected to increase to 4.5 per cent," said a new IMF report.
The main medium-term risk to the economy would come from an estimated $169.3 billion (Dh621.3bn) of debt weighing down government-related entities, it said. Debt roll-over needs remained substantial in light of restructuring ongoing, it said.
It recommended the government should limit borrowing to avoid risks to banks and government-related entities.
GDP will increase from 3.3 this year to 3.8 per cent next year, before accelerating to 4 per cent in 2013, according to the fund's baseline scenario. It would reach 4.2 per cent by 2016.
Over the same period, the role of the non-oil sector in driving the economy would increase.
tarnold@thenational.ae
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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.
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Company%20Profile
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
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Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
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
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Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
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Engine: 1.5-litre turbo
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Torque: 230Nm
Transmission: 6-speed automatic
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Engine: 6.2-litre V8
Transmission: seven-speed auto
Power: 420 bhp
Torque: 624Nm
Price: from Dh293,200
On sale: now
