S&P Global Ratings has affirmed its BBB+/A-2 credit rating for Sharjah on expectations that the emirate's economy will recover in the next three years thanks to a deficit reduction programme and added investment related to Expo 2020.
"We expect an acceleration in GDP growth in 2018, based on the increased economic activity in the real estate and construction sectors and the spillover effects of rising investment in nearby Dubai in relation to its World Expo 2020," said the rating agency, which held its outlook for the emirate's economy as stable.
The emirate's economy is expected to average 2 per cent growth a year from 2018 to 2021, S&P predicted. Sharjah's government has yet to disclose its own GDP growth forecasts for the coming year.
"In our view, the economic structure of Sharjah displays a relatively high degree of diversity, particularly compared with most Gulf Cooperation Council sovereigns." The agency noted that Sharjah's manufacturing sector contributes 17 per cent of the emirate's GDP while real estate, wholesale and retail trade, and financial services all account for more than 10 per cent of GDP.
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Plans for a trio of real estate projects worth Dh2.7 billion (US$734 million) to be built in Sharjah were unveiled by the emirate's ruler last week. The three mixed-use projects - Maryam Island, Kalba Waterfront, and Palace Al Khan - are the first to be developed by Eagle Hills Sharjah Development, a partnership between the Sharjah Investment and Development Authority (Shurooq) and Abu Dhabi-based real estate developer Eagle Hills.
S&P said that it didn't think the diplomatic rift between the UAE and Qatar would derail Sharjah's growth trajectory and that the emirate would benefit from rising oil prices. The rating agency in November raised its Brent oil price forecast by 10 per cent to $55 per barrel for 2018, amid expectations of growing crude oil demand and that Opec and other producers will continue to cut production beyond March.
"At this stage, we expect the diplomatic rift with Qatar will only have a limited impact on the UAE, including Sharjah," the agency said.
"We understand that some of the Qatari gas supply to the UAE is allocated to Sharjah Electricity and Water Authority. We expect the Dolphin pipeline from Qatar to the UAE will remain open, absent a further significant escalation in regional tensions."
Separately, S&P Global Rating also affirmed the 'A/A-1' rating of Ras Al Khaimah on expectations that the emirate's economy, like Sharjah's, would improve in the next three years. The rating agency said that it had a stable outlook on the emirate because it has low debt and a strong fiscal position. "We expect that the Emirate of Ras Al Khaimah will continue to record fiscal surpluses and maintain its low debt level," the agency said.
"The stable outlook reflects our expectation that RAK's economic performance will improve gradually over the period to 2021, supported by a recovery in domestic demand regionally and a high level of capital spending in the larger Emirates."
S&P said it was expecting GDP growth to average 2.5 per cent from 2018 to 2021. The emirate's government has yet to share its economic forecasts for the year ahead.
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
Villains
Queens of the Stone Age
Matador
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Roger Federer's 2018 record
Australian Open Champion
Rotterdam Champion
Indian Wells Runner-up
Miami Second round
Stuttgart Champion
Halle Runner-up
Wimbledon Quarter-finals
Cincinnati Runner-up
US Open Fourth round
Shanghai Semi-finals
Basel Champion
Paris Masters Semi-finals
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Killing of Qassem Suleimani
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Scoreline
Liverpool 3
Mane (7'), Salah (69'), Firmino (90')
Bournemouth 0
Killing of Qassem Suleimani
Brief scores:
England: 290 & 346
Sri Lanka: 336 & 243
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
Messi at the Copa America
2007 – lost 3-0 to Brazil in the final
2011 – lost to Uruguay on penalties in the quarter-finals
2015 – lost to Chile on penalties in the final
2016 – lost to Chile on penalties in the final
Points Classification
1. Marcel Kittel (Germany / Quick-Step) 63
2. Arnaud Demare (France / FDJ) 38
3. Andre Greipel (Germany / Lotto) 25
4. Sonny Colbrelli (Italy / Bahrain) 24
5. Mark Cavendish (Britain / Dimension Data) 22
6. Taylor Phinney (U.S. / Cannondale) 21
7. Geraint Thomas (Britain / Team Sky) 20
8. Thomas Boudat (France / Direct Energie) 20
9. Stefan Kueng (Switzerland / BMC Racing) 17
10. Michael Matthews (Australia / Sunweb) 17
