A general view of the downtown area in Dubai, United Arab Emirates, December 08, 2021. REUTERS/Satish Kumar
DUBAI, Jan 9 (Reuters) – The Central Bank of the United Arab Emirates said it expects the UAE economy to grow 4.2% in 2022, accelerating from last year’s 2.1% growth.
The central bank’s projection, in its latest quarterly report on the economy, is rosier than that of the International Monetary Fund, projects the UAE economy will grow 3% this year.
Non-oil real gross domestic product (GDP) is expected to increase by 3.9%, due to a continued increase in public spending, positive outlook for credit growth, higher employment and better business sentiment with a world fair EXPO event in Dubai, the bank said on its website.
Oil GDP is forecast to grow 5% this year, reflecting the expected increase in demand with majority of the world economies being vaccinated, it said. Reporting by Saeed Azhar; Editing by William Mallard
This article was originally published by Reuters.
The IMF Executive Board completed the fourth review of Burkina Faso’s Extended Credit Facility Arrangement,…
FIA President Mohammed Ben Sulayem says MOU reflects commitment to deliver practical solutions supporting mobility,…
Century Tower completes handovers two months ahead of schedule in Business Bay as wider delay…
Leason Ellis LLP has strengthened its Patent Practice Group with the addition of a nine-member…
The Abu Dhabi Department of Energy (DoE) has introduced a new Efficient Appliance Procurement Policy…
Dubai has emerged as a global crypto leader through clear, forward-looking regulation, attracting capital and…