After expanding 3.8 per cent by 2021, the UAE economy is expected to grow by more than 6 percent this year, the Expo 2020 has improved Dubai-related tourism, construction and operations, the International Monetary Fund said.
Al-Eyd, who met with the United Arab Emirates from November 2 to November 17, said that the UAE economy expanded 8.4 percent in the first quarter of this year, exceeding initial estimates, as a result of high oil prices and successful mitigation measures. With the gradual decline in the epidemic, the removal of financial support for the temporary covid crisis for businesses and homes.
Tourism revenues were $ 19 billion in the first half of this year, while the total hotel guests reached 12 million. Growth in the number of hotel guests rose by 42 percent compared to the pre-infection period. As the demand and employment increased in demand and employment, business activities in the UAE’s non-oil private sector economy continued to improve in October.
Seasonal adjusted S&P Global Purchase Managers Index rose to 56.6 in October, which was 56.1 in September, dividing the expansion from the contraction to the neutral 50. Inflation tensions, which are relatively low in the UAE compared to the rest of the world, are expected to be gradually moderate, Mr Al-Eyd said.
Inflation in the Emirates will reach 5.6 percent by 2022, the UAE Central Bank said. Mr Al-Eyd said the central government would support the growth and growth of domestic capital markets by providing local currency loans. Despite the global economic uncertainty and headaches, high oil prices and healthy financial buffers will help alleviate the UAE’s risks.
“The banks as a whole have adequate capital and abundant liquidity, and property quality has improved moderately from infectious periodic peaks,” Mr Al-Eyd said. The total net income of the 10 largest lenders of the United Arab Emirates grew by more than 24 percent in the first quarter of 2022, which increased with a significant increase in their net interest income, and the profitability of banks as interest rates increased.
Officials seized assets worth $ 2.54 billion, while assets worth $ 2.19 billion were seized by the UAE officials over a one-year period. The International Monetary Fund (IMF) has said that the further advancement of planned financial reforms, including the expectation of corporate tax and the gradual expulsion of business tariff structures, will help in the development and financial coordination.
A consistent energy shift and robust long-term economic growth, according to Mr. Al-Eyd, “should help to deliver growth.”