Abu Dhabi's economy is expected to grow by 3.9 per cent this year before picking up next year, senior officials say.
Expansion will reach 5.7 per cent between next year and 2016, the Abu Dhabi Department of Economic Development estimated yesterday.
The forecasts, the first by the Government for such an extended period, come as the euro-zone crisis and a slowdown in China batter the global economy.
"We have considered all the information about the global financial crisis and that might continue," said Mohammed Omar Abdullah, the department's undersecretary. "We included certain elements that might affect growth."
Abu Dhabi does not regularly release official GDP growth forecasts. Under the Abu Dhabi Economic Vision 2030, officials had targeted an annual growth rate of 6 to 7 per cent.
The Abu Dhabi Economic Outlook Report 2012-2016 signals the emirate may fall slightly short of those goals. Yet the overarching aim of the 2030 vision, to steer Abu Dhabi's economy away from oil, remains intact officials say.
The goal is to cut the emirate's reliance on oil to 36 per cent of GDP by 2030.
"It's a long-term march and throughout that march we plan to make the non-oil sector a bigger contributor to GDP than oil," said Mr Abdullah. "We do look at certain areas that impact on GDP."
The GDP forecasts would be reviewed annually and changed if the outlook worsened, said Mr Abdullah.
Growth estimates for this year were slightly lower than forecast by National Bank of Abu Dhabi.
"In terms of oil output, my sense is that oil output increased this year so there should be a good, strong contribution from the oil sector this year," said Giyas Gokkent, the chief economist of National Bank of Abu Dhabi.
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Killing of Qassem Suleimani
How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 
