Dubai was responsible for most of the country's non-oil exports in the past year, performing robustly against a global decline to record world trade growth of 23 per cent.
Dubai was responsible for most of the country's non-oil exports in the past year, performing robustly against a global decline to record world trade growth of 23 per cent.

Experts say UAE economy poised to strengthen next year



Economists foresee a rosier economic outlook next year as the UAE gains momentum from stable oil prices and robust emerging markets.

Growth should accelerate to 3.5 per cent next year, according to the average forecast in a poll of 10 leading economists by The National.

Only one of the respondents said they expected the economy to record lower expansion compared with this year. The IMF forecasts growth of 2.4 per cent this year.

"Growth is coming back," said Giyas Gokkent, the chief economist and head of research of the asset management group at National Bank of Abu Dhabi.

"Arguably, excessively rapid growth created vulnerabilities in the past."

Expected expansion next year is still about half the level of the peaks of the rapidly growing boom years when the country was catapulted forward by high leverage and runaway oil prices.

The poll asked respondents their views about the economy including signs for optimism and barriers to higher growth. Not all of those polled answered every question.

The results suggest parts of the economy would still be in a state of recovery from the depths of the global downturn.

They also provide a gauge as to where the UAE may rank within the global economic picture next year. Growth should outflank many developed countries in the West still grappling with debt and unemployment.

However, it will lag the top-performing BRIC countries - Brazil, Russia, India and China - and even most other GCC states.

The economists based their outlook on an average oil price projection of US$86 per barrel.

Respondents were split on the question of whether it was more likely the economy next year would outperform their forecasts than under perform. Four economists said the risks were more to the downside; three believed they were more to the upside. Two said risks existed in both directions.

An improving economic outlook for the UAE follows a period of transition since the global downturn.

The recession choked demand for oil, sending prices plummeting as low as $33 per barrel in December 2008. Declining valuations in the country's property market, a contraction in lending and debt from global investments that soured also hurt the economy. Some of these problems were cited by economists as barriers to higher growth.

Credit availability was attributed as a roadblock to growth by six economists. Some businesses, especially smaller firms, have complained that a lack of credit access was constraining their ability to expand. In addition, sluggish lending conditions are making it difficult for the Federal Government to offload some of the burden of driving the economy to private industry. Part of the problem is that banks remain hampered by their ability to lend until they improve their loan-to-deposit ratios. "The sharp slowdown in credit growth, if it persists, may expose problematic loans that have been masked by the generally favourable banking profitability conditions in the UAE," said Garbis Iradian, the deputy director of the Africa and Middle East department at the Institute of International Finance (IIF).

The property market was pinpointed as the economic sector all respondents said they were least optimistic about.

An oversupply of housing and offices in some areas means the market is expected to remain weak for the next year at least. Another concern is the handling of sovereign and corporate debts built up mainly in Dubai. Four respondents said the issue would inhibit growth.

Agreements with creditors of debt restructuring by Dubai World and, most recently, Dubai Holding, have helped avert fears of a large-scale default.

Dubai has US$24 billion (Dh88.15bn) of debt stemming from state-related companies coming due next year, according to the IIF. "There is still some residual anxiety about skeletons in the closet of Dubai Inc," said Jarmo Kotilaine, the chief economist for Saudi Arabia's National Commercial Bank. "Further restructuring would probably be far less disruptive than Dubai World but could still result in discontinuities."

Fast-tracking reform of laws surrounding the private sector is seen as a priority by the Government. Two respondents said failure to implement such legislation would be an impediment to the economy.

An array of reforms are awaiting approval on issues such as assisting small businesses and opening up foreign ownership limits for companies in certain sectors.

Foreign business groups have highlighted such reform as important to attracting more overseas private investment.

"Legislative issues need to be addressed because they bring down funding costs and increase the absorptive capacity of the economy," said Shady Shaher, the economist for the MENA region at Standard Chartered.

Asked which sector of the non-oil economy they were most optimistic about, trade, logistics and transport were highlighted by most economists.

Trade has proven one of the most resilient parts of the economy.

Last year Dubai, responsible for most of the country's non-oil exports, bucked a global decline to record world trade growth of 23 per cent.

RESULTS

2pm: Handicap (PA) Dh40,000 (Dirt) 1,000m
Winner: AF Mozhell, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)

2.30pm: Maiden (PA) Dh40,000 (D) 2,000m
Winner: Majdi, Szczepan Mazur, Abdallah Al Hammadi.

3pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Athabeh, Tadhg O’Shea, Ernst Oertel.

3.30pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Eshaar, Bernardo Pinheiro, Khalifa Al Neyadi

4pm: Gulf Cup presented by Longines Prestige (PA) Dh150,000 (D) 1,700m
Winner: Al Roba’a Al Khali, Al Moatasem Al Balushi, Younis Al Kalbani

4.30pm: Handicap (TB) Dh40,000 (D) 1,200m
Winner: Apolo Kid, Antonio Fresu, Musabah Al Muahiri

Fitness problems in men's tennis

Andy Murray - hip

Novak Djokovic - elbow

Roger Federer - back

Stan Wawrinka - knee

Kei Nishikori - wrist

Marin Cilic - adductor

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).

Disposing of non-recycleable masks
    Use your ‘black bag’ bin at home Do not put them in a recycling bin Take them home with you if there is no litter bin
  • No need to bag the mask
Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
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
Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The specs: 2019 Audi A7 Sportback

Price, base: Dh315,000

Engine: 3.0-litre V6

Transmission: Seven-speed automatic

Power: 335hp @ 5,000rpm

Torque: 500Nm @ 1,370rpm

Fuel economy 5.9L / 100km