The UAE economy is expected to grow 3.3 per cent this year amid an increase in public spending and higher oil prices, according to Saudi Arabia's Samba Financial Group.
"We expect an increasing shift towards higher capital and social spending," the bank said in its March economic report.
"This includes progress with the raft of development projects approved by the Abu Dhabi Executive Council," the report said
In January, the council announced plans to inject Dh330 billion (US$70.08bn) into the economy over the next five years to build homes, schools, roads and other vital infrastructure projects.
Ambitions to restart $1.1bn worth of previously postponed projects in Dubai, including the world's largest shopping mall and hotels, would also contribute to the UAE's economic growth, the report said.
Fund managers said the improved economic sentiment had triggered a long-awaited catalyst for the local bourses.
"The appetite is there - for both stocks and debt issues,"said Tariq Qaqish, the head of asset management at Al Mal Capital in Dubai. "These projects will revive the economic cycle and build on the infrastructure that the UAE requires to be one of the major hubs for trade and tourism," Mr Qaqish added.
The Abu Dhabi Securities Exchange General Index has risen 14.7 per cent since the start of the year, while the Dubai Financial Market General Index has gained 13.7 per cent in the same period.
Dubai Government's most recent sukuk issuance in January was "massively" oversubscribed, the report said, reflecting "strong market appetite for the UAE".
"Following $15bn in orders, the issue was raised to $1.25bn to include a $500 million 30 years component on market request."
]The Emirates had also benefited from its safe haven status amid regional Arab unrest, the report said. The Arab Spring uprisings had "encouraged capital flows and helped boost confidence (for the UAE)."
halsayegh@thenational.ae
The specs: 2018 Mercedes-Benz S 450
Price, base / as tested Dh525,000 / Dh559,000
Engine: 3.0L V6 biturbo
Transmission: Nine-speed automatic
Power: 369hp at 5,500rpm
Torque: 500Nm at 1,800rpm
Fuel economy, combined: 8.0L / 100km
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
COMPANY%20PROFILE%20
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Company%20Profile
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COMPANY%20PROFILE
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Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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
Specs%3A%202024%20McLaren%20Artura%20Spider
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Company%20profile
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VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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Killing of Qassem Suleimani
ASSASSIN'S%20CREED%20MIRAGE
%3Cp%3E%0DDeveloper%3A%20Ubisoft%20Bordeaux%0D%3Cbr%3EPublisher%3A%20Ubisoft%0D%3Cbr%3EConsoles%3A%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20Series%20S%26amp%3BX%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)