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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      New study reveals that UAE is most competitive economy in the Arab world

      New study reveals that UAE is most competitive economy in the Arab world

      Top 10 listed companies in the Middle East

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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

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        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          UAE sends medical aid to Iraq to fight COVID-19

          UAE sends medical aid to Iraq to fight COVID-19

          UAE launches phase III trial of inactivated Covid vaccine

          UAE launches phase III trial of inactivated Covid vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          COVID-19 vaccine could be available by autumn: Oxford University

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Communication
            • Digital
            • Economy
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            • Transport & Logistics

            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

              • IFP Events

                Project Oman

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                Pacprocess MEA

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              Dubai economy showed solid performance in 2015

              Oxford Business Group

              January 24, 2016
              in Economy
              0

              The year was led by solid performance in established sectors of the economy, including financial services, transport, manufacturing and construction, which helped Dubai weather the knock-on effects of lower oil prices throughout 2015.

              The emirate is expected to record full-year GDP growth of around 4%, according to estimates from the Department of Economic Development released in early December. Inflation cooled somewhat in the latter half of the year, as the consumer price index fell from 4.68% year-on-year (y-o-y) in May to 3.07% in November.

              Looking ahead, Dubai’s drive to create a knowledge-led economy is set to gather further steam, bolstered by legal reforms and project rollouts that took place in 2015 against the backdrop of the UAE’s “Year of Innovation”.

              Smart ambitions
              Innovation and its role as a driver of entrepreneurship remained high on the agenda in 2015, with progress made on the Dubai Smart City (DSC) initiative. The programme, which plans to integrate all government services and facilities with the internet and mobile devices in the coming years, forms part of Dubai’s broader plan to extend connectivity and encourage investment in the emirate’s digital infrastructure.

              The DSC programme was supported by related developments, including the launch of the Dubai Open Data Law, which will increase public access to non-sensitive government information.

              Additionally, during a high-profile event in November entitled “Innovation Week”, around Dh300bn ($81.7bn) worth of innovation-oriented projects were announced.

              Trade and investment expectations
              Other milestones from 2015, aimed at physical rather than digital infrastructure, are also expected to spur investment and trade.

              The Public-Private Partnership (PPP) Law, introduced in late October, will give infrastructure development greater flexibility, as projects in preparation for World Expo 2020 gain pace. The law codifies various models of PPP activity, including build-own-operate-transfer and design-build-operate schemes.

              Investment in Dubai is also set to benefit from the new UAE Commercial Companies Law released in July, which aims to lower the bureaucratic hurdles for foreign firms looking to expand their footprint in the country.

              Despite recent regional tensions, the easing of sanctions against Iran in mid-January signals further good news for Dubai, with the IMF predicting that the resumption of trade with its neighbour, particularly in non-hydrocarbons sectors, will add one percentage point to the UAE’s GDP growth between 2016 and 2018.
              Dubai could see its trade reach extended further in the coming years, as the UAE continues negotiations on a possible free trade agreement with China.

              The emirate also continued to strengthen its position as a global Islamic economic hub in 2015, buoyed by growing investor interest in sharia-compliant finance. Its efforts received a boost in December with the issuing of a law establishing the Emirates Global Centre for Accreditation.

              Market indicators
              While Dubai’s banking sector recorded 8.7% y-o-y credit growth in the third quarter of 2015, attributed in part to the lead up to World Expo 2020, Moody’s warned in early December that a liquidity crunch was expected in both the UAE and the broader GCC region.

              The growth in international passengers at Dubai’s main airport over the past decade has also given other industries from tourism to retail a boost, and they are expected to continue to thrive on the aviation sector’s expansion this year even after the recent plunge in oil prices, economists said.

              Dubai International Airport announced yesterday that it expects 79 million passengers this year, becoming the world’s busiest in terms of international traffic last year, overtaking London’s Heathrow.

              “To have that position as a regional strategic hub, you need to have good transportation, good access to the rest of the region and the world,” said Razan Nasser, a Dubai-based economist at HSBC. “Dubai has that geographic and time zone advantage and it has played quite well upon that with the airport story. It makes it very strategic for businesses to locate their headquarters here. And it’s also definitely played into the tourism and the trade stories.”

              The UAE economy has been given a push in the past couple of years by government spending on infrastructure that has included not only airports but other civil projects such as roads, hospitals and museums.

              Last year the economy of the UAE grew by more than 4 per cent, and while this year it may be slowed by lower oil prices, economists say the part of the country’s GDP that is not heavily dependent on hydrocarbons to make money will still flourish, including transport and tourism.

              The aviation industry is expected to contribute 32 per cent to Dubai’s GDP by 2020, according to government estimates.

              “Dubai’s economy is much more diversified [than others in the Arabian Gulf,” said Alp Eke, a senior economist at National Bank of Abu Dhabi. “Lower oil prices are going to have a multidirectional effect. While it will lead to contraction in the oil-related sector, it will have a positive boost in retail, tourism and the transportation sectors.”

              Since June, the price of crude has declined by 60 per cent amid waning demand from emerging markets and an increase in production from North America. Oil revenue pays for some 60 per cent of the federal budget.

              Rapidly expanding airport hubs in Dubai, Abu Dhabi and Doha are not only grabbing market share from Heathrow but other longer-established rivals in Europe as more international air traffic is routed through the Arabian Gulf.

              “This announcement reflects the success of Dubai’s economic strategy,” said Carla Slim, the Middle East and North Africa economist at Standard Chartered bank. “It cements Dubai’s position as a major tourist destination in the region but also as a gateway for trade, logistics and regional services.

              “Given that these are the core sectors and drivers of Dubai’s economy, we are not surprised to see that the emirate is receiving dividends from its investments.”

              Bond prices and credit default swaps saw relatively little movement in 2015, reflecting continuing investor confidence in Dubai’s sovereign debt, though market optimism waned somewhat towards the end of the year. The Dubai Financial Market General Index fell to a two-year low in the second week of December amid concerns over energy prices.

              Dubai’s property market also cooled over the year, with residential sale prices falling by around 10% y-o-y in the third quarter of 2015, according to real estate consultancy JLL. Rental costs have also declined, albeit at a slower rate.

              Major projects progress
              While some markets softened in 2015, growth in the emirate was buoyed by the continued roll out of mega-projects, including the $545m phased Dubai Water Canal Project, which was 61% complete as of early January. Once the project is concluded, likely in late 2016, it will connect the Business Bay development with the Gulf.

              Work is also advancing on other major initiatives, including the $1.6bn Bluewaters Island project, Dubai Creek Harbour, and the creative hub and free zone Dubai Design District, or d3. In the year ahead, ground is expected to be broken on additional ventures, such as Aladdin City.

              Transport mega-projects also progressed in 2015, with approval given in April for Route 2020, a 14.5-km extension to Dubai Metro’s Red Line that will connect strategic hubs to the World Expo 2020 exhibition site. The project plans to break ground in April, according to the Roads and Transport Authority.

              The drive to improve connectivity ahead of World Expo 2020 also saw Dubai International Airport (DIA), now the world’s busiest in terms of international travellers, record higher passenger traffic in 2015.

              Ground operations firm Dnata said it handled a combined 256,000 passengers at DIA and Dubai World Central on December 18 – the busiest day of the year at both hubs – marking a 4% increase over 2014.

              Meanwhile, the extension of the Al Maktoum International Airport, scheduled to be completed in early 2022, also moved ahead, with annual passenger-handling capacity set to rise from 5m in 2015 to 7m by early 2016, before scaling up to 130m upon completion.
              Oxford Business Group
              25 January

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