Expo 2020 Dubai, tourism recovery key to UAE economic rebound in 2021 First Abu Dhabi Bank releases new investment outlook, predicting a V-shaped recovery for the UAE FAB noted that the rescheduling to October 2021 of the Expo 2020 Dubai will “add further strength” to the UAE economy The UAE economy should grow by about 2.5 percent this year after contracting by 6% in 2020 due to pressures relating to the global coronavirus pandemic and low oil prices. That’s according to a 2021 Global Investment Outlook Report published by First Abu Dhabi Bank (FAB), the UAE’s largest bank. The report, written by the bank’s industry experts, suggests a V-shaped recovery is possible for the UAE, with the sharp contraction of the past year followed by a steep increase in activity as the economy emerges from Covid-19. Dubai ruler hails ‘stellar success’ of UAE economy in overcoming challenges of 2020 FAB said important factors include a recovery in tourism and oil prices, and strong links to emerging markets. Based on projections from the Central Bank of the UAE (CBUAE), the national economy should grow by around 2.5% overall and 3.6% for non-oil sectors, after shrinking by around 6% in 2020 and 5% for non-oil. According to the report, FAB’s predictions for the UAE include “signs of an imminent improvement for incoming tourism, as pent-up travel demand and the country’s successful management of the Covid-19 virus converge to make the UAE a potentially top destination this year”. It noted that the rescheduling to October 2021 of Expo 2020 Dubai will “add further strength”, adding that an improvement in tourism will have a positive effect on other sectors, including retail and real estate activity, as the Covid-19 immunisation programme moves forward. FAB also predicted that the oil price for Brent will recover to average $58 per barrel this year, followed by $65 in 2022. “In the medium term, improved growth should also result from well-received reform initiatives, as well as from normalised relations with Israel and Qatar,” it added. Alain Marckus, managing director and head of Investment Strategy and Investment Management, Personal Banking Group, FAB said: “Global markets will begin a clear recovery from the Covid-19 downturn during 2021, but this will start with a move towards stability rather than acceleration. “Developed economies including the United States and Europe will feel continuing effects from cautious consumer spending, higher rates of unemployment following the pandemic, and business restructuring. The United Kingdom will also contend with the full impact of Brexit and its departure from the European Union.” He added: “Effectiveness in responding to the pandemic will likely be a factor in the speed of recovery in different markets, including the impact of stimulus measures. After their worst year in several generations, the world’s largest developing nations are poised for a strong recovery in 2021. As soon as vaccines are widely available, their economic recoveries could be very strong, given the record stimulus released in many of the large emerging economies this year.” He said that, among MENA markets, GCC states will benefit from government stimulus programmes and extra liquidity injected into local economies in response to Covid-19. According to Fitch Ratings, off-budget stimulus has amounted to nearly 30 percent of GDP in Bahrain and Oman, more than 10 percent in Kuwait, Qatar and the UAE, and more than 7 percent in Saudi Arabia. The report added that GCC economies will also benefit as oil demand and prices continue their slow recovery from severe falls in Q2 of 2020 although a return to the levels recorded in 2019 is probably not going to occur until 2022. Source: Arabian Business 2021-01-26 12:22:42 https://www.ld-export.com/upload/ld-export-5bb6b0-large.jpg
Expo 2020 Dubai, tourism recovery key to UAE economic rebound in 2021

Posted on Tuesday 26 January 2021. Reading time : 5 mins

Expo 2020 Dubai, tourism recovery key to UAE economic rebound in 2021

First Abu Dhabi Bank releases new investment outlook, predicting a V-shaped recovery for the UAE

FAB noted that the rescheduling to October 2021 of the Expo 2020 Dubai will “add further strength” to the UAE economy

The UAE economy should grow by about 2.5 percent this year after contracting by 6% in 2020 due to pressures relating to the global coronavirus pandemic and low oil prices.

That’s according to a 2021 Global Investment Outlook Report published by First Abu Dhabi Bank (FAB), the UAE’s largest bank.

The report, written by the bank’s industry experts, suggests a V-shaped recovery is possible for the UAE, with the sharp contraction of the past year followed by a steep increase in activity as the economy emerges from Covid-19.

Dubai ruler hails ‘stellar success’ of UAE economy in overcoming challenges of 2020

FAB said important factors include a recovery in tourism and oil prices, and strong links to emerging markets.

Based on projections from the Central Bank of the UAE (CBUAE), the national economy should grow by around 2.5% overall and 3.6% for non-oil sectors, after shrinking by around 6% in 2020 and 5% for non-oil.

According to the report, FAB’s predictions for the UAE include “signs of an imminent improvement for incoming tourism, as pent-up travel demand and the country’s successful management of the Covid-19 virus converge to make the UAE a potentially top destination this year”.

It noted that the rescheduling to October 2021 of Expo 2020 Dubai will “add further strength”, adding that an improvement in tourism will have a positive effect on other sectors, including retail and real estate activity, as the Covid-19 immunisation programme moves forward.

FAB also predicted that the oil price for Brent will recover to average $58 per barrel this year, followed by $65 in 2022.

“In the medium term, improved growth should also result from well-received reform initiatives, as well as from normalised relations with Israel and Qatar,” it added.

Alain Marckus, managing director and head of Investment Strategy and Investment Management, Personal Banking Group, FAB said: “Global markets will begin a clear recovery from the Covid-19 downturn during 2021, but this will start with a move towards stability rather than acceleration.

“Developed economies including the United States and Europe will feel continuing effects from cautious consumer spending, higher rates of unemployment following the pandemic, and business restructuring. The United Kingdom will also contend with the full impact of Brexit and its departure from the European Union.”

He added: “Effectiveness in responding to the pandemic will likely be a factor in the speed of recovery in different markets, including the impact of stimulus measures. After their worst year in several generations, the world’s largest developing nations are poised for a strong recovery in 2021. As soon as vaccines are widely available, their economic recoveries could be very strong, given the record stimulus released in many of the large emerging economies this year.”

He said that, among MENA markets, GCC states will benefit from government stimulus programmes and extra liquidity injected into local economies in response to Covid-19.

According to Fitch Ratings, off-budget stimulus has amounted to nearly 30 percent of GDP in Bahrain and Oman, more than 10 percent in Kuwait, Qatar and the UAE, and more than 7 percent in Saudi Arabia.

The report added that GCC economies will also benefit as oil demand and prices continue their slow recovery from severe falls in Q2 of 2020 although a return to the levels recorded in 2019 is probably not going to occur until 2022.

Source: Arabian Business

Contact us

info@ld-export.com +352 264 59 378

Our European Clients

Fettweis Packaging
CT Vlees Conserven
Sanders
Mark Dedrie
kersia
afix
airdeck
Early Birds
E-power
Fabié
Lacroix
Seaowl
albam
alotch
arem
ascania premium
awex
bc collection
belgian butters
berghoff
be matrix
brigitte ermel
beton de bonte
bm service
carconnex
carglass
centre européen du cheval
centre européen du cheval linalux
chameleon
clayton steam systems
cobel plast
conpalux
copex
covivins
creme de la creme
dalog
daucy
decathlon
decometa
delhez bois
denis fils
dumas
edialux
efc
egg event
electrominde
eleonor
equi4s
ett
europower
fruitsnack
flaxseed
fleurance nature
france macaron
gova plast
guilmin
gymna
harol
indigo care
jide
jodoca
kaasbrik
kakoon
krono spam
laborex
lanaform
lecluyse
lemmens
les délices du chef
lorbersa
macobo
maison colom
mdb profil
medical placement
metagenics
moments
multicom
nagi
night-orient
ng biotech
olympia
outlet avenue
oxylent
paiting with light
parkeon
peters autosport
plastic poo
pmc colinet
procell
qtee
rob
sabma
sag industry
seyntex
sweet pack
tein technology
the smiling cook
ulg
vandezande
waterpro
zenith

Contact us


Nous rassemblons et traitons les données à caractère personnel reçues de votre part via ce formulaire dans le cadre de la gestion de nos clients, de notre comptabilité et de notre marketing direct. En remplissant ce formulaire, vous donnez expressément votre accord à ce traitement (cochez la case « opt-in » ci-dessous). Vos données à caractère personnel ne seront transmises et conservées que dans la mesure et la durée rendues nécessaires par les finalités susnommées. Vous avez un droit de consultation, rectification, suppression et regard sur ces données. Le responsable du traitement est l’entreprise LD Export (38/16, Duarrefstrooss , 9990 Weiswampach). Pour de plus amples informations, vous pouvez consulter notre Data Protection Notice sur notre site Internet https://www.ld-export.com/fr/mentions-legales.html.