UAE maintains strong growth despite global challenges — Hallmark Auditors
The UAE financial system persevered to witness robust financial development in spite of the tough local and international financial situations in 2016. The u . s . is making non-stop efforts to lessen oil dependence and withinside the context of low oil charges and a international slowdown. We maintain to peer the UAE because the nice positioned of the GCC economies in phrases of its capacity to face up to sustained decrease oil charges.
The manufacturing, construction, retail, actual estate, storage, transportation, telecommunications, and tourism industries, amongst others, recorded massive GDP contributions, demonstrating the u . s .`s regular and balanced steps in the direction of a post-oil technology coupled with well-knowledgeable regulations and applications to assure sustainable improvement.
The UAE`s GDP tripled withinside the beyond 10 years, mountaineering from nearly Dh511 billion in 2006 to Dh1.fifty eight trillion in 2015. The determine is predicted to attain Dh1.eight trillion with the aid of using the quit of 2016. The boom price at regular charges reached three.eight in keeping with cent final yr as compared to three.1 in keeping with cent in 2014.
Economists and analysts count on better oil sales with the predicted common oil fee boom to $fifty five in keeping with barrel subsequent yr from $forty four this yr must enhance the boom possibilities to the u . s . in 2017.
The UAE GDP boom is predicted to boost up to three.four in keeping with cent subsequent yr from an envisioned three in keeping with cent in 2016.
The monetary manipulate and the contemporary explanation of presidency spending regulations followed following the document decline in oil charges as compared to mid-2014 did now no longer save you the authorities from imposing counter cyclical regulations and tapping the state`s cumulative coins reserves.
Strong authorities spending focused at financial diversification and main infrastructure initiatives inclusive of the ones focused in instruction for World Expo 2020, in addition to the growth of airports, the Etihad rail network, air and marine shipping structures and street networks withinside the u . s . are predicted to reinforce the boom outlook.
In 2015, authorities spending reached Dh179 billion, up three.eight in keeping with cent from 2014 and with the aid of using four.five to six in keeping with cent as compared to stages earlier than the emergence of tremendous oil fee fluctuations. The u . s .`s financial diversification plan has contributed to the non-oil sector`s boom and boosted sustainable improvement withinside the medium and lengthy term.
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