{"id":366605,"date":"2024-05-20T13:27:18","date_gmt":"2024-05-20T16:27:18","guid":{"rendered":"https:\/\/anba.com.br\/?p=366605"},"modified":"2024-05-20T15:30:27","modified_gmt":"2024-05-20T18:30:27","slug":"uaes-growth-led-by-construction-and-other-sectors","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/uaes-growth-led-by-construction-and-other-sectors\/","title":{"rendered":"UAE’s growth led by construction and other sectors"},"content":{"rendered":"\n

S\u00e3o Paulo \u2013 The United Arab Emirates<\/strong> sees a strong economic growth<\/strong> driven by robust activity in the tourism, construction, manufacturing, and financial services sectors. Foreign demand for real estate, increased bilateral and multilateral ties, and the UAE\u2019s safe haven status continue to drive rapid growth in housing prices<\/strong> and an increase in rents<\/strong>, while adding to ample domestic liquidity.<\/p>\n\n\n\n

The information is from an International Monetary Fund (FMI<\/a>) statement released on Monday (20) after a staff team from the institution, led by Ali Al-Eyd, visited the UAE from May 2-16 and held discussions with local authorities.<\/p>\n\n\n\n

According to the statement, hydrocarbon gross domestic product growth is expected to increase this year, including on higher crude oil production<\/strong> from the UAE\u2019s OPEC+ quota increase. OPEC+ stands for the Organization of the Petroleum Exporting Countries. Fiscal and external surpluses are expected to remain high on the back of relatively high oil prices.<\/p>\n\n\n\n

Impacts from geopolitical tensions have been contained thus far, while the authorities delivered a rapid response to address the recent flooding episode. Overall real GDP is projected to grow by around 4.0% in 2024, and average inflation is expected to remain contained close to 2%.<\/p>\n\n\n\n

UAE: Risks<\/strong><\/h2>\n\n\n\n

Eyd points out that the outlook is subject to uncertainty and external risks, including those related to geopolitical tensions, global growth and financial conditions, and commodity price volatility. Uncertain impacts from climate change and the speed of global decarbonization efforts add to risks.<\/p>\n\n\n\n

However, the IMF says, the UAE\u2019s large public financial buffers help mitigate risks, while accelerated public and private investment and structural reforms, including to meet more ambitious climate goals and develop low-carbon and renewable energy and technology, could spur growth more than expected.<\/p>\n\n\n\n

Read on:
UAE witnesses largest rainfall since 1949<\/a><\/p>\n\n\n\n

Translated by Guilherme Miranda<\/strong><\/p>\n

\u00a9Giuseppe Cacace\/AFP<\/div>","protected":false},"excerpt":{"rendered":"

IMF report says the foreign demand for real estate, international ties and the Arab country\u2019s safe haven status drive rapid growth in house prices and an increase in rents.<\/p>\n","protected":false},"author":2316,"featured_media":366601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[28575,28577,1988,49424,9579,2650],"class_list":{"0":"post-366605","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-emirados-arabes-unidos-en","9":"tag-fmi-emirados-en","10":"tag-imf","11":"tag-imf-report","12":"tag-uae-en","13":"tag-united-arab-emirates"},"wps_subtitle":"IMF report says the foreign demand for real estate, international ties and the Arab country\u2019s safe haven status drive rapid growth in house prices and an increase in rents.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/366605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=366605"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/366605\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/366601"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=366605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=366605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=366605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}