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RIYADH: The UAE is poised for positive economic growth as it is projected to achieve a 3.6 percent increase in its gross domestic product this year, driven by robust domestic activity, said the International Monetary Fund.
Following an impressive growth rate of 7.9 percent in 2022, the UAE’s economy is expected to maintain its upward trajectory in 2023, benefiting from sustained tourism activity and higher capital expenditure, the IMF said in its 2022 Article IV assessment.
In a press release, the IMF said the UAE’s non-hydrocarbon sectors would grow by 3.8 percent this year, primarily driven by strong domestic reforms.
However, the international body said that the emirate’s economic outlook is not without risks. The global landscape remains uncertain, encompassing weaker growth, tighter financial conditions and geopolitical developments.
Nevertheless, it added that the UAE’s implementation of comprehensive reform efforts presents potential upside risks for medium-term growth.
“Inflation has risen with global trends but is expected to ease to 3.4 percent in 2023. Fiscal and external surpluses are expected to remain high on the back of elevated oil prices. Banks are adequately capitalized and liquid overall, but nonperforming loans remain elevated, albeit down from recent peaks, and real estate prices have risen sharply in some segments,” the IMF stated.
It emphasized the positive impact of the country’s ambitious reform initiatives outlined in the UAE 2050 Energy Strategy.
These efforts have successfully stimulated trade and attracted foreign direct investments, solidifying the country’s position as an attractive destination for international businesses.
UAE stocks reach $59bn in market value in H1 2023
The UAE’s local stocks witnessed a substantial increase in market value, totaling approximately 220 billion dirhams ($59.9 billion) in the first half of 2023.
Emirates News Agency reported that the surge is primarily attributed to heightened demand from foreign investors and the addition of new listings.
The Abu Dhabi Securities Exchange, or ADX, and the Dubai Financial Market experienced notable growth in market value, primarily driven by four new listings.
These included ADNOC Gas and Presight AI in the ADX. ADNOC Supply and Services and Al Ansari Financial Services were listed on the DFM.
The combined value of stocks traded on the UAE’s primary exchanges reached 3.42 trillion dirhams by June, with the ADX accounting for 2.77 trillion dirhams and the DFM accounting for 652.1 billion dirhams.
Trading activities in local stocks during the year’s first half exceeded 218 billion dirhams. The majority of these transactions, amounting to 171.6 billion dirhams, took place on the ADX, while the remaining 46.4 billion dirhams occurred on the DFM.
The total shares exchanged reached approximately 53 billion, with 27.6 billion traded in Abu Dhabi and 25.4 billion in Dubai. Over 2.5 million transactions were completed on both exchanges during this period.
Boeing launches internship program to foster local talent
Global aviation giant Boeing launched an internship program in the UAE to cultivate local talent and capabilities in the aerospace sector.
The program offers interns the opportunity to work alongside Boeing professionals for 10 weeks, helping them gain knowledge and skills essential for a successful career in the sector.
“Through the Boeing META Internship Program, we aim to help students reach their full potential and inspire them to pursue a rewarding career in aerospace,” Kuljit Ghata-Aura, president of Boeing Middle East, Turkiye and Africa, said.
The Boeing META Internship Program aligns with the company’s commitment to supporting career skills programs and investing in science, technology, engineering, mathematics, education and workforce development initiatives.
“We are delighted to onboard the Emirati interns and contribute to the national aspirations of the UAE in terms of sustainable local talent development,” said Noor Al-Yafei, Boeing’s human resources director in the Middle East and Africa.