{"id":89412,"date":"2024-02-26T00:00:00","date_gmt":"2024-02-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/economy-to-expand-by-4-in-2024-fab\/"},"modified":"2024-02-26T00:00:00","modified_gmt":"2024-02-26T00:00:00","slug":"economy-to-expand-by-4-in-2024-fab","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/26\/economy-to-expand-by-4-in-2024-fab\/","title":{"rendered":"Economy to expand by 4% in 2024 -FAB"},"content":{"rendered":"

First Abu Dhabi Bank (FAB) expects the UAE\u2019s GDP to grow 4%<\/strong>in 2024 <\/strong>on the back of expansion in the non-oil economy, the bank said in its UAE fixed income report (pdf)<\/a>. On the flipside, the oil sector is set to contract as a result of the temporary oil cuts in Saudi Arabia and lower oil prices, the Emirates\u2019 biggest lender said, expecting the UAE\u2019s economy to stay resilient and outperform emerging market economies.\u201d <\/p>\n

How FAB\u2019s projection compares to the rest of the class: <\/strong>The World Bank expects to see 3.7% growth in 2024, up from the previous estimate of 3.4% in the June edition of its report, while The Arab Monetary Fund sees the economy growing at a 4.3% clip<\/a>. On the more bullish side, S&P Global<\/a> expects the economy to accelerate to more than 5%, while the Central Bank of the UAE expects it to grow 5.7% and the Finance Ministry projects 5.3% growth<\/a>. <\/p>\n

The rationale: <\/strong>The \u201cUAE\u2019s non-oil PMI indicators suggest solid underlying momentum,\u201d FAB writes, citing S&P Global\u2019s purchasing managers\u2019 index (PMI), which has been running above the 50 threshold that separates growth from contraction since 2020. Activity in the UAE\u2019s non-oil private sector expanded<\/a> again in January, with the index hitting 56.6. <\/p>\n

Dubai\u2019s non-oil economy reeled in liquidity for the emirate<\/strong>, helping it deleverage over the past two years, driven by its \u201cstrong business momentum particularly in services, retail, tourism, real estate and construction,\u201d the report said. The lender expects the emirate to book a 4.6% fiscal surplus for FY 2023, according to its Investment Outlook 2024 report (pdf)<\/a>. <\/p>\n

DEBT MARKET OUTLOOK- <\/p>\n

The bank also has a positive credit outlook for the UAE in 2024<\/strong> on the back of \u201crobust credit fundamentals and a diverse investor base,\u201d it said in its fixed income report. All-in yield values are at a 10-year high, and an anticipated tapering of US treasury yields indicates positive returns for UAE credits, the report added.<\/p>\n

The country faces some USD 20 bn in bond maturities<\/strong>, which is another indicator that the bond market will remain liquid and active during the year, the report noted. <\/p>\n

THE REGIONAL ANGLE- <\/p>\n

The Emirati lender expects the GCC region to experience 3.4% <\/strong>growth in the medium term<\/strong>, \u201cdriven by the domestic multi-year investment cycle, particularly in Saudi Arabia, supported by various reforms being implemented in GCC countries,\u201d as well as a string of anticipated IPOs, according to the report. GCC equities are also expected to have a good year despite expected market volatility, as global inflation subsides and the Fed ends its monetary tightening cycle. <\/p>\n","protected":false},"excerpt":{"rendered":"

FAB projects the GCC to grow at a 3.4% clip in the medium term<\/p>\n","protected":false},"author":1,"featured_media":89413,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[19,7,212,20,266],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-uae","tag-fab","tag-gdp","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"dff71b34-6907-4a97-a7f0-f734b4b3cf1e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/25.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE GDP to grow 4% in 2024 -FAB","related_issue":[89399],"teaser":"FAB projects the GCC to grow at a 3.4% clip in the medium term","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.28ce256d-bb4d-4f6a-a741-fd4558cb0cb1.mp3"},"yoast_head":"\nEconomy to expand by 4% in 2024 -FAB - 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