List of all articles filed under “uae-sector-analysis” category.
UAE Sector Analysis
UAE GDP growth up 3.9% in 2012, expected to be up further 3.1% in 2013
Led by non-oil sectors that would continue to see massive infrastructure spending, primarily in Abu Dhabi and Dubai Global: UAE GDP growth up 3.9% in 2012, expected to be up further 3.1% in 2013
UAE Sector Analysis
Strong demand pushes prices and rents up in Dubai
Dubai real estate market has recovered at a phenomenal speed. Although sale and rental prices of property had begun rising in 2012 but the price hikes were limited to handful areas. In 2013 however, that recovery has been more widespread where there are palpable signs of a more profound recovery.
“UAE banking sector posted nearly $6.8 billion in profits for 2007, an increase of 29%. UAE Banking with economic fundamentals remaining strong, even the spread of the US subprime contagion may not make its way into the UAE banking sector”, says Ibrahim, whose bank is also facing growing competition. UAE Banking and Abu Dhabi Islamic Bank is booming, too. “Abu Dhabi Islamic Bank’s (ADIB) net income in the three months to March 31 – after depositors’ share – surged by 47% to 244.25 million dirhams ($66.5 million)”, says its CEO, Tirad Mahmoud. It is logical that a high growth of population means a treasure trove for retail banking : “The bank grew its distribution network in the UAE from 16 branches in 2004 to 44 branches as of now and will be adding four new branches by the end of the year.”
Whenever people talk about Dubai and the aviation industry, you can’t ignore one member of the ruling family: when Sheikh Ahmed bin Saeed Al Maktoum speaks, the global aviation industry is listening. Dubai would not be Dubai if it did not have dreams that go beyond the civil aviation industry. Dubai’s ruler, Sheikh Mohammed, announced the creation of the Dubai Aerospace Agency (DAE). Around US$ 15 billion will be invested in this giant that will pave Dubai’s path to a centre for designing, constructing planes and repairing aircraft. The DAE University had aimed to become a centre for educating pilots, aircraft designers and mechanics, but was forced to cancel the entire study program.
The real estate sector of the UAE has become the backbone of its non-oil economy. While Abu Dhabi, home to nine percent of the world’s proven oil reserves, does not really rely on sky-scrapers boom-down Dubai does. Oil is just one of many sectors there, only contributing around 3 percent to the emirate’s GDP. The total value of constructed real estate in UAE, from A for Apartment to Z for Zoo, is US$66.2 billion. The district Dubai Marina, 10 kilometres west of the seven star hotel, Burj Al Arab, consists of over 100 skyscrapers alone. Cranes, baggers and dust are present in the UAE, but the country always offers niches of tranquillity and cleanliness for tourists and its inhabitants in UAE real estate.
The first one is that, it is unprecedented in the world that, at the time when the second player entered the UAE telecom market, the level of penetration of UAE telecom market services was so high, not to mention the level of UAE telecom market saturation”. Mr. Sultan was confronted with the lack of coverage in the first months of Du. However, since then, the critics have gone silent. “So, that is one thing that created very high expectations of the market and the necessity for Du to really differentiate itself. Secondly, I cannot think of another example where a startup operation was licensed to offer fully fledged telecommunication services.
