"I expect it will be better than 3.9 per cent,-? undersecretary Mohamed Omar Abdulla said in an interview. "We encourage banks to go for productive activity to encourage the manufacturing and industry sectors.-? Growth will slow from 6.8 per cent in 2011 as global demand for oil weakens.
The Abu Dhabi government, which runs one of the world's richest sovereign wealth funds and is the biggest contributor to the United Arab Emirates' budget, is seeking to bolster non-oil industries. This year's forecast, which Abdulla said was 'conservative', exceeds the International Monetary Fund's 3.3 per cent estimate for global economic growth.
The emirate, which holds Standard & Poor's third-highest investment grade, expects non-oil output to accelerate at an average pace of 6.5 per cent a year through 2016. Non-oil industries, which accounted for 48 per cent of gross domestic product (GDP) in 2011, will expand 5.5 per cent in 2012 from 4.1 per cent last year, according to government forecasts.
Non-oil merchandise exports from the emirate's ports more than doubled in July compared with the same month last year and imports declined 6.7 per cent. The government published real GDP annual data for the first time this month.
Oil increase
"Beating estimates is always positive, but without historical data or any breakdown for 2012, it's hard to see which sectors may have performed better than expected,-? Khatija Haque, senior economist at Emirates NBD said.
"Oil production estimates for the UAE show a strong increase this year, so that may contribute to a better than expected outcome.
-?UAE oil production has risen 3 per cent so far this, according to data. Oil prices fell as low as $77.69 a barrel in June this year.
The price closed at $90.05 barrel on October 19. A number of the emirate's biggest companies are part-owned by the government. National Bank of Abu Dhabi, the nation's second-largest lender by assets, is 70 per cent owned by the Abu Dhabi Investment Council, and Aldar Properties, the emirate's largest developer, is 35 per cent owned by government-run Mubadala Development Company.
"The government has taken this responsibility, but with the aim to give it back,-? Abdulla said of state support of non-oil growth. "I don't know when is the correct time to give it back.-?
The IMF has long urged authorities in the Gulf Cooperation Council (GCC) to reduce their reliance on oil for growth to create more jobs and protect their economies from fluctuations in oil prices. Abu Dhabi holds about 6 percent of the world's proven reserves of crude.
Abu Dhabi is encouraging companies to sell shares as a means to help 'spread the wealth' and raise capital.
Source: http://www.timesofoman.com/innercat.aspx?detail=14706
tim ferriss wmt human nature arkansas football howard johnson blackhawks levon helm
কোন মন্তব্য নেই:
একটি মন্তব্য পোস্ট করুন