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UAE GDP likely to grow 2% in 2010: AMF

posted on 01/09/2010: 1293 views

The Arab Monetary Fund (AMF) expects the UAE gross domestic product (GDP) to grow by two per cent this year against a contraction of one per cent over 2009.

The periodical bulletin of the Arab Capital Markets performance and economic indicators for the first half of the year said that developments in the Abu Dhabi Securities Exchange and Dubai Financial Market indicated that the consolidated budget, based on the current oil prices, would register a total surplus of Dh 14 billion as compared to last year, or an equivalent of 6 per cent of the GDP.

The AMF noted that this surplus surpassed the last year's figure of Dh 4 billion but less than that of 2008.

On the monetary and banking sector, the AMF said domestic liquidity (M2) in the first four months of the year grew by 1.4 per cent to Dh 750.7 while combined assets of UAE banks rose less than one per cent to Dh 1.5 trillion.

'While the private deposits surged slightly at one per cent to Dh 713.3 billion by the end of April 2010, loans and advances offered to the private sector grew by less than one per cent to Dh 718.5 billion. The capital base went up 5.7 per cent to Dh 257.8 billion.

Monthly average transactions of the cheque clearance in the January-April period stood at 2.18 million cheques at a gross value of Dh 80.7 billion while dud cheques averaged 6.3 per cent against 6.1 per cent for the corresponding period last year.

The AMF report said the UAE's non-oil foreign trade rose 4.7 per cent in the first quarter of the year to Dh 172 billion while imports remained stable at the same level of last year's same quarter of Dh 113.4 billion. Non-oil exports swelled 23.4 per cent Dh 17 billion. Exports soared 12.7 per cent to reach Dh 40.9 billion.

In the first five months of the year, the AMF report showed that shares bought by foreign investors, including GCC nationals, on the Dubai Financial Market stock reached Dh 19.5 billion, accounting for 43.6 per cent of total trading value, while shares sold by them stood at 19.8 billion, or 44.3 per cent of total trading value. Net sales by foreign investors worth Dh 302 million.

On the Abu Dhabi stock market, non-national investors, including GCC citizens, bought in the first half of the year shares at Dh 3.6 billion or 40.4 per cent of total trading value and they sold share worth Dh 3.3 billion or 37.2 per cent of total market trading activities. In total, foreign investors on the Abu Dhabi financial market registered a net share buying of Dh 230 million. – Emirates News Agency, WAM


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