UAE economic growth expected to rise to 3.9% in 2018

UAE forecast to see 3.9 percent economic growth in 2018. Picture shows Dubai’s skyline (AFP)
Updated 10 January 2018
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UAE economic growth expected to rise to 3.9% in 2018

ABU DHABI: Growth of the United Arab Emirates’ gross domestic product is expected to accelerate to 3.9 percent in 2018, a senior official of the Ministry of Economy said on Tuesday, citing a forecast by the central bank.
Abdullah Al-Saleh, the ministry’s undersecretary for foreign trade, was speaking at a business conference. Last month, the central bank estimated GDP growth in 2017 at only 1.6 percent, partly because of cuts in oil output under a global deal among producers.
This year, oil output is not expected to be cut further. Saleh also cited government investment in infrastructure projects and growth in foreign trade, which benefits Dubai in particular.
Last October, the International Monetary Fund projected the UAE economy would grow 3.4 percent in 2018.


OPEC may cancel April meet, but hold steady on oil output: Saudi energy minister

Saudi Arabia’s energy minister Khalid Al-Falih that April may be premature to make any production decision for the second half. (Reuters)
Updated 56 min 45 sec ago
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OPEC may cancel April meet, but hold steady on oil output: Saudi energy minister

  • ‘As long as the levels of inventories are rising and we are far from normal levels, we will stay the course guiding the market toward balance’
  • ‘The consensus we heard ... is that April will be premature to make any production decision for the second half’

BAKU: OPEC and its non-OPEC partners need to reconsider if there is a need for a meeting in April, Saudi Arabia’s energy minister said on Monday, adding that there was no pressure from the United States to increase supply.
“We are not under pressure except by the market,” Khalid Al-Falih told reporters ahead of a meeting of the Joint Ministerial Monitoring Committee (JMMC) in Baku, the capital of Azerbaijan.
“As long as the levels of inventories are rising and we are far from normal levels, we will stay the course guiding the market toward balance.”
The JMMC includes major oil producers Saudi Arabia and Russia and monitors the oil market and conformity levels with supply cuts.
“There is a consensus that has also emerged that no matter what, we should stay the course until the end of June.”
Asked whether he was updated on whether the United States administration would extend the waivers it granted to buyers of Iranian crude, which are due to end in May, Al-Falih said: “Until we see it hurting consumers, until we see the impact on inventory, we are not going to change course.”
The oil producers are due to meet next in April in Vienna, but Al-Falih said this may not happen.
“The consensus we heard ... is that April will be premature to make any production decision for the second half,” Al-Falih said.
“We may not have a meeting in April,” he said, adding that the JMMC may recommend this later on Monday.