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Free Zones Of UAE
- Abu Dhabi Airport Free Zone (ADAFZ)
- Abu Dhabi Ports Company (ADPC)
- Khalifa Industrial Zone Abu Dhabi (Kizad)
- Masdar City
- twofour54
- ZonesCorp
- Dubai Airport Freezone (DAFZ)
- Dubai Auto Zone (DAZ)
- Dubai Biotechnology & Research Park (DuBiotech)
- Dubai Cars & Automotive Zone (DUCAMZ)
- Dubai Flower Centre (DFC)
- Dubai Gold and Diamond Park (DGDP)
- Dubai Healthcare City (DHCC)
- Dubai International Academic City (DIAC)
- Dubai International Financial Centre (DIFC)
- Dubai Internet City (DIC)
- Dubai Knowledge Village (DKV)
- Dubai Logistics City (DLC)
- Dubai Maritime City (DMC)
- Dubai Media City (DMC)
- Dubai Multi Commodity Centre (DMCC)
- Dubai Outsource Zone (DOZ)
- Dubai Silicon Oasis (DSO)
- Dubai Studio City (DSC)
- ENPARK
- International Media Production Zone (IMPZ)
- Intl. Humanitarian City (IHC)
- Jebel Ali Free Zone (JAFZA)
- TechnoPark (TP)
- Hamriyah Free Zone (HFZ)
- Sharjah Airport International Free Zone (SAIF-Zone)
- RAK Free Trade Zone Authority (RAKFTZ)
- RAK Investment Authority (RAKIA)
- RAK Maritime City (RAKMC)
- Fujairah Free Zone (FFZ)
- Ahmed Bin Rashid FZ (ABRFZ)
- Ajman Free Zone (AFZ)
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UAE Freezones Biz News Updates
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UAE economy set for a sustainable boom
Solid fundamentals and non-oil sectors drive GDP growth, according to
Institute of International Finance
The UAE economy grew 4.7 per cent in 20013, the highest since 2006 (9.9 per
cent), supported by higher oil production and strong recovery in domestic
demand. This growth trend is forecast to continue into 2014 supported by
strong non-hydrocarbon growth, according to Institute of International
Finance (IIF).
While the overall UAE economic growth (real GDP) is expected to moderate to
4.2 per cent this year due to a decline in oil revenues, the IIF economists
have forecast a non-oil sector growth of 5.2 per cent. While Abu Dhabi’s
economy is projected to grow 3.6 per cent this year, Dubai’s GDP is expected
to grow in excess of 5 per cent.
“The completion of major infrastructure projects and the preparations to
host the Expo 2020 should keep economic growth in Dubai above 5 per cent in
the coming years. In the context of moderating growth rates in emerging
economies and relatively slow growth in the developed economies, the UAE
growth rate ranks among the most robust around the world,” said Garbis
Iradian, Deputy Director of IIF, Africa/Middle East.
Leading financial indicators such as equity market valuations, real estate
prices, business confidence index and the evolution of credit default swaps
(CDS) point towards strong non-oil sector growth.
Dubai’s sovereign CDS spreads declined from 226 basis points (bps) in 2012
to 181 at the close of the first quarter of this year indicating improved
market confidence in government debt and creditworthiness of government
related entities (GREs).
“The factors driving the economic growth and asset prices this time are
different,” said Iradian. While the last boom was driven by asset bubbles,
which boosted excessive credit growth, this time around credit growth is
reined in by macro-prudential measures such as regulatory limits on loans to
GREs and property investors based on strict loan-to-value ratios. The IIF
expects loan growth to moderate to 10 per cent this year from 13 per cent
last year due to the new regulations.
While Dubai’s $20 billion debt refinancing agreement with the Central Bank
of the UAE and the Government of Abu Dhabi has eased the debt servicing
burden, the IIF has cautioned Dubai against further build-up in public debt.
“Dubai’s debt is estimated at $130 billion or 132 per cent of its GDP, while
the refinancing agreement has postponed the obligations by another five
years, the government should exercise fiscal prudence. The recovery in asset
prices combined with strong underlying growth makes the debt manageable, if
there is no further accumulation,” said George T. Abed, Senior Counsellor
and Director IIF, Africa/Middle East.
May 5, 2014 |
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Courtesy Al Nisr Publishing LLC
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Emirates Of UAE
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