The economy of the United Arab Emirates (UAE) continued to benefit from political woes in the rest of the Arab world, but the upswing may face some hurdles in 2013.
The year 2012 was a watershed for the seven emirates comprising UAE, a major Arab oil exporter. The International Monetary Fund ( IMF) expects the UAE of having achieved a real GDP growth of 4 percent in 2012, driven by constant high oil prices, a revival of the once shattered real estate markets in Dubai and Abu Dhabi and a boom in tourism, trade and logistics.
For 2013, however, Masoud Ahmed, the IMF's director for the Middle East and Central Asia region, sketches a less optimistic picture, as he expects growth to decline to 2.6 percent, citing " difficult global environment." The ongoing Euro zone debt crisis and sluggish U.S. economic recovery are poised to weigh on both oil- and non-oil sectors.
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