Dubai Biggest Bank Joins HSBC in Predicting Faster U.A.E. Growth - Bloomberg

Dubai Biggest Bank Joins HSBC in Predicting Faster U.A.E. Growth - Bloomberg:

"Emirates NBD PJSC (EMIRATES), Dubai’s biggest bank, raised its estimates for economic growth in the United Arab Emirates this year to 4.4 percent, aided by an increase in oil output.
The forecast was raised from 3.8 percent, putting the second-biggest Arab economy on track for a higher growth rate than Saudi Arabia for the first time in at least four years, according to the bank’s quarterly economic report released yesterday. Emirates NBD lowered its forecast for Saudi economic growth to 3.9 percent from 5 percent after lower-than-anticipated expansion in non-oil industries during the first half of the year.
Even if U.A.E. oil production stabilizes at the current 2.9 million barrels a day, “the hydrocarbon sector is likely to contribute positively to overall gross domestic product growth this year,” economists Khatija Haque and Jean Paul Pigat, wrote in the report. Perhaps more important than the actual growth rate, “is the direction of change in the forecast,” they said."

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