After a positive start to the summer, all asset classes are back in the red, with serious concerns affecting each of them. The worst is certainly not priced-in but it’s also never certain; we are cautious but less pessimistic than most for the medium-term
Tag: Economics
The UAE is the Arab world’s second-largest economy after Saudi Arabia. Its capital emirate Abu Dhabi is home to approximately 6 percent of the world’s proven oil reserves. Hydrocarbons – oil and natural gas – and related products are still the country’s main sources of revenues. However, in recent years it has intensified efforts to diversify its economy away from reliance on oil and gas by establishing industries such as manufacturing, aviation, tourism, retail, real estate, services and ship repair.The International Monetary Fund has forecast GDP growth in the UAE at 4 percent in 2013 and 3.9 percent in 2014, driven by investments, trade and logistics. The measure stood at $360 billion in 2012. The country’s currency is dirham (AED), which is pegged to the US dollar and the average per capita GDP is estimated at $48,158. The government’s debt stands at roughly 40 percent of GDP.
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