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UAE Economy to Grow 0.5 Per Cent in 2009: Standard Chartered
DUBAI — Standard Chartered Bank, the UK lender, expects the UAE economy to grow 0.5 per cent this year as confidence slowly coming back to the market.
The Minister of Economy Sultan bin Saeed Al Mansouri said last week that key indicators show that economic growth will be back on track by the last quarter of 2009 and start of 2010.
“We are still expecting some job losses in the UAE economy but nowhere near the same rate as in the beginning of 2009 and in the first half of this year,” Shayne Nelson, the chief executive officer of the bank for the Middle East and North Africa, said at a news conference in Dubai on Monday on the sponsorship deal with Liverpool Football Club.
The International Monetary Fund forecast in May that full-year economic growth in the Middle East would halve in 2009 and that the UAE’s economy would contract by 0.6 per cent.
The banks HSBC and Standard Chartered both predicted the nation’s economy to end the year showing
positive growth.
The UAE economy expanded by 7.4 percent last year as record oil prices helped boost government income, and the outlook for 2010 is positive. Dubai has been hard hit during the ongoing global credit crisis as the property market underwent a correction and oil prices fell from their $147 a barrel peak. But there are signs of an economic recovery as reflected by a rise in bond prices, Nelson said.
The UK lender remains positive about the medium-term economic outlook for the emirate and believes the risk appetite for the Gulf region’s bond market improving. “We remain pretty optimistic about the medium term, albeit there is some short-term pain the ermirate has to go through,”
Nelson said. Standard Chartered acted as a joint bookrunner in a recent $1.5 billion in bonds, sold by Abu Dhabi National Energy Company. He said there were more deals in the pipeline, declining to be more specific.
Regarding rising default in consumer banking Nelson said, “We should probably see some tailing off of some of the problems in the consumer book by the end of 2009.”
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