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14 April 2024

UAE economy set to surge despite hydrocarbon headwinds

By Staff

The UAE economy is set to grow by 3.3 per cent this year as the country showed a degree of resilience amidst the decline in hydrocarbon prices, according to forecasts by the latest Coface Country Risk Assessment.

Household consumption is expected to fuel the economic growth this year, the study said, adding that public investment will decline, limited by the drop in oil income.

Saudi Arabia, on the other hand, will post a growth of 1.8 per cent as sluggishness of the oil market continues to weigh negatively on the Saudi oil sector, it noted.

The UAE’s 2015 non-oil trade is expected to have hit Dh1.75 trillion, recording a 10 per cent increase year on year. This reinforces the country’s position among the top 20 trading economies of the world, Coface said in a media statement.

It also means that greater awareness of trade credit management is necessary, it noted.

Coface Emirates Services, the UAE arm of Coface, added that it has bagged the ‘Trade Credit Management Solutions Provider 2016’ award by Mena Insurance Review in Dubai.

“Our comprehensive knowledge of the trade credit space across the globe, including the Mena region, enables clients to safely conduct their business in any part of the world,” said Gregory Le Henand, Country Manager, GCC Countries, Coface Emirates Services.