Tiqnea For economic consulting

  • Technical Services
    • Economic Feasibility Studies
    • Supply of equipment
    • Implementation and management of projects
    • Market Stats
    • Technical and executive consulting
  • About Us
  • Contact us
  • English
    • العربية
  • Feasibility study request
  • Register

Login To Tiqnea Company

  • Login
  • Register

Japanese bank: Dubai’s economy may contract 5.2% in 2020 and grow by 4.3% in 2021

  1. Home
  2. Japanese bank: Dubai’s economy may contract 5.2% in 2020 and grow by 4.3% in 2021

17 Aug 2020

Share post

Japanese bank: Dubai’s economy may contract 5.2% in 2020 and grow by 4.3% in 2021

DUBAI (Reuters) – Japan’s Mitsubishi UFG Financial Group said that Dubai’s economy is expected to contract by 5.2 percent this year due to the impact of the Coronavirus pandemic, but the Middle East Trade and Tourism Center may witness a rebound in growth to record 4.3 percent per year. Next.

The bank added in a report that while the vital economic sectors in the emirate were hit hard by the global health crisis, the indicators predict a return to normal economic activity.

The IHS Market Purchasing Managers’ Index, adjusted for seasonal factors, rose to 51.7 in July from 50.0 in June, the highest reading since December of last year, indicating improved conditions for companies.

“Dubai has been more exposed to the Coronavirus crisis than other regional economies, as more than a third of its economy – wholesale and retail trade, transportation, entertainment and hospitality – is clearly vulnerable to physical distancing measures and travel restrictions,” said Ihsan Khoman, head of Middle East and North Africa Research and Strategies at the bank.

But he added that the wealth of the federal government of the United Arab Emirates protected it from the crisis and that Dubai’s diversified economy made it quickly recover.

“We expect Dubai’s economy to contract by 5.2 percent in 2020, but next year’s recovery will be strong at 4.3 percent as foreign demand recovers and the postponed Dubai Expo is likely to attract large numbers of tourists,” he said.

Dubai was preparing to increase income and economic activity from hosting the exhibition during the current year, but it was decided to postpone it for a year due to the pandemic.

Similar posts

Gold is declining, awaiting the Fed’s minutes, amid the strength of the dollar

Gold fell during the Asian trading session today, Wednesday, and gave up its previous gains, as global markets awaited the minutes of the Federal Reserve meeting, the most important events […]

see more

Nikkei rises after gains in US technology stocks

TOKYO (Reuters) – The Nikkei benchmark index made slight gains at the close on the Tokyo Stock Exchange on Wednesday, with some tech stocks surging after the gains of their […]

see more

skilled: A mutation in the Corona virus makes it more contagious, but less lethal

SINGAPORE (Reuters) – A prominent infectious disease doctor said that the new Coronavirus has mutated increasingly common in Europe, North America, and parts of Asia and that this mutation makes […]

see more

Global health: The coronavirus outbreak is increasingly being driven by young people

The WHO Regional Director for the Western Pacific Region said on Tuesday that the spread of the Coronavirus is increasingly being led by people in their 20s, 30s and 40s, […]

see more

The rise in the price of “gold” worldwide, will it continue?

Gold rose on Monday morning in Asian trading, supported by signs of slowing economic recovery in the United States and Japan. Gold futures rose slightly by 0.04% to trade at […]

see more

Sources: China is ramping up US oil purchases before reviewing the trade deal

(Reuters) – US cargo brokers and Chinese importers said shipments of crude oil from the United States to China will rise dramatically in the coming weeks, as the world’s two […]

see more

التعليقات:

Do you want to subscribe to the mailing list to receive the latest studies and offers?

About Al-Tiqnea

Technical Economic Consulting Company was established in 2012, it was established by a team of investment professionals to become one of the leading investment companies to provide the best management consulting services to local international companies and institutions. Since its inception, the company has continuously expanded to become one of the largest leading consulting firms in the region through its branches located in the Arab world as well as representative offices in Europe.

Quick Links

  • Home
  • Blog
  • Technical Services
  • Contact us
  • About Us

Contact us

00201200006303 [email protected]

In front of Water Way - Fifth settlement - New Cairo

All copyright are reserved for (el-tiqnea ) 2012 @