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Topic

UAE central bank

UAE economy to grow 2.5pc in 2021 after shrinking 5.8pc last year

UAE economy to grow 2.5pc in 2021 after shrinking 5.8pc last year

Published 18 Mar, 2021 06:57pm
  • The coronavirus crisis hit the Gulf state hard last year, both via the shock of low oil prices and the huge toll it took on vital non-oil economic sectors such as tourism.
  • Non-oil GDP is likely to grow 3.6% this year, however, while oil GDP is likely to remain flat because of production cuts agreed by OPEC and its allies, the central bank said.
Liquidity of UAE banking system back to pre-COVID-19 levels: central bank

Liquidity of UAE banking system back to pre-COVID-19 levels: central bank

Updated 15 Mar, 2021 09:28pm
  • Banks' drawdown of a zero-cost liquidity facility under the TESS scheme stood at 22 billion dirhams ($5.99 billion) this month, down from a peak of 44 billion dirhams in the second quarter of last year, the central bank said.
  • The introduction of the stimulus package came at a critical juncture and ensured that banks were able to mitigate funding and liquidity pressures and maintain their lending capacity.
Dubai property prices down 0.9pc in third quarter

Dubai property prices down 0.9pc in third quarter

Published 22 Dec, 2020 06:33pm
  • The coronavirus pandemic has increased pressure on Dubai's property market, which for years has seen supply outstrip demand for new houses and apartments.
  • Citing data from the Dubai Land Department, the central bank said rents in Dubai fell 6.9% year on year in the third quarter.
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