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UAE central bank

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

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

  • 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.
Published 18 Mar, 2021 06:57pm
Liquidity of UAE banking system back to pre-COVID-19 levels: central bank
Business & Finance

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

  • 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.
Updated 15 Mar, 2021 09:28pm
Dubai property prices down 0.9pc in third quarter
Business & Finance

Dubai property prices down 0.9pc in third quarter

  • 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.
Published 22 Dec, 2020 06:33pm