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UAE real GDP expected to grow 2.5 percent in 2010
DUBAI - Strong growth in Abu Dhabi is expected to fuel a 2.5-percent increase in real Gross Domestic Product in the Emirates in 2010, a Dubai-based financial services company forecast in a report released on Monday.
“We expect the Emirates to emerge from the recession in 2010, and we are forecasting real GDP growth of 2.5 percent this year,” after a decline of 3.5 percent in 2009, said the author of SHUAA Capital’s report, Mahdi Mattar.
“This growth will largely be driven by strong projected real GDP growth of 4.1 percent in Abu Dhabi,” compared with a drop of 2.7 percent last year led by a sharp decline in hydrocarbons production.
Dubai’s economy, however, is expected to contract 0.4 percent in 2010, after a plunge of five percent last year, Mattar said in a statement.
The report projects stock markets in the seven-member United Arab Emirates (UAE) “to record gains of around 20 to 25 percent in 2010.”
According to the statement, SHUAA expects aggregate corporate earnings in the UAE to grow by around 17 percent this year.
And the report forecasts a further 10-percent drop in housing rents and asset values in Dubai, while real estate prices in Abu Dhabi are expected to remain stable.
In Dubai, property prices have already fallen around 60 percent from their peak in the summer of 2008, Mattar said.
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