IMF visits Dubai
A delegation from the International Monetary Fund (IMF) accompanied by the Central Banks' representative recently visited the Dubai Economic Council (DEC).
The IMFs visit to DEC is part of its tour in the UAE for a better understanding of the economic status of Dubai and the DEC's role in the Dubai's economic development. The DEC representatives included Dr. Abdulrazak Al Faris, Chief Economic Counselor; Dr. Ali Al Sadik, Senior Economist, and Dr. Mahmoud Al Iriani, Economic Advisor, DEC.
The delegation was led by Mr. Herald Finger (Mission Chief) - Deputy Division Middle East and Central Asia Department. The mission also included other IMF members, Ms. Zsofia Arvai Senior Economist, ME and Central Asia Department and Mr. Ananthakrishnan Prasad (Senior Economist),ME and Central Asia Department- IMF. Accompanying the IMF delegation was Mr. Abdulsattar Faheem, Statistician from the UAE Central Bank.
On the sidelines of the meeting HE Hani Al Hamli the DEC Secretary General stated that the recent reports issued by the IMF are reflective of the continuous developments of the UAEs' economy. Al Hamli pointed out that the IMFs' positive outlook on the growth rates in emerging markets such as China and India will enhance optimistic forecasts on the growth of the UAEs economy and Dubai. It's expected that the Chinese economy would grow this year at a rate of 8.2 per cent to grow to 8.5 per cent in 2014, compared with 7.8 per cent in 2012. India is also expected to reach its growth rate this year to about 6 per cent to 6.4 per cent next year, compared with 4.5 per cent in 2012.
A recent IMF report said that global growth will strengthen gradually in 2013, as the constraints on economic activity start to ease this year. The recovery is slow, and the report stressed that policies must address downside risks to bolster growth.
"The UAE s' economy has surpassed expectations, Dubai is the most attractive and vibrant city when it comes to investments. One of the core reasons behind its economic strengths and success is its state of the art infrastructure system, which is a main component of a successful economy" said DEC Secretariat team. They added that in spite of the geopolitical changes taking place in the Arab region as well as the U.S. sanctions on some countries in the Middle East, all these variables did not stand in the way of the local economy's growth, on the contrary it has seen large capital inflows particularly Dubai. proving that Dubai it is the most favorable investment environment and tourist destination because of many factors most importantly economic and political stability and security, and the presence of a strategic vision about the future, in addition to the availability of modern infrastructure, and the maturity of economic institutions and to keep pace with technological developments and global management. DEC team also said that the recent reports issued by the General Secretariat of the DEC to the effect that Dubai is a leading position as a preferred destination for tourists on the regional and global levels.
“Dubai has become an alternative investment environment and tourist destination due to its security and stability. And the existence of a strategic vision about the future, in addition to the availability of modern infrastructure, and the maturity and economic institutions to keep pace with technological developments and global management.”
Prof. Al Faris also said that Dubai managed the recovery from the recession very well without enlarging its Government sector through its future planning. Commenting on the IMFs inquiry about the recent announcements made by the Ruler of Dubai on mega real-estate projects like the Mohammed Bin Rashid City, a $60 billion project and the Falcon City Of Wonders worth an estimated $2.5 billion, DEC team said these projects are being developed by semi government companies like Emaar, Dubai Holding and Falconcity of Wonders LLC (FCW) is proof of the private sectors' recovery and growth.
The DEC's positive view is a reflection of the progress the EPRC team has observed through its yearly and quarterly publications which are dedicated for tracking the economic progress, especially after the financial slow down.
Abdulsattar Faheem, Statistician from the Central Bank accompanying the IMF delegation said that the UAE's economic growth this year maybe better than the International Monetary Fund's estimates.
At the end of the meeting, Herald extended his thanks to the General Secretariat of the DEC for its cooperation with the IMF delegation and insight on the latest developments taking place in the economy of Dubai and the UAE, in addition to identifying the Council's expectations about the prospects for the foreseeable future of Dubai's' economy.
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