The UAE celebrated the 42nd anniversary of its establishment in 2013. Over this relatively short period of time, the country’s capital, Abu Dhabi, has rapidly developed to become a thriving metropolis. Although the emirate’s economic growth can be primarily attributed to its vast hydrocarbon resources, it has also made admirable progress...
With a sustained return to positive territory for its main index, a crucial upgrade to “emerging market” status by Morgan Stanley Capital International (MSCI) and a 282% rise in share exchange value in 2013 over 2012, Abu Dhabi’s exchange has had a good year. The developments have generated new optimism regarding the exchange’s ability to...
Among the banking sectors in the GCC, that of the UAE has grown to become the largest, and within this dynamic and competitive market the banks headquartered in the nation’s capital have expanded to become some of its most significant players. Over the past year they have demonstrated their resilience to unfavourable global economic conditions...
A number of reasons combine to make Abu Dhabi an attractive location for foreign direct investment (FDI), the most obvious of which is the emirate’s sustained positive economic performance. Indeed, Abu Dhabi’s real GDP grew at a compound rate of 5.6% between 2001 and 2012, according to the Abu Dhabi Department of Economic Development (ADDED),...
While the prudent expansion of lending activity is a fundamental principle of banking strategy, and a key indicator of a healthy economy, concerns over an overheating credit environment in the UAE were raised in 2013 by some industry observers. Of particular interest to the local press was a rapid rise in consumer borrowing, with credit cards...
In a speech delivered at a conference in Riyadh in early May 2012, Abdul Latif bin Rashid Al Zayani, the secretary-general of the GCC, addressed the numerous changes that have taken place in the region in recent years. “The new political, security and military challenges, at the regional and international levels, as well as insecurity in the...
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