UAE trade growth is expected to outpace the global average over the next 15 years, according to a recently released HSBC report. In that period, trade is expected to increase by more than 124% versus a world average of 86%. The forecast data shows that UAE companies expect to increase trade activity by 5.52 per cent annually over the next 15 years, with overall trade growth expected to grow by 124.03% tto 2026. Average world trade is expected to grow by 86% in the next 15 years. Growth in the MENA region overall is expected to be even more rapid, 131%, with Qatar’s growth in trade expected to top 150%. Egypt is expected to be the fastest growing exporter in the region, more than 167%, barring any further, major political instability. Across the region, oil and gas will be the sectors responsible for much of the growth.
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HSBC,
UAE Growth,
UAE Trade
Etisalat, the UAE’s largest telco, is seeking a syndicated loan for up to $2bn for general corporate purposes. The announcement comes just days after Etisalat took a $872 m write down on its Indian operations after the announcement that it is likely to lose its Indian license. On February 9 Etisalat also announced that its annual net profit had fallen 24% down to $1.58bn. Earlier last year the telco had organized a loan of $12bn to pursue a bid for a controlling stake it its Kuwaiti rival Zain, but that deal and offer were later pulled.
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Etisalat,
UAE Telecom,
Zain
Dubai expects to defy expectations in 2012 as economic growth accelerates in the emirate. After nearly defaulting in 2009, until Abu Dhabi helped to restructure $20bn in debt, Dubai expects that two of its main companies will be able to refinance $3,25bn in debt without government financing. Sheikh Ahmed bin Saeed Al Maktoum, the head of Dubai’s Supreme Fiscal Policy Committee, said that after expanding by 3% last year, Dubai’s economy could grow by 5% this year. Over the last two years, Dubai’s default risk has dropped and its benchmark stock index has grown by 12.5%. Travel and tourism have also grown significantly, and last year Dubai Airports saw an increase in traffic of 8% since 2010, handling a record 51 million passengers. Dubai and its state controlled companies face approximately $10.3bn in debt repayments this year.
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Ahmed bin Saeed Al Maktoum,
Dubai Debt
