UAE s first half 2021 bank results point to economic recovery gaining traction gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
Dubai: Coronavirus pandemic pressed pause on the global economy’s progress. The UAE’s open economy hinged on tourism and oil encountered attacks from many directions. As the economy recuperates, its priorities over the next few years are expected to change.
A year into the fight between disease and development, the ramifications of the event are apparent. The Federal Competitiveness and Statistics Centre said the UAE’s economy contracted by 6.1 per cent in 2020. As the world’s air travel hub and an international centre of trade and business, the global restrictions on movement stunted the economy.
A look back
The Arab world’s second biggest economy witnessed the first contraction of its GDP since the financial crisis in 2009 as the pandemic led to a significant slump in rent, trade, foreign investment and energy prices.
UAE set for big global trade push khaleejtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from khaleejtimes.com Daily Mail and Mail on Sunday newspapers.
Dubai: National Bank of Ras Al Khaimah (RAKBank) has been in the forefront of extending financing to small and medium enterprises (SMEs) in the UAE. The bank is part of various initiatives by Emirates Development Bank, Dubai SME, Khalifa Fund and RAK SME in supporting SMEs and is keen to be part of the post-COVID recovery of this sector of the economy.
Speaking to Gulf News, Dhiraj Kunwar, Managing Director of Business Banking at RAKBank said there are clear signs of improving business confidence in the UAE and the bank expects to see a gradual pick up in credit demand supported by strong economic fundamentals.
UAE s GDP likely to grow by 2 4pc in 2021, says report tradearabia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tradearabia.com Daily Mail and Mail on Sunday newspapers.