UAE’s non-oil contribution to GDP hits 72.3pc

THE UAE’s non-oil sector contribution to the GDP amounted to 72.3 percent in 2021, up from 71.3 percent in 2020, a media report said.

The hotels & restaurants, wholesale & retail and health & social services sectors contributed 21.3 percent, 14.1 percent and 13.8 percent respectively, during the reference period, reported Emirates News Agency WAM, citing data by the Federal Competitiveness and Statistics Center.

The UAE’s GDP at constant prices achieved a growth of 3.8 percent in 2021, exceeding the forecasts of relevant international institutions, which expected the growth of the country’s GDP for the same year to reach 2.1 percent.

Abu Dhabi records 21.5pc jump in new licences

ABU DHABI saw the issuance of 25,427 new licences, up 21.5 per cent compared to 2020 figure of 20,925, according to the 2021 Business Activity Report published by the Abu Dhabi Business Center at the Abu Dhabi Department of Economic Development (ADDED).

The report also revealed that renewed economic licences increased to 83,484, growing by 15.8 per cent, from 72,070 in 2020, a clear indication of continued post-pandemic recovery, growth, and development.

As per the report, of the 25,427 economic licences issued, commercial sector licences made up 24,077, up 21.4 per cent from 19,839 in 2020, with professional sector licences making up 711, were up 35.7 per cent from 524 licences in 2020. Agricultural, livestock and fisheries sector licences settled in at 64 in 2021 compared to 70 in 2020.  Tourism sector licences grew to 126 in 2021 from 89 in 2020, an increase of 41.4 per cent, while industrial sector licences grew to 206 from 180 licences, a 14.4 per cent growth on 2020.

Rashed Abdulkarim Al Blooshi, Under-Secretary of ADDED, said: “As a result of the emirate’s pre-emptive approach towards tackling the effects of the pandemic whilst prudently driving the macro-economy forward, Abu Dhabi was able to forge ahead successfully with its growth and diversification roadmap. The economic landscape in Abu Dhabi has been crafted to offer businesses and entrepreneurs a compelling proposition, something made possible by our evolved and digitalised infrastructure.”

Dubai issues 24,662 new business licenses in Q1

THE Department of Economy and Tourism (DET) in Dubai said in a new report that 24,662 new business licenses were issued in Q1 2022, a growth of 58 per cent from Q1 2021, when 15,580 licences were issued.

The exceptional growth underlines the robust fundamentals, resilience and sustainability of Dubai’s economy, led by a progressive vision and a strong ability to withstand challenges and maintain a healthy growth rate, reported Emirates News Agency WAM. The substantial rise in new business licenses also highlights the confidence of investors and businesses in Dubai’s growth potential across various sectors.

According to the report, 57 per cent of the new business licences issued during Q1 2022 were professional and 43 per cent were commercial. Bur Dubai accounted for the largest share (16,577) of the new licences issued, followed by Deira (8,066) and Hatta (19), while the top sub-regions were: Al Fahidi, Al Marrar, Burj Khalifa, Dubai Investment Park 1, Port Saeed, Al Quoz 3, Naif, Trade Centre 1, Hor Al Anz East and Al Barsha 1.

Among the legal forms of the new licences issued, Sole Establishment companies topped the list with 33 per cent, followed by Civil Companies with 26 per cent and Limited Liability companies with 19 per cent. The legal forms also included: One-Person Limited Liability Companies, Branches of companies based in other emirates, Branches of Foreign Companies, Branches of Free Zone Companies, Branches of GCC Companies, and Public Shareholding Companies.

A total of 136,034 business registration and licensing transactions were completed during Q1 2022, a growth of 36 per cent compared to Q1 2021, when total transactions reached 99,741. The number of Initial Approvals reached 19,835, a growth of 43 per cent compared to the same period last year (13,914), while Trade Name Reservations reached 22,112, a growth of 29 per cent compared to Q1 2021 (17,133).

Bahrain’s real GDP grows 4.3pc in Q4, says report

BAHRAIN’S GDP grew by 4.29 per cent at real prices and 18.44 per cent at current prices in the Q4 of 2021, according to national accounts estimates issued by the Information & eGovernment Authority (iGA).

The report, which shows the growth of both the oil and non-oil sectors, revealed that the oil sector grew by 4.67 per cent at constant prices and 64.15 per cent at current prices, reflecting the rise in fuel prices.

The non-oil sector recorded a growth of 4.21 per cent at constant prices and 12.99 per cent at current prices from Q4 of last year, stated the iGA report.

Economic sectors for Q4 2021, compared to the corresponding quarter of 2020, showed evident recovery from the pandemic in hotel and restaurant activity, which recorded an increase of 31.66 per cent in constant prices and 39.82 per cent at current prices.

According to iGA, the results also showed a rise in transportation and communications which grew 11.54 per cent at constant prices and 5.53 per cent at current prices. Agriculture and fishing activity posted growth, rising 10.24 per cent at constant prices but fell 0.06 per cent on current prices. Electricity and water grew by 9.59 per cent in constant prices and 8.28 per cent at current prices, it added.

UAE’s real non-oil GDP grew by 7.8 pc in Q4 2021

THE Central Bank of the UAE (CBUAE) reported that real non-oil GDP grew by 7.8 per cent in the fourth quarter of 2021, which it attributed to the easing of business closures and the decline in restrictions on international travel.

It also highlighted a 9.3 per cent annual increase in Emirati oil production during the same period, in line with a related Opec+ agreement, reported state news agency WAM.

In addition, according to the Central Bank’s quarterly economic report, the occupancy rate of hotels in Dubai during the fourth quarter of 2021 was 82 per cent, compared to 63 per cent and 80.6 per cent during the same period in 2020 and 2019 respectively.

The report also addressed local and international economic and monetary developments and stock markets, and highlighted that the UAE is continuing to lead the efforts aimed at addressing the Covid-19 pandemic, which is positively reflected in its pace of recovery. At the end of the fourth quarter of 2021, 92 per cent of those eligible were fully vaccinated, and 100 per cent have received at least one dose of the vaccine, the report stated, while referring to a 9.3 per cent year-on-year increase in oil production, in line with the OPEC+ agreement.