IMF says economic growth in GCC to remain subdued
27 December, 2017 | By COLIN FOREMAN
Medium-term growth prospects in the GCC remain subdued amid relatively low oil prices and geopolitical risks, according to a report by the Washington-based IMF issued on 14 December.
The IMF says non-oil GDP growth in the GCC will increase to 2.6 per cent this year, from 1.8 per cent last year, while lower oil output means overall real GDP growth is projected to slow to 0.5 per cent in 2017, from 2.2 per cent in 2016.
Non-oil growth has accelerated as the pace of fiscal consolidation in the region, which was mainly focused on reducing expenditure, slows.
The IMF says countries in the GCC should continue to rationalise recurrent expenditures, conduct further energy price reforms, increase non-oil revenues, and introduce measures to improve the efficiency of capital spending.
Private sector investment will also need to be encouraged to offset lower government spending and maintain growth. The IMF says this requires stepped-up reforms to improve the business climate and reduce the role of the public sector in the economy through privatisation and public-private partnerships.
Globally, the IMF says economic activity is gaining momentum. Global growth is forecast at 3.6 per cent this year, and 3.7 per cent in 2018, compared with 3.2 per cent in 2016. It adds that the more positive global growth environment should support stronger oil demand.
The construction supply chain can greatly benefit from the application of supply chain management
As the oil economies of the Gulf continue their rapid transition from growth driven by state-backed capital ...
Local developer Emaar Properties has received bids from contractors for the deal to build the Mobility pavilion at the Dubai Expo site.
Emaar is also tendering the contract to build the ...
There are more than $155bn of residential and mixed-use schemes still on hold
The decision by Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects plans to auction the ...
A policy paper published by the Mohammed bin Rashid School of Government (MBRSG) has recommended the establishment of a public-private partnership (PPP) unit within the government.
“I think its introduction would ...
Unified regulations would enable more evenly balanced logistics growth
The opening of Jebel Ali Port in 1979 facilitated Dubai’s rapid transformation into a global logistics hub. In 2017, Jebel Ali Port ...
Dubai has several PPP projects planned and awaiting contract award
The Dubai Finance Department (DOF) has allocated AED1bn ($272m) for public-private partnership (PPP) projects in order to attract private sector investments, raise government service quality ...
Contractors submitted bids for the estimated AED10bn ($2.7bn) package in January
Dubai Aviation Engineering Projects (DAEP) has invited selected bidders to submit revised prices for the estimated AED10bn ($2.7bn) substructure contract for Concourse ...
The region’s construction sector is undergoing great change, as contractors shift their focus to exploring new sectors and geographies
After five years of being propped up by projects in Dubai, the ...
The authorities have announced a raft of projects and initiatives to support economic growth over the past year
The Washington-based IMF has stressed the importance of the authorities in the UAE ...
An improvement in non-hydrocarbon GDP growth is benefiting the sultanate’s construction sector, with $2.4bn of contract awards so far this year and more expected in 2020
Oman’s construction market has endured ...
Removing barriers in the value chain
Contractors submit bids for Dubai Expo pavilion
Stalled real estate projects are still an issue
Dubai policy body recommends establishing PPP unit
Policy change needed to smooth logistics growth
Dubai allocates funding for PPP projects
Bidders asked for revised prices for Al-Maktoum airport
Planning for a year of transition in construction
IMF stresses importance of UAE managing its stimulus
Oman construction shows signs of recovery
27 December, 2017 | .By COLIN FOREMAN