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The UAE registered GDP growth of 2.2% in Q1 2019 versus the same period last year, backed by continued momentum in the non-oil sector as a result of government spending, according to the Central Bank of the UAE. The non-oil sector expanded 1.6% during the period.
Growth in the UAE’s non-oil economy has been stimulated by a number of recently introduced government-led initiatives. Earlier in 2019, the UAE government launched 10-year visas to promote long-term residency and attract foreign investment. Foreign ownership requirements were also relaxed with foreign investors being allowed to own 100% in companies in certain sectors. A three-year AED 50 billion economic stimulus package for Abu Dhabi was also announced last year.
According to the central bank, inflation for the quarter declined as a result of of the fading impact of VAT, and private sector employment rebounded during the same period, rising 1.2%.
Financial Soundness Indicators continued to support the UAE’s banking system and private sector deposits continued to rise in the first quarter of 2019, along with gross credit by the central bank for most sectors, it noted.
In May, the central bank revised its overall 2019 economic growth outlook to 2% from 3.5% in response to global concerns of an economic slowdown.
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Content and Communications Manager
Siddhi Sainani is a business and finance writer and a public relations professional with experience across markets in the UAE, Oman, India and the United States.
At Cavendish Maxwell, Siddhi is responsible for crafting research and marketing communications material for the firm’s various stakeholders including clients and government entities. She also leads the public relations activities for the firm, focusing on media outreach, reputation management and spokesperson profiling.
In her previous roles, Siddhi has reported on the financial markets for news outlets, developed institutional research for several institutions, and undertaken corporate communications initiatives for leading firms across sectors such as real estate, finance, banking, audit and advisory, and technology, among others.
Siddhi has a Bachelor of Mass Media degree with a specialisation in journalism and also holds a Post-Graduate Diploma in Integrated Communications covering advertising, marketing and public relations from Xavier Institute of Communications, Mumbai, India.
Sarah-Jane Carter
BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing