Tourism, realty sectors aided UAE's 2014 GDP

04/08/2015 06:09 AST

The UAE's gross domestic product (GDP) in 2014 was supported mainly by its safe haven status amid regional instability, its tourism and hospitality sectors and a rebounding real estate sector, said the annual report of the Opec Fund for International Development (OFID).

"The sovereign wealth fund buffers help the country to enjoy lower fiscal breakeven oil prices. The current account surplus narrowed due to lower oil prices but remained at a healthy level of 11.1 per cent of GDP. The banking system continued to be well capitalised and the rate of non-performing loans declined," the report added.

Suleiman Jasir Al Herbish, OFID director-general, said: "By the end of 2014, cumulative commitments had climbed to almost $18 billion, following a record $1,553m in approvals during the year. Disbursements also hit a new high of $1,331m."

"Operations throughout 2014 continued to be led by our strategic focus on the water-food-energy nexus. With the global population expected to reach nine billion by 2050, these three areas - sustainable water access, modern energy access and food security - represent the defining challenges of this century."

OFID, he added, has expressed its readiness to mobilise all means at its disposal to address these issues. In 2014, it allocated $823m or 53 per cent of total approvals to such initiatives.

Support to the agriculture sector increased four times the sum committed in 2013.


Khaleej Times

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