UAE’s Economy Shows Anticipated Signs of Recovery for 2021: UAE Central Bank

Abdulhamid M Saeed Alahmadi, Governor of the Central Bank of the United Arab Emirates (UAE), has stated that although the economy of the UAE remains subdued in its activity, it is on its way to recovery. This recovery will be supported by the Government of the UAE’s efforts to fund infrastructure improvements, encourage private investments and diversify the economy.

According to Alahmadi, positive indicators of an economic recovery include an ‘upsurge’ in the Purchasing Managers Index (PMI), a 1.7% month-on-month improvement in the employment rate in December 2020, ‘rejuvenated’ real estate sales prices (particularly in terms of rentals yields and assessments), as well as an up-tick in bond and Sukuk issuance activity.

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