Investor Presentaiton slide image

Investor Presentaiton

M bpd 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Dec-10 Mar-11 UAE Oil production UAE Economic Update Highlights ⚫ 2014 growth estimated at 4.5%, from 4.6% in 2013. Oil production has been broadly stable in Q1 2014 at 2.7mn bpd. Hydrocarbons is not expected to contribute significantly to overall growth in 2014. Non-oil sector expected to be main driver of UAE growth in 2014. PMI data reached a record high in March, on the back of strong new order growth, reflecting improved domestic and external demand. • Inflation expected to accelerate to an average 3.0% in 2014 from an average of 1.1% in 2013, on higher housing costs and rising input prices. Real GDP Growth Forecasts China Country UAE Eurozone Hong Kong India Japan Singapore US Saudi 2008 2009 2010 2011 2012 2013F 2014F 2015F 3.2% -4.8% 1.7% 3.9% 4.4% 4.6% 4.5% 4.5% 9.6% 9.2% 10.4% 9.3% 7.7% 7.7% 7.0% 7.3% 0.4% -4.4% 2.0% 1.6% -0.7% -0.5% 0.5% 1.5% 2.1% -2.5% 6.8% 4.8% 1.5% 2.9% 3.5% 3.8% 8.2% 6.6% 9.4% 7.7% 4.8% 4.6% 4.8% 5.5% -1.0% -5.5% 4.7% -0.5% 1.5% 1.5% 2.5% 1.5% 1.8% -0.9% 14.9% 5.3% 1.9% 4.0% 3.8% 4.0% -0.8% -5.2% 1.7% 1.1% 0.3% 2.7% 2.5% 2.0% -0.3% -2.8% 2.5% 1.8% 2.8% 1.9% 3.0% 3.5% 8.4% 1.8% 7.4% 8.6% 5.8% 3.8% 4.2% 4.3% Source: Bloomberg, Emirates NBD Research UK Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 OPEC oil price (rhs) Source: Bloomberg, Emirates NBD Research UAE Oil Production (Ihs) Jun-13 Sep-13 140 59 58 120 57 Dec-13 Mar-14 USD per barrel • N± 2 % 100 56 55 54 53 52 51 50 gལུཿགླུགྒཐ88 Jan-10 Mar-10 Source: Markit/HSBC May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 UAE PMI - Non Oil Private Sector Activity Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 4 Emirates NBD
View entire presentation