Emirates NBD Q2 2022 Financial Results
UAE economy rebounding with 5.7% growth expected in 2022
8.0
% y/y
UAE GDP Growth
4.0
3.9
2.4
1.2
1.1
0.0
-4.0
-5.0
7.0
3.9
-8.0
2017
2018
2019
2020
2021
2022f
2023f
Dubai property prices growth - June 2022
Key Highlights
•
•
The Dubai PMI rose to 56.4 in July, the highest reading since mid-2019
Dubai tourism sector is expected to benefit from the Qatar World Cup
ENBD Research expects UAE GDP to grow by 5.7% and the non-oil
economy to grow by 4.0% in 2022
• Dubai's sale price for villas up 30% and apartments up 24% y/y in Q2-
2022
8
% y/y
6
50
50
% y/y
-Villa
-Apartments
40
4
30
2
20
10
0
0
-2
-10
-4
-20
-6
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Source: UAE Central Bank, Bloomberg, UAE Ministry of Health, Asteco
Dubai CPI
1/1/2019 6/1/2019 11/1/2019 4/1/2020 9/1/2020 2/1/2021 7/1/2021 12/1/2021 5/1/2022
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