Q2-16 Financial Results Highlights
3.2
3.0
Emirates NBD Profile
Operating Environment
Appendix
Strategy
Financial & Operating Performance
M bpd
2.0
2.8
2.6
2.4
2.2
Jan-13
T
Mar-13
May-13
UAE Economic Update
Highlights
Oil output in the UAE rose slightly 0.4% y/y in H1 2016
following the sharp decline in oil prices in the first half of
2016. Production rose to 2.9mn b/d in June 2016 up 1.4%
m/m
• The July Purchasing Managers' Index (PMI) data indicates
UAE's non-oil sectors have started the second half of 2016
on a strong note with July PMI rising to a 10-month high
• Overall, the July PMI data points to continued growth in the
UAE's non-oil economy, albeit at a slower pace compared
to the same time last year, with growth being driven
primarily by domestic demand
Oil Price and UAE oil production
Real GDP growth forecasts
2013
2014
2015E
2016F
2017F
S. Arabia
2.7
3.5
3.4
1.9
2.6
UAE
4.6
3.1
3.8
3.0
3.4
Qatar
4.6
4.0
3.8
4.1
5.2
Kuwait
0.6
0.1
0.5
2.0
2.8
Oman
4.6
2.5
3.4
2.9
3.0
Bahrain
5.3
4.5
3.1
2.8
3.9
GCC (average)
3.3
3.2
3.3
2.6
3.2
2.1
2.2
4.2
3.9
5.0
2.8
3.1
2.5
3.0
3.5
3.0
1.8
2.0
2.2
2.5
2.9
2.7
0.6
2.5
3.0
4.4
2.0
4.4
2.1
4.8
2.8
2.2
3.7
3.2
4.5
Egypt
Jordan
Lebanon
Tunisia
Morocco
MENA (average)
Source: Bloomberg, Emirates NBD Research
69
UAE PMI - Non oil private sector activity
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
UAE Oil Production (lhs)
Source: Bloomberg, Emirates NBD Research
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
ICE Brent (rhs)
75
100
125
USD per barrel
50
25
ཙ ཆུ ྣ གྷ $ £ &
52
60
Source: Markit / Emirates NBD
50
Jan 15
Apr 15
Jul 15
Oct 15
Jan 16
Apr 16
Jul 16
Emirates NBD
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