Emirates NBD Digital Banking Innovation Update
UAE economy rebounding with 5.7% growth expected in 2022
UAE GDP Growth
8.0
% y/y
4.0
2.4
1.2
1.1
0.0
(4.0)
(5.0)
3.9
7.0
3.9
(8.0)
2017
2018
2019
2020
2021
2022f
2023f
Key Highlights
16
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
Dubai property prices growth - June 2022
50
% y/y
40
30
30
20
-Villa -Apartments
10
0
(10)
(20)
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
8
% y/y
6
4
2
0
(2)
(4)
(6)
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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