Credit Quality Overview
100%
80%
60%
40%
20%
0%
-20%
-40%
Jan-12
Mar-12
May-12
Dubai Economic Update (cont)
•
Highlights
Tourism continues to be a key driver of Dubai's growth with Dubai
International, the world's second busiest international hub enjoying
strong passenger growth of 5.7% in Jan-Aug 2014 over the same
period last year, despite major runway refurbishment in May-July
Growth has been driven by new partnerships (for example with
Qantas), network expansion and the opening of new routes to Eastern
Europe, North & South America, Australia and Asia
Hotel occupancy averaged 77.4% in Jan-Aug 2014, down from
79.1% last year. Increased supply of hotel rooms as Dubai adds
capacity ahead of 2020 is likely to keep hotel occupancy rates under
pressure until demand catches up
Dubai's non-oil foreign trade value declined -3.7% y/y in H1 2014
Mn
7
96543210
Hotel occupancy and RevPAR
بسل
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
RevPAR (% y/y)
Hotel Occupancy (%)
Source: STR Global, Emirates NBD Research
May-14
Jan-12
Mar-12
May-12
Jul-12
Dubai Airports passenger traffic
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Passenger traffic (Mn people) (lhs)
Passenger traffic (% y/y) (rhs)
Source: Dubai Airports, Emirates NBD Research
Dubai: External trade growth trends
1,000
800
60%
40%
AED Bn
600
20%
400
0%
200
-20%
0
-40%
2006 2007 2008 2009 2010 2011 2012 2013 2014e
Imports (Ihs)
Exports & Re-Exports (lhs)
Imports (% y/y) (rhs)
Exports & Re-exports (% y/y) (rhs)
Source: Dubai Statistics Centre
6
Emirates NBD
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%View entire presentation