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UAE Central Bank Raises 2024 Economy's Growth Forecast to 5.7%

The Central Bank of the UAE (CBUAE) - AAWSAT
The Central Bank of the UAE (CBUAE) - AAWSAT
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UAE Central Bank Raises 2024 Economy's Growth Forecast to 5.7%

The Central Bank of the UAE (CBUAE) - AAWSAT
The Central Bank of the UAE (CBUAE) - AAWSAT

The Central Bank of the UAE (CBUAE) has raised its forecast for the Gross Domestic Product (GDP) growth for the UAE in the coming year, 2024, to 5.7 percent, compared to its previous projection of 4.3 percent, WAM reported.

The bank stated in a recently released report that the overall GDP for the country is expected to grow by 3.1 percent in the current year, 2023.

The report anticipates a non-oil GDP growth of 5.9 percent in 2023 and 4.7 percent in the following year, while estimating the oil GDP growth at 8.1 percent in 2024.

The Central Bank clarified that the UAE economy recorded a 3.8 percent year-on-year (YoY) growth in the second quarter of the current year, compared to 8 percent recorded in the same period last year, aligning similarly with the first quarter of the current year.

It mentioned that the non-oil GDP growth accelerated to 7.3 percent YoY in the second quarter of the current year, up from 4.5 percent YoY in the previous quarter and 6.4 percent YoY compared to the same period last year.

According to the report, government revenues reached AED 246.9 billion, constituting 26.4 percent of the GDP on an annual basis during the first half of 2023. Meanwhile, total expenditures amounted to AED 199.5 billion, accounting for 21.3 percent of the GDP on an annual basis.

According to WAM, the Central Bank's report highlighted the continued robustness of non-oil private sector economic activity. The Purchasing Managers' Index (PMI) for the UAE surged to 57.7 in October, marking its highest level since June 2019. The improvement in working conditions was propelled by a sharp rise in both business activity and new orders, particularly in new export orders, growing at the fastest pace in over four years.

The report also indicated that the PMI data generally signalled strong growth in the non-oil sector in the third quarter and in October. Companies remained optimistic about expectations over the next twelve months.

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Business

Menzies Chairman to Asharq Al-Awsat: Aviation Services Sector Highly Resilient Despite Regional Disruptions

Chairman of Menzies Aviation Hassan El-Houry. (Menzies Aviation)
Chairman of Menzies Aviation Hassan El-Houry. (Menzies Aviation)
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Menzies Chairman to Asharq Al-Awsat: Aviation Services Sector Highly Resilient Despite Regional Disruptions

Chairman of Menzies Aviation Hassan El-Houry. (Menzies Aviation)
Chairman of Menzies Aviation Hassan El-Houry. (Menzies Aviation)

The aviation services sector continues to demonstrate strong resilience amid geopolitical tensions disrupting air traffic across the Middle East, said Hassan El-Houry, chairman of Menzies Aviation.

While airspace closures, flight cancellations and reroutings have strained operations, El-Houry described the situation as a stress test for an industry that has historically rebounded from crises.

In an interview with Asharq Al-Awsat, he outlined a transformation phase for the company, which has surpassed $3 billion in annual revenue for the first time, while highlighting expansion plans and growing investment in artificial intelligence.

Recent tensions have affected Menzies’ operations in markets including Iraq, Pakistan and Jordan, with broader impacts on global cargo routes and international airports. Rising jet fuel costs have added further pressure.

However, El-Houry said the aviation sector has repeatedly proven its ability to absorb shocks, with demand for air travel typically rebounding after crises. He expects passenger confidence to recover gradually as regional stability improves.

Airlines, he added, are increasingly prioritizing efficiency, cost control and operational flexibility. This shift has accelerated demand for integrated service providers with global reach and the capability to maintain safe and reliable operations during periods of disruption.

The trend is particularly evident in Saudi Arabia, where low-cost carriers such as flynas and flyadeal are expanding rapidly, driving demand for cost-effective service partners.

Menzies reported a 16% rise in revenue in 2025, exceeding $3 billion. El-Houry attributed the growth to disciplined strategy execution, structured expansion and stronger multi-service partnerships with airlines and airports.

The company now operates at 347 airports in 65 countries, handling 5.3 million flights annually, with a customer retention rate of 90%.

Its acquisition of G2 Secure Staff has significantly expanded its footprint in the United States, reinforcing its position as a leading aviation services provider in the world’s largest market.

To address cost pressures, Menzies is investing in innovation, including AI-powered tools that use computer vision to measure cabin baggage and advanced baggage reconciliation systems to improve accuracy and reduce manual workloads.

A workforce planning optimization system is already deployed in more than 30 locations and is expected to cover over 22,000 employees by the end of 2026.

El-Houry said acquisitions remain central to long-term growth, with the company pursuing expansion in both established and high-potential markets. Saudi Arabia is a key focus, with the Kingdom aiming to reach 330 million passengers annually under Vision 2030.

On technology, Menzies is expanding its MACH cargo management system, now active at 46 sites and handling 55% of cargo volumes. The company is also developing AI-based risk detection systems to enhance safety oversight, while aiming for full AI integration in workforce planning by 2028.

Sustainability remains a priority, with more than $200 million invested to increase the share of electric ground support equipment to 25% globally, supporting a net-zero emissions target by 2045.

El-Houry also pointed to growth opportunities in emerging markets, particularly in the Middle East, Asia and Latin America. In India, Menzies has secured a ground handling license at Kempegowda International Airport in Bengaluru and launched a new site for Air Menzies International as part of its global expansion strategy.

Business

S. Korea Secures 270 Mn Barrels of Oil from Suppliers Unaffected by Hormuz Blockade

A display shows oil prices as cars queue at a gas station in Seoul. (Reuters)
A display shows oil prices as cars queue at a gas station in Seoul. (Reuters)
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S. Korea Secures 270 Mn Barrels of Oil from Suppliers Unaffected by Hormuz Blockade

A display shows oil prices as cars queue at a gas station in Seoul. (Reuters)
A display shows oil prices as cars queue at a gas station in Seoul. (Reuters)

South Korea has secured supplies of more than 270 million barrels of crude oil via routes unaffected by the US blockade of the Strait of Hormuz, a senior official said on Wednesday.

"I hereby report to the nation that visits to four countries have secured the import of 273 million barrels of crude oil by the end of this year," Kang Hoon-sik, chief of staff to the president, said.

The amount is sufficient for more than three months of South Korea's oil needs, Kang said after he returned from a trip to Kazakhstan, Oman, Saudi Arabia and Qatar.

Like many Asian economies, South Korea has faced mounting risks to its energy supplies since US-Israeli attacks on Iran in late February prompted Tehran to effectively close the strait.

Kang said around 60 percent of South Korea's crude oil imports last year transited through the waterway, which the United States began blockading this week.

He said Seoul had also secured an additional 2.1 million tons of naphtha, an important oil-derived component used to make a range of plastic goods.

That figure "(amounts) to roughly one month's worth of imports based on last year's volume", Kang said.

The supplies of both materials "will therefore contribute directly and materially to stabilizing domestic supply and demand," he said.

Business

Oil Prices Fall on Expectations US-Iran Peace Talks May Resume

A cild pushes a bicycle near Grand Winner 1, an oil and chemical tanker, moored at Kurnell in Sydney, Australia, April 15, 2026. (Reuters)
A cild pushes a bicycle near Grand Winner 1, an oil and chemical tanker, moored at Kurnell in Sydney, Australia, April 15, 2026. (Reuters)
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Oil Prices Fall on Expectations US-Iran Peace Talks May Resume

A cild pushes a bicycle near Grand Winner 1, an oil and chemical tanker, moored at Kurnell in Sydney, Australia, April 15, 2026. (Reuters)
A cild pushes a bicycle near Grand Winner 1, an oil and chemical tanker, moored at Kurnell in Sydney, Australia, April 15, 2026. (Reuters)

Oil prices fell for a second day on Wednesday on expectations peace talks between the US and Iran may resume and supply will eventually be released from the key Middle East producing region trapped by the closure of the Strait of Hormuz.

Brent crude futures were down16 cents, or 0.2%, to $94.63 a barrel at 0635 GMT, after falling 4.6% in the previous session. US West Texas Intermediate crude was down 70 cents, or 0.8%, to $90.58. The contract dropped 7.9% the session before.

The war has mostly shut the Strait of ‌Hormuz, a key ‌waterway for crude and refined product flows out of the Gulf ‌to ⁠global buyers, particularly in ⁠Asia and Europe.

US President Donald Trump said talks with Tehran on ending the war could resume this week after ending over the weekend without any agreement. But the US has also enacted a blockade of shipping leaving Iranian ports that its military said on Wednesday has completely halted trade going in and out of the country by sea.

Despite a two-week ceasefire, transit through the strait remains uncertain, with traffic at only a fraction of the 130 or so vessels that moved ⁠through the waterway before the war, sources said on Tuesday.

"The trajectory ‌of oil prices will likely hinge less on battlefield ‌developments and more on diplomatic momentum. Markets are increasingly reacting to headlines around negotiations rather than troop deployments," ‌said Priyanka Sachdeva, senior market analyst at Phillip Nova.

"Each signal of renewed dialogue has ‌been met with price declines, suggesting that traders are systematically unwinding the 'war premium' embedded into crude earlier this month."

Refiners are desperately seeking alternative crude supply, pushing the premiums they are willing to pay for oil from areas such as the US Gulf Coast and North Sea.

A cargo of WTI Midland for ‌delivery to Rotterdam traded at a record premium of $22.80 a barrel above benchmark European prices on Tuesday.

A US destroyer stopped two ⁠oil tankers from ⁠leaving Iran on Tuesday, a US official said.

"While diplomatic headlines suggest the possibility of renewed US-Iran talks and even a temporary easing of transit restrictions, the physical reality remains fragmented," the Schork Group said in a note.

The market stands to lose some access to further supply after two US administration officials told Reuters on Tuesday the US will not renew a 30-day waiver of sanctions on Iranian oil at sea that expires this week, and quietly let a similar waiver on sanctions on Russian oil expire over the weekend.

Later in the day, markets will be watching for official US inventory data from the Energy Information Administration due at 10:30 a.m. ET (1430 GMT).

US crude oil stockpiles were expected to have risen slightly last week, while distillate and gasoline inventories likely fell, a Reuters poll showed.

Market sources familiar with American Petroleum Institute figures said on Tuesday US crude oil inventories jumped for the third straight week.