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FINANCIAL NEWS
UAE reserves to reach USD83.7b in 2016
09 Aug 2015
(MENAFN) The international Monetary Fund (IMF) said the total official reserves of the UAE is expected to raise 8.9 percent to USD83.7 billion next year and hit USD118.4 billion over the next five years as economy flourishes.
UAE will also see a steady pick-up in its existing surplus account, expected to rise from USD17.6 billion this year to USD22.6 billion of GDP in 2016, however, its non-oil growth is estimated to slow down to 3.4 percent in 2015.
“Real estate market prices have edged down since mid-2014. With past increases in rents only feeding gradually into consumer prices, inflation increased to 4.3 per cent year-on-year in May 2015,” the IMF said.
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