UAE economy to grow 3.3% in 2013

Growth will be aided by high public spending and ‘save haven’ status

High public spending due to strong oil prices will ally with Dubai’s recovery and safe investment to boost the UAE economy by around 3.3 per cent in 2013 despite an expected fall in crude output, according to a key Saudi bank.

The country’s real GDP swelled by around 4.9 per cent in 2011 and 4.2 per cent in 2012 and growth will likely remain relatively high this year while its fiscal system will continue to record largely surpluses, Saudi American Bank group (SAMBA) said.

Releasing its monthly bulletin this week, SAMBA said the UAE has benefited from its “safe haven” position given the unrest in much of the broader MENA region.

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