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Dubai

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Transcript

  • 1. Global Economy-Recent affairs
  • 2. United Arab Emirates
  • 3. Dubai - Economy
    GDP : : $835 billion in 2009
    (compared with $1.1 trillion in 2008).
    Oil 5%, non-oil 95%.
    Main non-oil industries: Trade, Tourism.
    Manufacturing and Transport.
    Diversified economic base.
  • 4. Infrastructure Based on Tourism
  • 5. Recession came into picture
    Dubai World is Government Company having central role in Dubai economy during the construction boom.
    They borrowed a sum of US $ 60 billion for investing in real estate development .
    During the recession, investors from USA and other countries whom invested their money at Dubai want it back.
    Economic growth has fallen sharply from nearly 8 percent in 2008 to under one percent.
  • 6. What Happened then
    More than half of the construction projects in the United Arab Emirates, worth $582 billion, have been put on hold..
    Some projects are still going ahead to the value of $10 billion bailout from the UAE's capital, Abu Dhabi..
    But, many workers are unemployed and stuck here..
  • 7. Gulf countries
    Other Gulf countries were in a position / condition to help UAE by providing subsidiaries .
    The Saudis, along with other states, have concentrated on infrastructure projects and helping the private sector take a larger role in developing the non-oil and gas sectors.
    Kuwait Funded for Future Generations of $250 billion.
    Even Libya had provided $50 billion in its Oil Reserve Fund.
  • 8. Effect on Global Market
    Economists fear that the latest Dubai financial crisis could have a major impact around the world.
    So there was a sudden hike in oil price of
    $42->$70/barrel.
    Directly affects the global market as the price of crude oil plays the vital role in the global economy.
  • 9.
  • 10. Effect on Indian Economy
    A large number of Indian companies have exposure in the region, and over 4.5 million Indians live and work there..
    Indian tourists -nearly 5 lakh tourist visit every year –alomost 5% impact on Dubai economy.
    Indian workers in Dubai–00.05 % remitance to Indian Economy
    Investment by Indian bankers ,companies are 2% to Dubai economy.
    Indian exposure to Dubai economy –staggering 10 to 12 % intermsof investing in properties ,hotel and other business.
  • 11. Indian Companies
    India export to UAE stood a $23.92 billion in 09 Dubai world crisis effect Realestate, Baking and Constructions business.
    NagaarjunConstruction have 440 flat project.
    L&T invested about $20 cr.
    Voltas of about Rs.400cr.
  • 12. Present status
    The Dubai economy is forecast to remain in recession in 2010, the second year in a row that the emirate has experienced negative growth..
  • 13. THANK YOU